Tata AIG Eyes 5% Market Share In 2 Years In TG, AP

Hyderabad: Tata AIG General Health Insurance Company Ltd, on Tuesday said its retail health insurance division aims to increase its market share from 3.6 per cent to five per cent over the next two years in Telangana and Andhra Pradesh. Last fiscal the insurer garnered a GWP (gross written premium) of Rs 156 crore in both the Telugu states.

Pratik Gupta, Head – Agency, Tata AIG General Health Insurance Company Ltd, said: “In the last two years our market share has increased from 2.1 per cent to 3.6 per cent in Telangana and Andhra Pradesh. TG and AP contributes eight per cent to the overall retail health insurance industry. Last year this industry’s size was Rs 47,000 crore, out of which Rs 4,300 crore has come from TG and AP. The GWP of Tata AIG retail health in both the Telugu states stood at Rs 55 crore in FY23, which grew to Rs 156 crore in the last financial year.”

Over the last three years the retail health insurance industry has grown between 27 – 30 per cent, while Tata AIG retail health has grown between 50 – 75 per cent, leading our market share here to grow from 2.1 per cent to 3.6 per cent, he added. To drive further growth and reach a market share of five per cent in the next two years, the insurer plans to add 15,000 individuals as distribution partners in TG and AP.

Gupta informed that Tata AIG has its biggest claims hub in Hyderabad with 350 employees working here. Its retail health division, through branches present across Telangana and Andhra Pradesh, has a total workforce of 500. Tata AIG has partnered with 1,600 hospitals in both the Telugu States and has sold health insurance cover to 82,000 people here through 14,500 distribution partners.

On settlement of claims in TG and AP, Rudraraju Rajgopal, National Head – Accident & Health Claims, Tata AIG, said that 81 per cent of claims have been cashless in Telangana and 68 per cent in Andhra in FY25.

To increase cashless claims the company will expand its tie-up with network hospitals, from the current 12,000 to 25,000 by FY27 across India, he added.