• The company reported a GWP of INR 1,692 Crores in the Financial year 2023-24
• As part of its expansion in the western states of India, the company aims to hire 2,500 more agents in Maharashtra in the next twelve months

PUNE: ManipalCigna Health Insurance, one of India’s fastest-growing standalone health insurance companies, strengthens its presence across West India to cater to healthcare financing needs and reach the new health customer segment, with its innovative health insurance solutions. The Company witnessed robust growth from the western states of India, with the western zone contributing to 35% of the company’s Gross Written Premium (GWP) in FY23-24.

As a health insurance expert, ManipalCigna Health Insurance saw robust growth from the western region. The company has garnered over ₹500 Crore gross written premium (GWP) with 46% growth in the financial year 2023-24. The health insurer has 12,000+ health insurance advisors, present across the region through its strong multi-channel distribution network. Furthermore, the standalone health insurance company has 1,700+ network hospitals in Maharashtra. As part of its expansion in the state, ManipalCigna Health Insurance aims to launch new branch offices in Pimpri, Satara, Nagpur, and Ratnagiri and onboard 2,500 advisors in the next twelve months.

Sapna Desai, Chief Marketing Officer, ManipalCigna Health Insurance, commented, “As per the National Family Health Survey 2019-21 report, only 22% of Families in Maharashtra have at least one member covered under health insurance. This highlights a significant gap in health coverage across the state. At ManipalCigna, our goal is to make health insurance affordable, simple, and predictable and bridge the gap of health insurance accessibility. Through our extensive distribution network, we aim to serve the evolving and diverse healthcare financing needs of our customers with our tailored health insurance solutions.”

Ashish Yadav, Head of Products & Operation, said “ManipalCigna offers a range of customer-centric solutions tailored to meet the unique health insurance needs of their customers. One such solution is the ManipalCigna ProHealth Prime plan which comes with innovative features such as “Non-medical Expenses” to ensure there are zero out-of-pocket expenses towards non-medical items during hospitalization. This plan provides individuals with better coverage, better control, and better care. In addition, it covers “Cashless OPD” coverage for doctor consultations, prescribed diagnostic tests, and pharmacy expenses that are mostly paid out of pocket, unlimited restoration of up to 100%, and many more such enticing benefits. The ManipalCigna Pro Health Prime Active Plan caters to individuals dealing with medical conditions such as Diabetes, Obesity, Asthma, High Blood Pressure, and High Cholesterol.”

As part of its tailored solutions, ManipalCigna Lifetime Health plan provides comprehensive healthcare financing with Sum Insured options ranging from Rs. 50 lacs to Rs. 3 crores, covering both domestic and global healthcare needs. For Retirees staying in Pune, the specialized ManipalCigna Prime Senior plan offers innovative features specially designed for Senior Citizens. Prime Senior plan also offers flexibility to senior citizens with hassle-free coverage for pre-existing disease conditions from the 91st day onwards without any medical check-ups. This empowers senior citizens to access quality healthcare during their golden years.

With innovative and customer-focused product solutions, ManipalCigna Health Insurance stands out as one of the trusted health insurance companies in India, addressing the unique health needs of individuals and offering comprehensive coverage to take care of customer’s healthcare financing requirements.

The post ManipalCigna Health Insurance Registers A GWP Growth Of 46% In Maharashtra appeared first on NRI News.

The Company has grown exponentially since its inception, with a 3.5x increase in Gross Written Premium (GWP) and a 2x rise in market share based on the overall health insurance market over the last 5 years. In 2023-24 (FY24), the company reported a GWP of INR ~17 billion, growing at 28% CAGR over the last five years. With an unwavering commitment to customer-centricity, ManipalCigna has also witnessed a steady increase in its customer base, serving over 19 million active lives with comprehensive health insurance solutions tailored to their needs.

Commenting on this milestone occasion, Prasun Sikdar, Managing Director and CEO, of ManipalCigna Health Insurance, said, “As we celebrate this momentous occasion, I am humbled and proud of what ManipalCigna has achieved over the past decade. Our journey has been defined by a steadfast commitment to our customers’ health and financial well-being. Looking ahead, we remain dedicated to a culture of innovation and advancing quality healthcare accessibility to make a positive impact on the health and financial well-being of millions across India.“

Sikdar, further added, “As we embark on the next phase of our journey, we at ManipalCigna remain steadfast in our mission to provide our customers with easy and lifetime access to quality healthcare. In the next 10 years, we aspire to achieve 10x GWP through continuous distribution expansion and focus on multi-channel, multi-product, and multi-segment approaches. Additionally, we will continue to invest in our people, processes, and technology to ensure that we remain at the forefront of the health insurance industry”.

ManipalCigna Health Insurance has witnessed robust growth over the past decade. The company has expanded its employee base to 2,800 employees in FY24. Additionally, ManipalCigna has expanded its agent network, with the number of agents increasing from 12,000+ in FY19 to 70,000+ in FY24, representing a significant growth rate of 5x. The company has also increased its branch network in the last few years, with the number of branches growing from 23 in FY19 to 79 in FY24.

Over the years, ManipalCigna has introduced several innovative products tailored to meet the diverse needs of its customers, including ProHealth Prime, Prime Senior, and LifeTime Health, which cater to different segments and provide comprehensive coverage for various healthcare needs. The company’s rich expertise, along with differentiated product and technology-led innovations with customer-centricity at the core has helped ManipalCigna expand its footprint across India, bringing its comprehensive health insurance solutions to every corner of the country. Over the past decade, ManipalCigna has also garnered widespread industry recognition for its pioneering initiatives and received numerous prestigious awards, for its innovative products and services.

Looking ahead, ManipalCigna Health Insurance is poised for continued growth and success. The company has outlined a strategic roadmap for the next decade, focusing on productivity, efficiency, product diversification, and digital transformation, to drive innovation and enhance customer experience across all touchpoints.

The post ManipalCigna Celebrates 10 Years Of Exceptional Growth And Service In The Health Insurance Industry appeared first on NRI News.