New Delhi:
Max Bupa Health rebrands to Niva Bupa; aims total business of Rs 2,500 cr in FY22
Standalone health insurance player Max Bupa Health Insurance Friday announced that it has rebranded itself as Niva Bupa and said it is targeting a total business of Rs 2,500 crore in fiscal 2021-22.
The rebranding exercise comes after the exit of Max India from the company in 2019 and the entry of private equity firm True North. International healthcare company Bupa Group is the other joint venture partner of the health insurer.
“Owing to a change in shareholding pattern, with the exit of Max India and entry of private equity firm True North, Max Bupa needed to create a new brand identity as part of the transition,” the company said in a statement.
Max India, which owned 51 per cent in the insurer sold its stake to True North in February 2019 for Rs 510 crore.
''Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa. We will continue to maintain strong growth in the market and aims to become Rs 2,500 crore (total business) company by FY21-22,” the insurer's managing director and CEO Krishnan Ramachandran said.
In fiscal 2021, the insurer's total business stood at Rs 1,751 crore. The company is opening around 52 offices. It has 13 bank partners, including Axis Bank and HDFC Bank, Bank of Baroda and Federal Bank.
Ramachandran said the agenda is to drive growth through agency expansion or bancassurance expansion, using digital partners such as policybazaar, and the company's direct to consumer business channels.
The company will also focus on strengthening its digital capabilities for customers and distributors, right from issuing new policies, servicing customers, paying claims and renewing policies, he added.
At the time of change of stake holders, it was decided that the use of the “Max” brand will be phased out over a period of two years.
The Bupa brand name, would continue as before.
True North (formerly known as India Value Fund Advisors IVFA) was established in 1999 with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders.
Earlier, another stand alone health insurer Religare Health Insurance had rebranded itself Care Health Insurance.