Apollo HealthCo Enters Insurance And Health-Focused Credit Card Space

Apollo HealthCo, a subsidiary of Apollo Hospitals Enterprises Ltd., has ventured into distribution and sale of insurance products and health-benefit credit cards through its digital platform Apollo 24/7, the company said on Wednesday.

The move follows the platform’s receipt of a corporate agent licence from the Insurance Regulatory and Development Authority of India. Alongside health insurance, Apollo 24/7 will also offer select general and life insurance products, Chief Executive Officer Madhivanan Balakrishnan said at a press conference.

The company has partnered with Niva Bupa Health Insurance Co. Ltd., and has tie-ups with seven other insurers to distribute their products.

Balakrishnan said the company ran a year-long pilot before the full-scale launch and expects to generate gross premium income of ₹800 million–₹1 billion over the next 12–18 months. It is also targeting 1 million credit card customers in the same period.

Apollo 24/7’s new co-branded credit card will come with several health-related benefits. The platform currently has 39.6 million registered users and operates across 19,000 cities in India.