AU Small Finance Bank And Niva Bupa Join Hands To Prioritize Customer Health

*  AU SFB’s one crore plus customers can now choose from Niva Bupa’s range of health insurance products

AU Small Finance Bank (“AU SFB”), India’s largest small finance bank today announced its partnership with Niva Bupa Health Insurance Company Limited (“Niva Bupa”) to offer health insurance products to AU SFB’s customers. Building on Niva Bupa’s existing relationship with Fincare Small Finance Bank (now merged with AU SFB), this collaboration introduces a refreshed business proposition, further enhancing the bank’s customer offerings.

Through this partnership, AU SFB’s new and existing customers, including those from former Fincare SFB branches, can now access Niva Bupa's extensive range of retail as well as group health insurance products, encompassing health, personal accident and critical illness plans across the 2,414 touchpoints in India. This partnership is aimed to enable AU SFB to create affordable and transparent value proposition through technology and service modules.

Leveraging Niva Bupa's network of 210 physical branches across 22 states and 4 union territories, along with AU SFB’s distribution reach across India, both entities will collaborate to provide personalized and customer-first health insurance solutions.

Speaking on the partnership, Mr. Uttam Tibrewal, Executive Director and Deputy CEO, AU Small Finance Bank said, “At AU Small Finance Bank, we put our customers first. Our unwavering commitment is to empower them with choice, flexibility, and tailored solutions that meet their individual needs and help them achieve their goals. By forging an alliance with Niva Bupa Health Insurance Company Limited, we will strengthen our branch banking value proposition through embedded and personalized health insurance solutions that will elevate the well-being of our valued customers. At AU SFB, we are building an integrated health eco-system for our customer so that they can avail various benefits, services and faster claims.”

Mr. Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance Company Limited, said, “To realise the vision of 'Insurance for All by 2047’, we must focus on distribution and ensure that we reach out to every individual in the country. Our partnership with AU Small Finance Bank will help us expand our distribution reach and offer comprehensive health insurance solutions to their customer base.” 

About AU Small Finance Bank 

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 29 year-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India. 

The Bank operates from 2,414 banking touchpoints across 21 States & 4 Union Territories serving 1.08 Cr customers with an employee base of 46,000+ employees. As on 30th June’24, Bank has a Shareholders Funds of?Rs 15,516 Cr, Deposit base of?Rs 97,290 Cr, Total Loan Portfolio of?Rs 99,792 Cr?and a Balance sheet size of ~Rs 1.26 Lakh Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL Ratings, ICRA Ltd., CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings. 

Website:?www.aubank.in?| Twitter: @aubankindia?| Facebook: AU Small Finance Bank | LinkedIn: AU Bank 

About Niva Bupa Health Insurance Company Limited (Formerly known as Max Bupa Health Insurance Company Limited)   

Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (“Niva Bupa”) is committed to offering every Indian the access to healthcare. Our Promoters, Bupa Singapore Holdings Pte. Ltd. and Bupa Investments Overseas Limited are members of the Bupa Group. Furthermore, Niva Bupa is also backed by Fettle Tone LLP, controlled by True North Fund VI LLP. Niva Bupa currently has over 200 branches across India. As of March 31, 2024, its distribution network includes 1.4+ Lakh agents, 64 banks and other corporate agents and 486 brokers. Niva Bupa currently covers 14 million+ lives and has 10,400+ hospitals empanelled in its hospital network as of March 31, 2024.

Niva Bupa has an annual average of 90%+ claim settlement ratio over the last 3 financial years. With an employee base of over 7500 people as of March 31, 2024, the company is a certified Great Place to Work four times in a row with a culture of sustainability aimed at creating a health insurance franchise for future generations.