Bank of Baroda partners with Max Bupa to offer comprehensive health insurance plans to its 60 million customers
· Max Bupa to offer customised over the counter products to bank’s customers
· Digitally enabled instant policy issuance for customer across all touch points- branches, website, apps and e- lobbies
Mumbai/ New Delhi, May 7, 2016: Bank of Baroda, the second largest public sector bank in India and Max Bupa, a specialist health insurer, today announced their Bancassurance Corporate Agency arrangement. As a part of the tie up, Max Bupa will offer its comprehensive health insurance offerings to the diverse customer base of Bank of Baroda spread across the country.
The arrangement comes on the back of IRDA’s new bancassurance guidelines which permits banks to tie up with multiple insurers to distribute insurance products, to bolster the penetration of health insurance in the country, which is currently between 5-7%.
Max Bupa, known for its comprehensive product portfolio covering wide range of illnesses, and personalised service, will now offer a complete suite of specialized health insurance solutions to all customer segments of the bank. The health solutions will combine financial protection as well as holistic health management support.
In the initial phase, Max Bupa will provide simple and customisable product variants, with sum insured ranging from INR 50,000 to INR 1 crore, to the 60 million savings account and loans customers of the bank. The offerings will include indemnity as well as fixed benefit plans to address health needs of customers across each life stage. Max Bupa will enable instant, over the counter policy issuance of health policies, across all customer touch points including branches, website, apps and e- lobbies. Max Bupa will also facilitate value added health services like second medical opinion and access to a host of health and wellness apps.
Speaking about the Corporate Agency arrangement with Max Bupa, Mayank K. Mehta, Executive Director, Bank of Baroda said, “We are delighted to partner with Max Bupa which brings on board Max India’s knowledge of the Indian healthcare and insurance market and Bupa’s global health expertise in 190 countries. A compelling product proposition and focus on customer centricity combined with a strong market reputation, makes Max Bupa the right partner for us to provide holistic health solutions to our diverse customer segments. We are confident that this will be a mutually beneficial relationship and pave the way for greater access to a wide range of health and wellness solutions for our 60 million customers across the country.”
Talking about Max Bupa’s specialised product and service offerings for the bank’s customers, Ashish Mehrotra, MD & CEO, Max Bupa said, “The partnership with Bank of Baroda is an important milestone for us, as bancassurance is a critical part of our growth strategy. To address the varied health needs of the bank’s mass and affluent customers, we will create bespoke health plans and deploy best in class technology to deliver exemplary service. We will enable instant purchase of health policies, through our digitally enabled sales platform across all customer touch points including branches, website, apps and e- lobbies. Through this partnership, we aim to double our customer base over the next 2-3 years.”
“As per industry estimates, over 90% of the Indian population doesn’t have access to any form of health insurance. The bank’s extensive distribution reach presents us a tremendous opportunity to make our comprehensive products and services more widely available in the country and help more and more people to lead healthier, more successful lives, “he further added.
Bank of Baroda and Max Bupa have entered into a three year partnership. Max Bupa’s products will be available for the bank’s existing and new customers through its various physical and digital touch points.
Max Bupa’s health offerings for Bank of Baroda customers
About Max Bupa Health Insurance
Max Bupa is a joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading global health and care company with 65 years of healthcare knowledge. Max Bupa offers individual and family oriented health insurance policies across the country through its multiple distribution platforms to customers across all age groups. Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare providers, with plans to extend its network of hospitals to other parts of the country. Max Bupa services customers directly without third party involvement. For more details about the company, please visit www.maxbupa.com.
About Max Group
Max Group is a leading Indian multi-business corporate with a commanding presence in the Life Insurance, Healthcare and Health Insurance sectors. In the financial year 2015, the Group recorded a consolidated turnover of Rs 14,877 Cr. It has a total customer base of over 7.5 million, nearly 300 offices spread across India and people strength of around 17,000 as on 31st March 2015. Max India Limited is a widely held company, listed on the BSE and the NSE. Its founder sponsor Analjit Singh holds 40.5% stake in the company. Other shareholders include some of the world’s best Institutional Investors such as Goldman Sachs, Temasek, IFC (Washington), Fidelity and New York Life.
Bupa’s purpose is longer, healthier, happier lives. As a leading global health and care company, it offers health insurance, medical subscription and other health and care funding products, runs care homes, retirement and care villages, primary care, diagnostic and wellness centres, hospitals and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services. Bupa has 29 million customers in 190 countries. With no shareholders, Bupa reinvests its profits to provide more and better healthcare and fulfil its purpose. Bupa employs almost 80,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.