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Niva Bupa

From Wikipedia, the free encyclopedia

Niva Bupa Health Insurance Company
Company typePublic
IndustryInsurance
Founded2008; 16 years ago (2008)
Headquarters
New Delhi
,
India
Area served
India
Key people
Krishnan Ramachandran, Maninder Singh Juneja, David Fletcher, Chandrashekhar Bhaskar Bhave
ServicesHealth insurance
ParentTrue North
Bupa
Websitewww.nivabupa.com

Niva Bupa Health Insurance Company Limited (Niva Bupa) is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India. Niva Bupa Health Insurance Company Ltd. (formerly known was Max Bupa Health Insurance Company Limited) is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian private equity firm, and the UK based healthcare services expert, Bupa Singapore Holdings Pte. Limited. The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]

History and overview

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Niva Bupa Health Insurance was founded in 2008 as a joint venture between Max India and Bupa and started operations in 2010.[2][3]

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.[4]

In April 2019, the company launched 'AnyTimeHealth (ATH)' machines that allow customers to buy health insurance cover in a few seconds.[5]

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 ₹1,010 crore (US$120 million).[1][6] It distributes its policies through its agency force and bancassurance partners HDFC Bank, SIB Bank, Federal Bank, Axis Bank Karur Vysya Bank, Bank of Baroda, Indian Bank and IDBI Bank.[7][8][9][10]

Violations

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Insurance Regulatory and Development Authority of India (IRDAI) has imposed penalty totaling Rs.20 lakh on Niva Bupa formerly known as Max Bupa Health Insurance Company Ltd. for four violations, one of which pertains to timelines for settling claims.[11]

Key people

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In May 2020, Krishnan Ramachandran was appointed as the MD and CEO of the company and C. B. Bhave was appointed as the chairman of the board.[12][13]

Awards and recognition

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  • In April 2019, the company won 'The Economic Times Best Brands 2019' award by The Economic Times and Nielsen.[14]
  • In April 2018, Max Bupa's GoActive Health Insurance Plan recognized as Product of the Year by research agency Nielsen.[15]
  • Max Bupa awarded the Golden Peacock Award 2015 for its product Heartbeat Health Insurance Plan.[16]
  • Max Bupa Health Insurance awarded the 'IT Management Best Practices' at the Celent Model Insurer Asia Awards 2016.[17]
  • The company received the Best Product Innovation Award for Heartbeat Family First at Indian Insurance Awards 2011.[18]

See also

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References

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  1. ^ a b Bhasin, Tinesh (3 December 2019). "Max India sells its stake in Max Bupa but policyholders needn't worry". Livemint.
  2. ^ "Max Bupa health cover enters India". India Today. 30 April 2010.
  3. ^ "Max launches Bupa Health Insurance in India". Adgully. 8 May 2010.
  4. ^ "Max Bupa integrates with IGMS (IRDA system) in real time". Afaqs. 30 June 2011.
  5. ^ "HDFC Bank and Max Bupa launch 'AnyTimeHealth' machines to distribute health insurance products". The Times of India. 25 April 2019.
  6. ^ "IRDAI nod for Max stake sale in venture with Bupa". The Hindu. 3 December 2019.
  7. ^ Kurian, Boby; Shetty, Mayur (26 February 2019). "True North set to control Max Bupa". The Times of India.
  8. ^ Srivats, KR (21 September 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". The Hindu Business Line.
  9. ^ Srivats, KS (21 September 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". Business Line. The Hindu.
  10. ^ "IDBI Bank ties up with Max Bupa". Zee Business. 11 June 2019.
  11. ^ "Rs.20 lakh IRDA penalty on Max Bupa Health Insurance". The Hindu. 2 May 2016. ISSN 0971-751X. Retrieved 8 November 2024.
  12. ^ "Max Bupa appoints Krishnan Ramachandran as MD, CEO". Times of India. 5 May 2020.
  13. ^ "Max Bupa appoints Krishnan Ramachandran as MD & CEO - ET HealthWorld". ETHealthworld.com.
  14. ^ "Max Bupa wins 'The Economic Times Best Brands 2019' award". Business Standard. 2 April 2019.
  15. ^ "Max Bupa GoActive Health Insurance Plan recognized as product of the Year". Business Standard. 24 April 2018.
  16. ^ "Golden Peacock Awards". "Goldenpeacockaward.com". Retrieved 4 April 2020.
  17. ^ "Max Bupa wins IT Management Best Practices Award". CafeMutual. 29 April 2016.
  18. ^ "Brand Boss: Shefali Chhachhi, Director - Marketing, Max Bupa Health Insurance". The Economic Times. 3 November 2011.
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