Max Bupa eyes 35% growth in premiums

To offer insurance products via KVB

Max Bupa Health Insurance Co. Ltd. is eyeing a 35% growth in total premium collections for the current fiscal, said a top official.

“Last year, we posted 27% growth in total premium collections at ₹750 crore,” said Ashish Mehrotra, MD and CEO, Max Bupa Health Insurance Co. Ltd. “This year, we are targeting 35% growth and will double our customer base in the Southern market through strategic bank partnerships.”

Growth drivers

Mr. Mehrotra said the growth would be driven largely through its agent network, bancassurance partners and digital platforms such as AnyTimeHealth (ATH) kiosks.

On Wednesday, Max Bupa entered into a pact with Karur Vysya Bank Ltd. (KVB) to offer digital health insurance products across 790 branches in 19 States and 3 Union Territories.

“In the first phase, we will roll out 25 to 30 ATHs in three to four months. We have also installed five ATHs at Bank of Baroda. Depending upon the result, we will roll out more ATHs. KVB has 7 million customers and this tie-up would fulfil their health insurance needs,” Mr. Mehrotra said.

“ATH is an intelligent kiosk that would screen the health status of our clients, give an automated health assessment and issue customised health insurance options instantaneously,” said P.R. Seshadri, MD and CEO, Karur Vysya Bank.

Recently, KVB entered into corporate agency partnership with Aditya Birla Health Insurance Co. Ltd., (ABHI) to market the retail and group products of ABHI across all its branches.