Apollo DKV - the health insurance joint venture between Apollo Hospitals Group and European health insurer, DKV - is seeking new creative pastures, confirm sources. The company is believed to have called for a pitch for this purpose.
When contacted by afaqs!, Ravi Vishwanath, chief marketing officer, Apollo DKV declined to comment on the status of the pitch.
Vishwanath reveals that the company is pleased with the relationship with Mudra. However, Apollo DKV is growing in triple digits and is getting ready for its next phase of expansion. As part of this growth process, he says, the company felt it would be good to get new ideas to consider.
Connext is the media AoR (Agency on Record) for Apollo DKV. For its digital media requirements, the company has tied up with Quasar. Vishwanath clarifies that these relationships stand distinct from the creative.
Independently, the health insurance category is nascent in India, with only two major players exclusively focusing on health insurance -- Apollo DKV and Star Health. However, the category is only on a rise, and most recently, Max Bupa Health Insurance - the joint venture between Max India and UK-headquartered British United Provident Association Ltd (Bupa) - has joined the list.
For other Indian insurance companies, such as Iffco Tokio, Tata AIG and ICICI Lombard, even today, health insurance is part of general insurance.
The Indian health insurance market stands at about Rs 6,000 crore, and is expected to touch Rs 7,500 crore this year. The scenario for insurance saw a change after 2001, once private equity was permitted in the sector. Since then, the category has been growing at the rate of 35-37 per cent each year. For the last three years, however, the category has grown at almost 55 per cent, year on year.