Niva Bupa
Type | Joint venture |
---|---|
Industry | Financial services |
Founded | 2008 |
Headquarters | , India |
Area served | India |
Key people | Krishnan Ramachandran (MD & CEO) |
Services | Health insurance |
Parent | True North Bupa |
Website | www |
Niva Bupa Health Insurance Company Limited (Niva Bupa) 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, the UK-based international healthcare group. Since early 2019, Max Bupa has been a joint venture between Bupa and private equity firm True North, when Max India sold its entire stake to True North.[1][2] [3][4] The company has a paid-up capital of ₹926 crore (US$120 million).[5]
The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]
History and overview[edit]
Niva Bupa Health Insurance was founded in 2008 as a joint venture between Max India and Bupa and started 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 ₹1,010 crore (US$130 million).[1][10] 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.[5][11][12][13]
Key people[edit]
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.[14][15]
Awards and recognition[edit]
- 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[edit]
References[edit]
- ^ a b c Bhasin, Tinesh (3 December 2019). "Max India sells its stake in Max Bupa but policyholders needn't worry". Livemint.
- ^ Thomas, Prince Mathews (18 April 2011). "Analjit Singh's Future-Proof Strategy". Forbes India.
- ^ "True North buys 51% stake in Max Bupa from Max India for Rs 510.51 crore". The Economic Times. 26 February 2019.
- ^ "Max India exits health insurance biz, divests stake in Max Bupa for Rs 510 cr". The Economic Times. 26 February 2019.
- ^ a b Kurian, Boby; Shetty, Mayur (26 February 2019). "True North set to control Max Bupa". The Times of India.
- ^ "Max Bupa health cover enters India". India Today. 30 April 2010.
- ^ "Max launches Bupa Health Insurance in India". Adgully. 8 May 2010.
- ^ "Max Bupa integrates with IGMS (IRDA system) in real time". Afaqs. 30 June 2011.
- ^ "HDFC Bank and Max Bupa launch 'AnyTimeHealth' machines to distribute health insurance products". The Times of India. 25 April 2019.
- ^ "IRDAI nod for Max stake sale in venture with Bupa". The Hindu. 3 December 2019.
- ^ Srivats, KR (21 September 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". The Hindu Business Line.
- ^ Srivats, KS (21 September 2019). "Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions". Business Line. The Hindu.
- ^ "IDBI Bank ties up with Max Bupa". Zee Business. 11 June 2019.
- ^ "Max Bupa appoints Krishnan Ramachandran as MD, CEO". Times of India. 5 May 2020.
- ^ "Max Bupa appoints Krishnan Ramachandran as MD & CEO - ET HealthWorld". ETHealthworld.com.
- ^ "Max Bupa wins 'The Economic Times Best Brands 2019' award". Business Standard. 2 April 2019.
- ^ "Max Bupa GoActive Health Insurance Plan recognized as product of the Year". Business Standard. 24 April 2018.
- ^ "Golden Peacock Awards". "Goldenpeacockaward.com". Retrieved 4 April 2020.
- ^ "Max Bupa wins IT Management Best Practices Award". CafeMutual. 29 April 2016.
- ^ "Brand Boss: Shefali Chhachhi, Director - Marketing, Max Bupa Health Insurance". The Economic Times. 3 November 2011.