Leading health insurance company, Apollo Munich Health Insurance unbelievable, 10 month old product Optima RESTORE, has won the Innovation of the Year award recently at 16th Asia Insurance Industry Award in Kuala Lumpur.
The 16th Asia Insurance Industry Awards 2012 were held by the leading international insurance trade publication “ Asia Insurance Review at a glittering ceremony in Kuala Lumpur. The innovation of the Year award, the most sought after category, saw numerous entries from different parts of Asia, as it recognizes and rewards the idea that generated the most innovative approach to a significant business area with real impact on the market or business.
Apollo Munich Optima RESTORE product was awarded the Innovation of the Year award as it was the very first product in India (and elsewhere) to offer a restore benefit that not only automatically reinstates the basic sum insured, in case the insured exhausts their sum insured in a policy year, but also doubles the sum insured after two claim free years. These unbelievable benefits are offered automatically, and with no additional charge.
Speaking about the award, Antony Jacob, CEO, Apollo Munich Health Insurance, said, Receiving the Innovation of the Year award from an eminent jury of highly respected insurance industry stalwarts and being among the top contenders from across Asia corroborates all the hard work and months of research that went into the development of Optima RESTORE. With this unbelievable product, we have strived to walk the Let Uncomplicate path and I believe we have been able to bring in more acceptability in making health insurance a financial planning tool that Indians require.
In a few months since its launch, Optima Restore can already lay claim to being the fastest launch of any retail health insurance plan in India. Very quickly, it has become 48% of Apollo Munich new sales in this category, and is nearing the Rs. 750 million mark in premium.
Speaking on this innovation, Mr. Jacob added,The team at Apollo Munich spent over 17 months conducting lengthy actuarial research and analysis of over 250 existing products, available across the globe, to determine the gaps in the marketplace versus customers expectations and needs. A comprehensive market feedback mechanism was created across the top 4 cities of our country to understand the gaps prevalent in the market. Optima Restore is the result of this deep-dive research. Apollo Munich is a company founded on innovation. We have a unique parentage that combines health insurance expertise with health care know how. We are hard at work on our next round of innovations, and this award will spur us on to greater success.