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Future Generali launches Future Generali Health (FGH) - In-house cell for servicing Health Insurance clients

Pune, October 26, 2010: Future Generali India Insurance Company Ltd will launch Future Generali Health (FGH), an in-house cell for servicing Health Insurance clients, from November 01, 2010. All health insurance policies issued from November 01, 2010 will be serviced in-house through FGH. Future Generali will thus service its entire health insurance business directly, gradually replacing Third Party Administrators (TPAs) through this in-house cell, located at its Chinchwad in Pune.

The unit will start with a team of 40 motivated and experienced professionals with proven track record in health insurance. The team will also consist of medicos and hospital management graduates. The entire health vertical of the company, which includes health call centre, underwriting, claims and networking, will operate from this single location.

On the occasion of this announcement, K. G. Krishnamoorthy Rao, CEO, Future Generali India Insurance Company said "Health Insurance is a growing line of business with a very high potential. Future Generali is a serious player in Health Insurance and looks at growing its market share. Service level is the most important differentiator and to ensure we provide the finest customer experience, we have decided to directly service our clients through our in-house servicing unit Future Generali Health (FGH).

Today health insurance consists of around 15% of Future Generali’s overall business and we look at increasing this to 20% over the next few years. The company will be concentrating on retail health and targets to increase its share in this segment and has targeted an overall health premium of `110 crores. We will look at aggressively increasing this in the next few years,” added Mr. Rao.

This initiative will help Future Generali in capturing, collating and analyzing high quality data that will contribute towards product development and pricing. Efficient data management capabilities will also help structure tailor made solutions for corporate clients thereby ensuring a combination of excellent service and cost management.

FGH will start with over 1000 hospitals in its network and will expand the list as business and requirements grow. The Company is also creating a network of Diagnostic centers across country for pre-policy check up.

Recently, Future Generali has revised its flagship product, Health Suraksha, making it more customer friendly. It is a hospitalization expenses product with sums insured ranging from `1 lac to `10 lacs and the product has plans with coverage and pricing suitable for rural as well as urban clientele. The company earlier launched a Critical Illness Product – Future Criticare, besides having few more products in the pipe line.

Future Generali has products that cater to the needs of all segments of the society, including the rural and micro health insurance sector.

The liability of Future Group and the Generali Group is limited to the extent of their shareholding in the Company. Insurance is the subject matter of Solicitation