ManipalCigna Health Records 25% Growth In GWP, Introduces New Products

ManipalCigna Health Insurance, a standalone health insurance company, registered a year-on-year 25% growth in gross written premium in the first half of the current fiscal.

Focused on achieving robust growth, the company is prioritising product innovation and greater market penetration.

The health insurance company, a part of the Manipal group, recorded a GWP of Rs 746 crore as of September 2023 (H1 FY'24), compared to Rs 595 crore in the corresponding period of 2022-23, representing a jump of over 25%, according to a statement.

ManipalCigna achieved a GWP of Rs 1,360 crore for the fiscal year 2022-23.

Sapna Desai, Chief Marketing Officer at ManipalCigna, said that given the potential, the company aims to exceed industry growth through product innovation.

Desai highlighted ManipalCigna's tailored health insurance solutions, such as ManipalCigna Lifetime Health, covering illnesses and hospitalisations with a sum insured of up to Rs 3 crore to meet the unique health requirements of the West Bengal market.

Explaining the rationale behind the product, Desai said, “As per National Health Account report, in West Bengal 67% of people rely on Out-of-Pocket Expenses to cover their healthcare-related costs.

She said that several research studies also show health concerns of diabetes, hypertension, and obesity, and the West Bengal state has also consistently ranked high in the number of cancer cases over the past years.

“Therefore, our goal is to tackle these health challenges and address the associated treatment costs," Desai said.

Speaking about Bima Vistaar, Desai mentioned that the company is in dialogue with regulators and stakeholders. Bima Vistaar is a product currently under preparation by the regulator, and its objective is to provide comprehensive insurance coverage to the masses.

She stated that the company's footprint expansion in all forms will continue, with plans for five new offices in West Bengal alone to enhance its reach after experiencing strong growth in the region.

Currently operating three branches, the company anticipates doubling its business in the eastern region over the next two years, having achieved a 38% GWP growth in the financial year 2022-23.

The expansion is contributing to an increase in the retail share of its gross premium, rising to 44% in the first half of the current fiscal from the 43% achieved in the 12 months of 2022-23.

The health insurance firm said their onboarding process is paperless and digital sales currently account for 5-10% of total premium.