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Time of India
02-05-2025
- Business
- Time of India
Tata AIG eyes 5% share of retail health insurance biz in Telangana, AP by FY
Tata AIG eyes 5% share of retail health insurance biz in Telangana, AP by FY HYDERABAD: Buoyed by the 3X growth in its retail health portfolio in the twin Telugu states of Telangana and Andhra Pradesh over the past year, general insurer Tata AIG General Insurance Company (Tata AIG) is targeting increasing its market share to 5% in these states in the next one and a half to two years. 'Telangana and AP present strong growth opportunities. Over the past two years, we have increased our retail health market share from 2.1% to 3.6%, and we are targeting 5% in the near future. To drive further growth, we plan to add 15,000 more distribution partners,' said Pratik Gupta, head of agency, Tata AIG, at the rollout of the insurer's new offering in theTelugu states. Pointing to the rising healthcare costs in Telangana and Andhra Pradesh, Rudraraju Rajagopal, head - accident & health claims, Tata AIG, said the insurer had a claim settlement ratio of 97% in the two states in FY25 with cashless utilization at 81% in Telangana and 68% in Andhra Pradesh. He said the two states accounted for 8% of the total retail health business for the industry that stood at Rs 47,000 crore in FY25, of which the company clocked a total retail health business of Rs 1186 across the country. The insurer already has a presence across 51 districts in the two states with key branches in Hyderabad, Visakhapatnam, Vijayawada, Warangal, Karimnagar, and Nellore. It has a network of over 1600 hospitals and 14,500 advisors across the two states. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
02-05-2025
- Business
- The Hindu
Tata AIG upbeat on AP, Telangana for health insurance business growth
General insurer Tata AIG is upbeat on Telangana and Andhra Pradesh market to grow its retail health insurance portfolio. Over the last two years, the company increased its market share in the two States from 2.1% to 3.6% in the segment. The target is to increase it to 5% over the next 18-24 months, senior executives of Tata AIG General Insurance Company told media at the roll out of a new, MediCare Select health insurance plan here recently. Rising medical inflation remains one of the factors behind the growing demand for health insurance, they said. Head - Accident and Health Claims Rudraraju Rajagopal said at an industry level, 8% of Rs. 47,000 crore all India retail health insurance business originates in Andhra Pradesh and Telangana. 'To drive further growth, we plan to add 15,000 more distribution partners. Our focus remains on delivering innovative, customised solutions that meet evolving needs of our customers,' head of the agency Pratik Gupta said. The new product has no entry age limits, supports customisation and offers propositions such as a lifelong young family discount and a 7.5% salary discount, making it accessible across income brackets and life stages, the company said.
