The Business Bytes
TBB BUREAU
BHUBANESWAR; JANUARY 17, 2024
ManipalCigna, a rapidly expanding standalone health insurance company, is actively enhancing its footprint in Odisha and Eastern India. Dedicated to delivering innovative and personalized health insurance solutions, the company aims to tackle diverse health challenges faced by various customer segments in Odisha, ensuring enduring access to top-notch healthcare.
Sapna Desai, Chief Marketing Officer at ManipalCigna Health Insurance, emphasized the health landscape in Odisha, revealing, “The state grapples with a significant 27.19 per cent prevalence of major Non-Communicable Diseases (NCDs), such as hypertension, diabetes, respiratory ailments, digestive diseases, and neurological disorders. This percentage surpasses the national average of 11.63 per cent, as unveiled in a study by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). In response to rising healthcare incidences and escalating treatment costs, ManipalCigna has been unwavering in offering tailored health insurance products to meet the unique health needs of Odisha’s residents. Products like ManipalCigna Lifetime Health provide customers with innovative features to address their unique healthcare needs, known for affordability and high sum insured coverage, offering a comprehensive defense against life’s unprecedented circumstances.”
“As a health insurance expert, ManipalCigna Health Insurance has experienced robust growth in the eastern region, achieving a 38 per cent gross written premium (GWP) growth in the financial year 22-23. We anticipate our business to double in the next two years in the eastern region. With close to 8,000 advisors, major partners in around 1500 point-of-sale locations, and 12 branch offices in Eastern India, our expansion plan includes launching new branch offices, hiring additional employees and agents for East push in FY24,” she added.
ManipalCigna regards Odisha as a pivotal market and is steadfast in providing affordable solutions, increasing health insurance penetration, and ensuring its customers have convenient and lifelong access to quality healthcare.
ManipalCigna, having achieved a Gross Written Premium (GWP) of Rs 26.5 crore in Odisha during the fiscal year 2022-23, is targeting a 30% growth in the current fiscal year (FY24). Presently, the company serves the people of Odisha through three branch offices in the state. With an ambitious expansion plan, it aims to double its branch presence in the state by strategically adding more branches during this financial year.
With a specialized focus on health insurance expertise, ManipalCigna Health Insurance has experienced consistent growth in the eastern region. The company boasts a network of nearly 1000 hospitals in the Eastern region out of the 9,000+ pan-India hospitals.
In a strategic move in 2023, the company acquired stakes in AMRI (Advanced Medical Research Institute) Hospitals, positioning Manipal Hospitals as the largest hospital chain in eastern India. This strategic expansion allows them to effectively meet the increasing demand for high-quality tertiary and quaternary healthcare.
