Aditya Birla Financial diversifies into health insurance

Aditya Birla Financial Services Group (ABFSG) has launched its standalone health insurance arm under the brand Aditya Birla Health Insurance (ABHICL).

ABHICL is a 51:49 joint venture between the Aditya Birla Group and MMI Holdings, a large and diversified financial services leader in South Africa. The initial capitalisation for the venture has been Rs 250 crore.

 On the distribution front, ABHICL will have a multi-channel distribution model across agency, broking, bancassurance, direct marketing, online channel and more.

The agency channel will start with nine branches across top seven tier-1 cities and will expand reach in the next couple of years.

Customers will be able to select their own healthcare providers from an extensive network, manage healthcare expenses through informed choices and will be given opportunities to improve their overall health.

While ABHICL will target an existing captive consumer base of several million ABFSG customers, it plans to grow rapidly given its product philosophy that expands health insurance to a newer category of fit and healthy customers.
DH News Service

ABHICL will also introduce a chronic care management programme to cater to the unmet needs of a growing Indian population of those suffering from 5 chronic lifestyle conditions.

“ABHICL will seek to grow in a competitive market by making a positive impact on individuals and families. We are very bullish on this sector and our business model as health is a core necessity for the ambitious India,” Aditya Birla group financial services chief executive Ajay Srinivasan said.