ManipalCigna Health Insurance targets Rs. 1,000 crore biz in South in 2 years

ManipalCigna Health Insurance is looking to double its business to Rs. 1,000 crore GWP (gross written premium) in the next two years in the southern region.

With robust growth from the southern region (Kerala, Andhra Pradesh, Karnataka, Telangana, and Tamil Nadu), the company has garnered over Rs. 500 crore GWP with 37 per cent growth in the FY23.

As part of its expansion plan in the southern region, ManipalCigna Health Insurance aims to launch new branch offices and plans to hire more employees and nearly 10,000 agents in FY24.

The company has close to 20,000 advisors, major partners present in around 5,000 point of sale locations across the region through its distribution network, and 25 branch offices in South India. It has 3,300+ network hospitals in South India, out of the 8,700+ hospitals across the country.

Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, said, “Kerala is reputed to have the best health system in India, and at the same time, it ranks second highest in terms of Out-of-Pocket expenditure, which is above the national average. With 68 per cent of medical expenditure being paid from dipping into retirement corpus, taking a personal loan, or selling gold or other assets. Keeping in mind the increasing healthcare incidences and treatment costs, ManipalCigna is committed to securing an individual’s and a family’s domestic and global healthcare requirements by offering affordable, predictable, and simple health insurance solutions.

ManipalCigna also has a corporate agency agreement with Geojit Financial Services and South Indian Bank to distribute its health insurance products through their extensive network of branches.