~Move part of Company’s Pan-India expansion strategy~
Niva Bupa Health Insurance (formerly known as Max Bupa Health Insurance) in line with its purpose to give every Indian the confidence to access best healthcare is expanding its reach to Jayanagar in Bangalore. The company plans to protect over 8000 lives over the next few years and grow at about 54% against its current growth rate of 49% at a Pan India level. The company also intends to recruit about 400 advisors in the next one year and expand the same to over 2000 over the next few years. The company has tied up with close to 15 notable hospitals in Jayanagar and currently has 390 active providers in the city where the customer can avail the cashless facility.
Niva Bupa will bring business opportunities for people in the city by providing adequate training programs and encouraging housewives and senior citizens living in the city to become insurance agents, thereby helping them to become financially independent.
Speaking on the development, Ankur Kharbanda, Director & Chief Distribution Officer, Niva Bupa Health Insurance said, “We are excited to mark our entry in Jayanagar. This expansion is part of our strategy to increase our footprints across India and make health insurance available all across the country. The populous state of Karnataka holds strategic importance for Niva Bupa as it significantly contributes to our total business across all states.
Only about 4.8% of the state’s population is currently covered under retail health insurance and hence there is immense potential to penetrate this market from a health insurance standpoint. With expansion into newer cities like Jayanagar in Bangalore, we will provide health insurance coverage to more people in this state and thereby increase the contribution of Karnataka in our overall GWP.”
Niva Bupa is one of the fastest-growing companies in India’s health insurance market, consistently growing with a CAGR of 49% since FY20. In line with this growth rate, the company expects to grow at a CAGR of 54 % in the city of Jayanagar in the next five years to achieve a gross written premium of over INR 8 lakhs by FY 27-28.
Niva Bupa is one of the most trusted brands in the country with more than a decade’s experience in offering quality healthcare support to people. The company offers a wide range of affordable, comprehensive, and disease-specific products as per customers’ varying health needs. The robust product portfolio of Niva Bupa includes indemnity products like ReAssure, Reassure 2.0, Senior First, Personal Accident plan, Health Companion, GoActive, Health Premia, and Health Pulse.
About Niva Bupa (Formerly known as Max Bupa)
Niva Bupa Health Insurance Company Limited is committed to offering every Indian the confidence to access the best healthcare - 'Zindagi Ko Claim Kar Le'. A JV between True North, a leading Indian private equity firm, and the UK based healthcare services expert, Bupa Singapore Holdings Pte. Limited. Niva Bupa currently has over 200 offices pan India. It additionally offers health insurance through its 20 bank partners spread across 45,000+ branches.
Niva Bupa currently covers 10 million lives and has 10,100+ hospitals as part of its network where customers can avail cashless treatment. The company has been empowering consumers since 2010 with innovative products and solutions across all age groups in urban & rural markets. It is one of the fastest-growing health insurance companies with an annual average of 90%+ claim settlement ratio.
With an employee base of over 8000 people, Niva Bupa is an 'Employer of Choice' with a strong value-based culture and a sustainable business model to build a healthier future.
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