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Niva Bupa

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Max Bupa Health Insurance Company
Company typeJoint venture
IndustryHealth insurance
Founded2008; 16 years ago (2008)
Headquarters
New Delhi
,
India
Area served
India
Key people
Krishnan Ramachandran (MD) (CEO)
OwnerBupa, Fettle Tone LLP (True North)
Websitewww.maxbupa.com

Max Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India. It started as a joint venture between Max India Limited and Bupa, a British healthcare provisioning and multi-insurance company.[1][2] In 2019, Max India sold its entire stake to a private equity firm, True North.[3][4] The company has a paid-up capital of ₹926 crore (US$110 million).[5] The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]

History and overview

Max Bupa Health Insurance was founded in 2008 as a joint venture between Max India and Bupa. However, the company started its operations in 2010.[6][7]

In Jun 2011, it integrated with Insurance Regulatory and Development Authority's Integrated Grievance Management System in real-time, which made the company the first health insurance company in India to have such a system.[8]

In April 2019, the company launched 'AnyTimeHealth (ATH)' machines that allow customers to buy health insurance cover in a few seconds.[9]

In February 2019, Max India's entire 51 per cent stake was acquired by Fettle Tone LLP, an affiliate of private equity firm True North for ₹510 crore (US$61 million).[1][10] It distributes its policies through its agency force and bancassurance partners HDFC Bank, Karur Vysya Bank, Bank of Baroda, Indian Bank and IDBI Bank.[5][11][12][13]

Key people

Max Bupa Health Insurance Company Limited was headed by Ashish Mehrotra until April 2020. In May 2020, Mr. Krishnan Ramachandran was appointed as the MD and CEO of the company and Mr. C.B. Bhave was appointed as the Chairman of the board.[14][15]

Awards and recognition

  • In April 2019, the company won 'The Economic Times Best Brands 2019' award by The Economic Times and Nielsen.[16]
  • In April 2018, Max Bupa's GoActive Health Insurance Plan recognized as Product of the Year by research agency Nielsen.[17]
  • Max Bupa awarded the Golden Peacock Award 2015 for its product Heartbeat Health Insurance Plan.[18]
  • Max Bupa Health Insurance awarded the 'IT Management Best Practices' at the Celent Model Insurer Asia Awards 2016.[19]
  • The company received the Best Product Innovation Award for Heartbeat Family First at Indian Insurance Awards 2011.[20]

See also

References

  1. ^ a b c Bhasin, Tinesh (December 3, 2019). "Max India sells its stake in Max Bupa but policyholders needn't worry". Livemint.
  2. ^ Thomas, Prince Mathews (April 18, 2011). "Analjit Singh's Future-Proof Strategy". Forbes India.
  3. ^ "True North buys 51% stake in Max Bupa from Max India for Rs 510.51 crore". The Economic Times. February 26, 2019.
  4. ^ "Max India exits health insurance biz, divests stake in Max Bupa for Rs 510 cr". The Economic Times. February 26, 2019.
  5. ^ a b Kurian, Boby; Shetty, Mayur (February 26, 2019). "True North set to control Max Bupa". The Times of India.
  6. ^ "Max Bupa health cover enters India". India Today. April 30, 2010.
  7. ^ "Max launches Bupa Health Insurance in India". Adgully. May 8, 2010.
  8. ^ "Max Bupa integrates with IGMS (IRDA system) in real time". Afaqs. Jun 30, 2011.
  9. ^ "HDFC Bank and Max Bupa launch 'AnyTimeHealth' machines to distribute health insurance products". The Times of India. April 25, 2019.
  10. ^ "IRDAI nod for Max stake sale in venture with Bupa". The Hindu. December 3, 2019.
  11. ^ Srivats, KR (September 21, 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". The Hindu Business Line.
  12. ^ Srivats, KS (September 21, 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". Business Line. The Hindu.
  13. ^ "IDBI Bank ties up with Max Bupa". Zee Business. June 11, 2019.
  14. ^ "Max Bupa appoints Krishnan Ramachandran as MD, CEO". Times of India. May 5, 2020.
  15. ^ "Max Bupa appoints Krishnan Ramachandran as MD & CEO - ET HealthWorld". ETHealthworld.com.
  16. ^ "Max Bupa wins 'The Economic Times Best Brands 2019' award". Business Standard. April 2, 2019.
  17. ^ "Max Bupa GoActive Health Insurance Plan recognized as product of the Year". Business Standard. April 24, 2018.
  18. ^ "Golden Peacock Awards". "Goldenpeacockaward.com". Retrieved 4 April 2020.
  19. ^ "Max Bupa wins IT Management Best Practices Award". CafeMutual. April 29, 2016.
  20. ^ "Brand Boss: Shefali Chhachhi, Director - Marketing, Max Bupa Health Insurance". The Economic Times. November 3, 2011.
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