Niva Bupa
Niva Bupa Health Insurance Company Limited (Niva Bupa) is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.
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Type | Joint venture |
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Industry | Financial services |
Founded | 2008 |
Headquarters | , India |
Area served | India |
Key people | Krishnan Ramachandran, Maninder Singh Juneja, David Fletcher, Chandrashekhar Bhaskar Bhave |
Services | Health insurance |
Parent | True North Bupa |
Website | www |
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), a leading Indian private equity firm, and the UK based healthcare services expert, Bupa Singapore Holdings Pte. Limited.
While Bupa has six decades of experience in the healthcare industry and a 29 million customer-base in over 190 countries; Fettle Tone LLP (an affiliate of True North Fund VI LLP) is a leading Indian private equity firm, with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders. In the last 20 years, Fettle Tone has invested in more than 50 Indian business, and has successfully guided these companies in making the transition into well-established and large businesses that are valuable, enduring and socially responsible.
The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]
History and overview
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$130 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]
Key people
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.[11][12]
Awards and recognition
- In April 2019, the company won 'The Economic Times Best Brands 2019' award by The Economic Times and Nielsen.[13]
- In April 2018, Max Bupa's GoActive Health Insurance Plan recognized as Product of the Year by research agency Nielsen.[14]
- Max Bupa awarded the Golden Peacock Award 2015 for its product Heartbeat Health Insurance Plan.[15]
- Max Bupa Health Insurance awarded the 'IT Management Best Practices' at the Celent Model Insurer Asia Awards 2016.[16]
- The company received the Best Product Innovation Award for Heartbeat Family First at Indian Insurance Awards 2011.[17]
See also
References
- Bhasin, Tinesh (3 December 2019). "Max India sells its stake in Max Bupa but policyholders needn't worry". Livemint.
- "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.
- Kurian, Boby; Shetty, Mayur (26 February 2019). "True North set to control Max Bupa". The Times of India.
- 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.