Max Bupa and Indian Bank ink bancassurance tie-up to offer comprehensive health insurance solutions

Max Bupa, one of India’s leading standalone health insurance players, today announced a bancassurance corporate agency agreement with Indian Bank, one of the leading Indian state-owned banks. Under the agreement, Max Bupa will provide bespoke and comprehensive health insurance solutions and services to over 40 million customers of Indian Bank spread across 2800 branch network, through a slew of digital touch points.

As part of the tie-up, Max Bupa will provide customizable product variants, tailor made to meet the differentiated health needs of the bank’s diverse customer base spread across the country. The offerings include both retail and group health insurance products including Indemnity and Fixed Benefit products. 

Further, Max Bupa has designed a digital ecosystem for Indian Bank customers to enhance their overall experience and avail health insurance solutions at their convenience. Max Bupa will install ‘Infinity’ - its proprietary digital platform that integrates with the bank’s systems, to provide a seamless buying journey for all the bank’s customers. Through this digital solution, the customers can purchase the health insurance product of their choice instantly and access their policy documents at the bank branch itself. 

Additionally, Max Bupa’s digital seller application - InstaInsure, will allow Indian Bank to sell Max Bupa products securely via handheld devices, making the health insurance journey further simplified, with the aid of a streamlined and interactive support system. The relationship managers can use the app to complete the policy sale process, including the collection of payment from customers electronically.

Moreover, Max Bupa will provide best in class service to Indian Bank customers including preauthorization of cashless claims within 30 minutes and access to 6700+ top quality hospitals across the country for medical care. Besides, the Indian Bank’s customers can also download Max Bupa health app to avail OPD and Pharmacy services instantly to manage their health anytime anywhere. 

Ashish Mehrotra, MD & CEO, Max Bupa said, “We are extremely delighted to partner with Indian Bank and are committed to help over 40 million customers of the bank lead healthier, more successful lives. With growing incidences of lifestyle diseases, health insurance has become one of the most important investments for people today. With our tie up with Indian Bank, we are offering our customisable health insurance solutions to Indian Bank’s strong customer base spread across the country. Indian Bank has a significant presence in South India and this partnership further strengthens Max Bupa’s footprint in the Southern market.”

M.K. Bhattacharya, Executive Director, Indian Bank said, “At Indian Bank, we aim to  offer our valued customers a wide range of products and services. With our partnership with Max Bupa, we are moving a step ahead to provide our customers comprehensive health insurance solutions, and assured service excellence standards. We hope our customers across the country benefit from our partnership and choose quality health insurance products suited to their health needs.”

V.V. Shenoy, Executive Director, Indian Bank said, “We are happy to partner with Max Bupa, as through our partnership, we will be able to provide customer centric digitally enabled health insurance products to our customers. Max Bupa’s tailored products will help bridge the health insurance needs of our diverse customer segments across all age groups, and we expect our customers across India, to gain access to customized health insurance policies as per their convenience.”

Both Indian Bank and Max Bupa share strong synergies in terms of long-standing customer trust, strong market reputation and pan India presence, and will focus on deployment of best in class digital offerings to provide holistic customer centric health solutions to Indian Bank’s diverse customer segments across the country. Max Bupa has strong presence in Southern India and partnership with close to 5000 hospital providers including Apollo Hospitals, Fortis Healthcare, Manipal Hospitals, Columbia Asia Hospitals, Aster Healthcare, Care group of Hospitals, Yashoda Hospitals, GKNM, among others.

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About Indian Bank

Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,924 employees, 2900 branches with 2861 ATMs and 1014 cash deposit machines and is one of the top performing public sector banks in India. It has a pan India presence across 9786 touch points comprising branches, ATMs and Banking Correspondents (BC). It has been at the forefront of introducing technology in Banking with all branches under a core banking solution and is one of the few banks worldwide to be certified with ISO27001:2013 standards. Total business of the bank has touched ₹430,000 crore (US$62 billion) as on 31 March 2019, up 16% on YoY basis.

About Max Bupa

Max Bupa, a standalone health insurance player in India, is a 51:49 joint venture between Max India Limited, a multi-business corporate in the business of life and care and the Bupa Group, a leading international healthcare company with a legacy of providing specialized healthcare services for over 70 years. Focusing primarily on the Business to Customer segment, the company is an innovation expert with many breakthrough innovations to its credit, including its recently launched digitally enabled comprehensive wellness cum health insurance products. It markets its policies through a balanced distribution mix of Agents, Bancassurance & Alliance Partners and through online sales. Max Bupa operates in the high potential retail health insurance space which is expected to grow to INR 630 billion by 2025, growing at a CAGR of 22%.

Source: Press Release