Health Insurance: IDBI Bank ties up with Max Bupa

A Bancassurance corporate agency agreement was signed between IDBI Bank Ltd. and Max Bupa, a Standalone Health Insurer (SAHI) on June 1 2019. For IDBI Bank, it is the first time they have been on board as a  Corporate Agent for a SAHI partner which comes under Open Architecture. 

Within the tie up IDBI Bank Ltd diverse pool of customers will benefit from Max Bupa's comprehensive Health Insurance offerings. The latter will give  a wide range of health insurance products and digital first propositions, especially tailored for the bank's 20 million customers, spread across 1800+ branches pan India.

The products constructed by Max Bupa include IDBI Max Bupa Suvidha Health Plus, IDBI Max Bupa Loan Secure and IDBI Max Bupa Sehat Suraksha. Additionally, the customer's will also avail  pre-authorization of cashless claims within 30 minutes as well as access to ‘Point of Care’ desks at leading hospital chains in any part of the country. 

Max Bups will furthermore design a digital ecosystem for IDBI Bank customers which will boost up their overall experience. The proprietary digital platform by Max Bupa named ‘Infinity’ will integrate with the bank's system. The merger will enable a seamless buying journey for all customers. This way customers can make a purchase of the product of their choice and access their policy documents at the bank branch. 

Post this decision, Max Bupa will also deploy AnyTimeHealth (ATH) machines which is an automated, technology-based model that will help the customers avail health assessment and buy a policy instantly in under three minutes, at any IDBI branch.

Commenting on the development, Rakesh Sharma, MD & CEO, IDBI Bank said, “Our alliance with Max Bupa is a result of growing customer demand to have best in class health insurance products, and through our collaboration with Max Bupa we will be able to offer customer centric digitally enabled health insurance products to our customers.”

He further added, “IDBI Bank is giving more focus to increase the Fee Income through Third Party distribution. This tie-up is step in that direction.”

Adding to that, Ashish Mehrotra, MD & CEO, Max Bupa said, “Both IDBI Bank and Max Bupa share strong synergies in terms of commitment towards always keeping our customers first, strong market reputation and pan India presence and will focus on deployment of best in class digital offerings to provide holistic customer centric health solutions to IDBI’s diverse segments across the country”.

“Health insurance as a category in India is still nascent with penetration levels at merely 27% and needs huge push from health insurers like us to create awareness and make quality health insurance solutions easily accessible to consumers. Max Bupa is geared towards expanding its pan India presence to ensure more and more customers have access to our products, and the bancassurance arrangement with IDBI Bank is a significant step in this direction.” he further stated.