HDFC ERGO General Insurance (HDFC ERGO), the third-largest private sector general insurance company in India, had declared its successful merger with HDFC ERGO Health Insurance (earlier known as Apollo Munich Health Insurance). It came into effect on November 13, 2020, following the approval from the National Company Law Tribunal (NCLT) and final sanction from the Insurance Regulatory and Development Authority of India (IRDAI).
Deepak Parekh, Chairman of HDFC ERGO General Insurance Company commented that the company is honorable and proud to merge with HDFC ERGO Health Insurance. It provides the opportunity for the company to grow by extending its distribution network and thus achieving its strategic objective to be one of the top private insurers in the market.
Anuj Tyagi, MD & CEO of HDFC ERGO Health Insurance Ltd said that its merger with HDFC ERGO takes almost 10 months to successfully combine both the entities. The company wishes to ensure the continuity of benefits, easy access to various product suites, utilization of HDFC ERGO’s digital capabilities, etc. to the policyholders. He also added that through this merger, their channel partners can make use of the combined health insurance product suites of the merged entity.
Meanwhile, Ritesh Kumar, MD & CEO of HDFC ERGO General Insurance Company Ltd expressed his viewpoint that they are glad to welcome the policyholders and channel partners of HDFC ERGO Health Insurance into their family to work together as a strong entity. They assure a seamless transition and improved customer experience with the united proficiency of both the entities. He also added that the existing policyholders and channel partners of HDFC ERGO will be able to access the health insurance products and the expertise of HDFC ERGO Health Insurance Ltd.
The merger will promote the HDFC ERGO as the second-largest private insurer in the Accident & Health Insurance business, so that, they can expand their product suite to more than 50. The policyholders will get easy access to the cashless network of more than 10,000 hospitals. They will also get benefit from the extended reach of HDFC ERGO, which had a network of 203 physical offices across 170 cities and also more than 250 digital offices across the country.
Health insurance is expected to be one of the leading agents for the growth of the general insurance industry, and through this merger; HDFC ERGO General Insurance will become a prominent player in the health insurance industry.