Aditya Birla Health Insurance Co. Limited. (ABHICL), the health insurance subsidiary of Aditya Birla Capital Limited (ABCL), a significant non-bank financial services conglomerate, recently completed five years with a GWP of Rs.764 crores in H1 FY’22. A joint venture between the Aditya Birla Group and diversified financial services group of South Africa, MMI Holdings (MMI), ABHI was launched in November 2016 with a unique proposition of the ‘Health First’ model.
Being the 27th company to enter the Health insurance space, which has always been synonymous with mediclaim, ABHI is the youngest and one of the fastest-growing standalone health insurance players. The company was launched with an intent to grow the prevalent health insurance landscape in India through product innovations and a wider choice of consumer-relevant products.
Marking the fifth-anniversary celebrations, Mayank Bathwal, CEO, Aditya Birla Health Insurance, said “This is a very exciting moment for us as we celebrate our 5th Foundation day anniversary. Looking back at the start of our journey, we wanted to build something that was a differentiator in the industry and kept our customers at the centre. This made us put health at the heart of health insurance. More than an insurer that helps customers tide over health adversity, we saw our role as a partner in our customers’ journey towards healthy being.”
Over the last five years, ABHICL has reached out to a diverse customer base, from millennials to senior citizens, catering from byte-sized products to comprehensive healthcare solutions. Today, ABHICL serves as an enabler and influencer of health and healthcare choices that customers make, in addition to being a payer of healthcare expenses through its unique proprietary product customisations, such as HealthReturnsTM, Chronic Management Programme and Personal Health Coach.
In order to broaden the access to potential customers, ABHICL has followed a multi-channel distribution model across the agency, broking, bancassurance, digital and direct marketing channels since inception and has grown to a strong network of 9,000+ network hospitals across 2,800+ cities in India. The company has aggressively increased their feet-on-street, with its agent count being enhanced to over 51,120 agents.
In the last five years, ABHICL has worked towards building a very comprehensive digital health and wellness ecosystem by offering contextual products co-created with partners, a one-stop shop sales solution for distributors (ABHI Connect), digital service journeys on multiple digital platforms including Web, WhatsApp, Chatbot and Voice Bot. The company has also leveraged technologies to assist customers during their buy journey on its website and microexpressions for fraud detection in underwriting. This helped in customer acquisition during the pandemic, and reduced turn-around time and cost of acquisition significantly.
ABHICL has seen an inspiring and unstoppable journey in the first five years of its operations, covering more than 16million lives and having paid more than 3lakh claims totaling more than Rs.1500+ crores.