Business Wire IndiaFollowing a rebranding exercise, Max Bupa will now be called Niva Bupa. The rebranding has been necessitated in light of the changes in the shareholding pattern which saw Max India, the erstwhile majority stakeholder sells its position to True North in February 2019.
Pursuant to the stake sale, the managerial leadership of the company opted to phase out the brand Max in the span of two years. Meanwhile, the brand Bupa will be retained as-is.
With over 7 million loyal customers on its roster, Niva Bupa currently stands as one of the largest standalone health insurance players in the country. With the rebranding powering its future endeavor, the company is now better placed to draw in new-age millennials and middle-aged customers who are either existing or first-time buyers of health insurance products. Niva Bupa is on track to reach the Rs 2,500 crore market capitalisation mark by the end of FY 2021-2022. It is also targeting an expansion of its customer base from the current strength of 7 million to over 12 million by the end of FY 2024-2025.
“The entry of True North will facilitate an extra dose of capital injections in the company operations. This means that the company will have additional financial space to enlarge its customer base and strengthen digital offerings while also elevating our service delivery. As has always been the case, the customer first attitude will dictate all our corporate actions and will serve as our compass and the bedrock of our company ethos.” Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance said.
From its very roots, the company has been committed to making deeper inroads into the insurance market in India, and to that end, it opened 50 offices last year and is fast approaching the target of opening another 50 this year. Niva Bupa is also strategically placed to harness the sizable business opportunity in the insurance sector courtesy of its tie-up with 13 banks which give it unparalleled access to 35,000 bank branches across India. Niva Bupa will be leveraging these bank branch connections to register a markedly elevated top line while also working with non-bank and digital non-bank partners to bring more customers under its coverage.
Speaking about the future plans of the company, Ramachandran said, “We are aiming to emboss the DNA of Niva Bupa across India. We have chalked out an aggressive yet achievable roadmap on penetrating deep into the interiors of India effectively taking our presence to over 600 towns and cities in India on the back of expanded distribution channels and a wide array of healthcare solutions that cater to all segments of the population. In FY 2019-2020, our Gross Written Premium (GWP) was at Rs 1,240 crore which leapt to an impressive Rs 1,750 crore in FY 2020-2021. Our dedication and razor-sharp focus towards our customers’ needs will ensure that we will comfortably touch the Rs 2,500 crore target set for FY 2021-2022.”
Niva Bupa is a pure-play health insurance which gives it a distinct edge compared to other insurance companies that offer other insurance products as well. In its portfolio of insurance solutions, the company has plans tailored for small families, large families, senior citizens as well as individuals. It also offers special insurance plans that protect against critical illnesses, Covid-19 as well as accidents.
Niva Bupa has over 7,600 hospitals onboarded on its rolls and its robust digital ecosystem is equipped to process cashless claims in a time window as small as 30 minutes. Since the company does not rely on third-party agents, it provides smooth & seamless direct settlements to its customers saving them paperwork and bureaucratic hassles.
It also offers its 7-million strong customer base coverage for both pre and post hospitalisation expenses, hefty no-claim bonuses and regular medical check-ups. Its wellness insurance plans have a host of in-built privileges not offered by conventional health insurance companies such as maternity coverage, no room-rent sub-limit, OPD and diagnostic coverage as well health protection overseas.
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