Max Bupa Insurance is now Niva Bupa – Know all about the Changes
In July 2021, Max Bupa Health Insurance announced its rechristening as Niva Bupa Health Insurance Company Limited. The exit of Max India and the entry of True North in 2019, brought this change in the shareholding pattern. The company is ready with its new identity as Niva Bupa Insurance. The word ‘Niva’ is a Sanskrit word meaning the sun, which is a symbol of energy, hope and positivity.
Why this transition from Max Bupa to Niva Bupa?
Before we dig deeper into what this transition would result in, it is important to understand the intent behind it. Max India was a majority stake in Max Bupa, in December 2019, it existed the partnership. It was then that True North collaborated with Max Bupa as a majority shareholder.
The company claims that it is not just a nomenclature change, rather new objectives have been laid out. The new brand, Niva Bupa Insurance, aims to simplify as well as humanise the way insurance works. It strives to offer not just the best-in-class healthcare but also allow the customers digital control over their ongoing policies.
The transformation into Niva Insurance took place after a number of in-depth surveys and interviews that were conducted across age groups of first-time buyers and existing customers.
What new strategies will be implemented by Niva Insurance?
Following the transition, Niva Bupa MD and CEO Mr Krishnan Ramachandran said that he sees great potential in health insurance. He added that the new brand would offer financial healthcare services catering to the specific needs of the people in India along with the assurance of care and protection. He said, “As Niva Bupa, we will look to further strengthen our core brand ethos of customer-centricity.”
Through their research surveys, the company concluded that most people in the age group of the late twenties and early thirties, who did not really think of health insurance as a priority, have had a change of mind post the deadly coronavirus. This paradigm shift has also been very visible in smaller cities too. This change is the core strategy that Niva Insurance wishes to build on.
This re-branded identity aims to showcase its focus in the health insurance sector, and by the financial year 2021-22, Niva Bupa, the standalone health insurance company plans to be a INR 2,500 crore entity. The company also aims to bring 12 million people under the umbrella of its health insurance.
When will the transition take place?
The senior vice president and head, marketing, Nimish Agarwal has announced that the transition from Max Bupa Health Insurance Company Limited to Niva Bupa Health Insurance Company Limited will be effective from July 5, 2021. He mentioned that before the transition, the company would be working with their partners and stakeholders so that the change is complete before the year ends.
What does this change mean for the existing customers?
Nimish Agarwal also added that the transformation will henceforth, be reflected in all their customer and partner-facing assets. He assured that there would be no influence of this change on their customers and partners as there would be no fundamental business changes. Niva Bupa however, wishes to build a personal connection with the customers, both old and new and have rolled out a new tagline, “Zindagi ko Claim Kar le”.
Niva Bupa wishes to improve the overall structure of the healthcare services, by catering to the specific needs of the different customers. The company plans to lay special emphasis on the health insurance needs of the senior citizens as they feel this is one sector that has long been overlooked. They also intend to introduce more plans and products for their women clients. Unlike before where most of the plans cover only the man of the house. Their campaign communication focuses on women.
The company has also mentioned that at the time of a claim, they would not be asking for hard copies. They are working on a system that quickens the claim procedure and helps an immediate delivery time.
In conclusion
In the covid-stricken world, more and more people have realised that a health insurance policy is not merely a means to save on taxes. Covering yourself and the family under an appropriate insurance plan is indeed a self-investment product, that needs to be the basis of every financial plan that one may have for the future.
Niva Insurance claims that it is going to leave no stone unturned in taking this as an opportunity to redefine itself as well as the health insurance industry. They pride themselves to be one of India’s best health insurance providers offering one of the largest bouquets of health insurance plans with varied options and the latest inclusions. In fact, it provides comprehensive plans to different types of customer segments across the country.
