Online sales has boosted the first quarter business of Aditya Birla Health Insurance by 73%, and it also hopes to continue to lead the industry growth during the current fiscal and reach break-even by the next fiscal, said a senior company official of Aditya Birla group.
The four-year-old standalone health insurer collected ₹245 crore in premium even during the coronavirus pandemic-inflicted June quarter, up 73% over the previous year, the official said. The industry growth stood at 16% and pureplay health insurers’ growth rate at 27%, he added.
Bathwal said, “Thanks to our focused approach, our business continues to scale with significant improvement in the combined ratio at 132 as against 146 in the previous year. This would help us break-even next fiscal.”
Bathwal also said, “We have a robust digital strategy which has ensured that 98% of our business come through this route in the first quarter, up from 93% as of March 2020. Digital renewals touched 92% in the year against 65% in the previous year.”
He also said the company is one the first companies to launch COVID-19 policies. COVID-19 policies constituted only around 7% of the total sales in the quarter.
