Tata AIG targets 30% CAGR for retail health insurance segment in 3 years

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Tata AIG General Insurance Company aims to grow its retail health insurance segment at a 30 percent compound annual growth rate (CAGR), according to a corporate presentation by the company.

This growth will hinge on the back on the new products launched on October 23 in the retail health insurance. The company launched five new products today -- Mental Wellbeing, EmpowerHer, OPD Care, CanCare, and Flexi Shield -- to enhance the flexibility and comprehensiveness of its retail health insurance products.

“The launch of these new products is a critical step in our strategy to accelerate growth in the health insurance segment. We are focused on driving expansion across India, particularly in tier 2 and 3 cities, where healthcare access and awareness are rapidly increasing,” Pratik Gupta, Senior Executive Vice President & Head – Agency at TATA AIG General Insurance Company was quoted as saying in a release.

As medical costs continue to rise and healthcare needs evolve, these products are designed to provide customised protection, addressing emerging health concerns and lifestyle changes, the company said in the release.

The company aims to enhance its health insurance operations over the next two years, targeting an expansion of its agent base from 92,000 to over 150,000 as part of its broader strategy. Its health insurance segment currently contributes 21 percent to its overall Gross Written Premium (GWP), release added.

The company’s cashless claims utilisation has risen from 67.7 percent in FY 2022-23 to 76.95 percent in FY 2024-25, with 96 percent of cashless claims processed within four hours and 85 percent of reimbursement claims settled within five days, it said.