Max Bupa signs up with Mastek to offer India’s first instant policy issuance to its bank partners
· 100% digitized application to save customer and bank’s time in policy issuance
· Gives Max Bupa’s bank partners a digital edge by enabling e-proposal submission, Over the Counter, through Tablets
· Max Bupa aims to double the customers in 2015
Delhi/Mumbai, 26th May, 2015: Max Bupa Health Insurance and Mastek, the provider of core insurance systems services to over 120 insurance carriers globally, today announced the launch of India’s first Over the Counter (OTC) sales application for its bancassurance partners. OTC is a device and operating software agnostic application which automates the policy issuance process for banks, speeding up the process significantly. The application is available on iOS, Android and Windows with accessibility on iPads, Tabs, Windows based laptops and desktops.
OTC will enable the selection of appropriate policy and online calculation of premium at the branch. Post selection, the customer with the help of application, can fill the proposal form, scan and upload the required documents for verification at the same instance. The application is integrated with Max Bupa’s back-end policy system and thus helps to capture the information in real time and provide the necessary approval on policy issuance faster. This helps to eliminate the use of paper and makes the whole policy issuance process faster and hassle free.
The service has been initiated for one of the largest banks in India and will be subsequently rolled out to Max Bupa’s other bank partners. The future roadmap includes rolling out the application for other sales and distribution channels like agency and direct sales. The adoption of Tab Based Policy Issuance will facilitate faster processing of new policies, easy online application process, hassle free paperless operations and a smooth customer experience at the point of sale.
Somesh Chandra, Chief Operations Officer and Chief Quality Officer, Max Bupa said “I am pleased to announce the launch of Tab Based Policy Issuance over The Counter (OTC) application. The launch has made Max Bupa the first health insurer in the industry to offer instant policy issuance through an online interface to bank customers. This is one of the key milestones in our journey to provide exemplar service to our bank customers.”
“Our bancassurance business is growing at a steady pace, with this initiative, we will enroll many more customers at a faster pace and benefit as a business. Over the years, we have strengthened our position as an IT Leader in the industry and such initiatives open up a gamut of opportunities in enabling new business through innovative and responsive technology. The application has been well received by our bank partners. Our endeavor is to offer Over The Counter policy issuance through all our sales and distribution channels in the near future.”
Puneet Nath Kapil, IT Head, Max Bupa added, “We are excited to launch an innovative sales application for our business. At Max Bupa, we have a strong focus on utilizing technology to deliver the best in class service and a seamless experience to our customers, partners and employees. We are thankful to our Bank alliancesfor partnering with us in co-creation of this solution. We thank Mastekfor providing the technology expertise in delivering the Application and supporting us throughout the journey”
Abhijit Ambekar, Head Sales, India and Asia/Pacific, Mastek said “Mastek is delighted to start its relationship with Max Bupa, one of India’s leading Health Insurance Companies. We are excited to see the value delivered by the application to Max Bupa and will look forward to seeing the application roll out in conjecture with the organization’s future road map.”
Vipul Sud, Regional Manager, Asia-Pacific, Mastek said “Max Bupa is a leading health insurance player that believes in the value that self-service can deliver. We look forward to see this platform grow and help Max Bupa in achieving their objective. “
About Max Bupa Health Insurance
Max Bupa is a, 74:26, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s health insurance and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1400 people and its network of 26 offices across 16 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa, Jodhpur and Ludhiana. Max Bupa offers individual and family oriented health insurance policies for Indians 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 and a list of all our network hospitals please visit www.maxbupa.com.
About Max India
Max India Limited is a USD 1.6 billion, multi-business corporate, focused on people and service-oriented ‘Businesses of Life’ that include Life Insurance, Healthcare, Health Insurance, Senior Living, Clinical Research and Speciality Packaging Films. The Company’s vision is to be one of India’s most admired corporates for service excellence in ‘what we do, how we do it and the positive impact we have on stakeholder’s andsociety’. This vision is founded on a clear set of values that are shared across the group – Sevabhav, Excellence and Credibility.
Max India’s key operating businesses – Max Life Insurance, Max Healthcare and Max Bupa Health Insurance, are joint ventures with global leaders Mitsui Sumitomo, Japan, Life Healthcare, South Africa, Bupa Finance Plc, UK, respectively. These businesses have well entrenched positions in their respective categories, and are recognized for their outstanding service standards.
This Company’s performance reflects not only in the Company’s financial numbers but also in its customer base, which has grown 14% to 7.4 million customers who are served through 300 offices across the country by a dedicated base of around 17,000 employees and 54,000 agents. For the financial year 2013-14, Max India’s consolidated revenue increased 19% to Rs 11,683 crore.
As a leading international healthcare group, Bupa offers health insurance and other health funding products, and runs care homes, retirement villages, hospitals, diagnostic and primary care centres and dental clinics. Bupa also provides workplace health services, home healthcare, health assessments and long-term condition management services. Bupa has over 22 million customers in 190 countries and territories. With no shareholders, it invests its profits to provide more and better healthcare and fulfill its purpose: longer, healthier, happier lives.
Bupa employs more than 70,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.
For more information, please visit: www.bupa.com
Mastek is a publicly held (NSE: MASTEK; BSE: 523704) leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
In September, 2014 Mastek announced, demerger of the Insurance Products and Services business of Mastek Limited (Mastek) into a new company to be named as Majesco Limited (Majesco) followed by transfer of the offshore insurance operations business (Offshore Insurance) by Majesco to Majesco Software and Solutions India Private Limited (MSS India), a wholly owned subsidiary of Majesco Insurance Software and Solutions Inc.