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Max Bupa, Indian Bank Tie-Up for Bancassurance to Offer Customers Varied Health Insurance Solutions

Published On Oct 04, 2019 12:00 AM By Sakshi Aggarwal

Max Bupa is one of India’s most well-known standalone health insurance players. It has announced a bancassurance corporate agency agreement with one of the leading Indian state-owned banks, Indian Bank. The agreement will help the insurer to sell its comprehensive insurance solutions and services to more than 40 million customers of the bank distributed throughout 2,800 branch network via some digital touchpoints.  

Under the agreement, the insurer Max Bupa will offer tailor-made product variants to meet the varied requirements of the Indian Bank’s diverse target audience throughout India. Both retail and group health insurance plans will be offered which includes Indemnity and Fixed Benefit products. 

The insurer has also designed a digital ecosystem for customers of the bank to improve the quality of their overall experience and make use of health insurance services as per their convenience. 

Max Bupa will install a proprietary digital platform ‘Infinity’ that gets combined with the system of Indian Bank to offer the customers of the latter a smooth purchase experience. This digital platform will help the customers buy the desired health insurance product immediately and obtain the policy documents at the branch only. 

In addition to this, InstaInsure (a digital seller application of Max Bupa), will let Indian Bank offer Max Bupa’s insurance plans securely through handheld devices. This streamlined system will further simplify the insurance journey. The application could also be used to conclude the policy sale process which includes payment collection from the customers as well. 

Apart from this, the insurer will offer the best services of its kind to the bank’s customers. Some of them are-access to more than 6,700 hospitals across India for medical treatment, and pre-authorization of cashless claims in maximum 30 minutes. 

Even the customers of the bank can also install Max Bupa health application to instantly use pharmacy and OPD services for their good health anytime and at any place. 

The Managing Director and Chief Executive Officer of Max Bupa, Ashish Mehrotra said on the agreement, “We are extremely delighted to partner with Indian Bank and are committed to helping over 40 million customers of the bank lead healthier, more successful lives. With growing incidences of lifestyle diseases, health insurance has become one of the most important investments for people today. With our tie up with Indian Bank, we are offering our customisable health insurance solutions to Indian Bank’s strong customer base spread across the country. Indian Bank has a significant presence in South India and this partnership further strengthens Max Bupa’s footprint in the Southern market.”

The Executive Director of Indian Bank, M.K Bhattacharya said that they value their customers and the main aim of the agreement is to offer them a varied range of comprehensive health insurance plans. He also assured excellent standards for the services offered. He shared that the bank hopes the partnership proves to be beneficial for its customers across India and that they are able to choose quality health insurance plans as per their requirements.  

As far as customer trust, presence across the country, or even great market reputation is concerned, both Max Bupa and Indian Bank share strong synergies. Considering the same, both will deploy top class digital solutions to the huge number of bank’s customers spread throughout India. 

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