Aditya Birla Health Insurance in expansion mode to grow retail

KOLKATA: Aditya Birla Health Insurance Company is planning to spread footprint in 100 locations in next two years as it looks to exploit opportunities in the retail insurance space.

"Health insurance is a very high growth sector, given the rising health cost. We are eyeing the retail sector for growth, said Mayank Bathwal, chief executive at the health insurance firm.

The one-year-old health insurer is present in 34 cities now and about one-fifth of its business comes from retail at present.

In the next five to six years, the company wants 75% of the business from retail segment, which is more remunerative.

A 51:49 joint venture between South Africa's MMI Holdings Ltd and Aditya Birla Capital Ltd, its gross written premium so far stands at Rs 150 crore out of which Rs 96 crore has been mobilised this fiscal. Bathwal said the company has 6.5 lakh customers so far.

It has five banks including HDFC Bank as bancassurance partners now while Bathwal said talks are on with more banks for possible tie-ups.