Chennai, June 2018: Max Bupa, a specialist health insurer today announced a Corporate Agency partnership with Karur Vysya Bank (KVB) –a leading private sector bank in the region. Max Bupa will offer bespoke, segment-led propositions tailored to the needs of the bank’s customers. Max Bupa has designed a simplified and seamless buying journey for Karur Vysya Bank customers by deploying its latest technology innovations, namely, Max Bupa AnyTimeHealth (ATH) and SARAL.
Max Bupa’s AnyTimeHealth machines are a first of its kind innovation in the industry that will enable Karur Vysya Bank customers to take a free health test and purchase a health insurance policy in just 180 seconds. Max Bupa’s AnyTimeHealth is a completely automated, technology-based model with a simple interface that offers a comprehensive awareness-to-purchase journey, overcoming the procrastination hurdle experienced by many Indians. The bank customers will be able to perform non-intrusive health assessment covering Body Mass Index, Blood Pressure, Body Type & Fat %, Muscle %, Bone Mass, Body Temperature, Hydration level and Blood Oxygen %; and buy a policy instantly. In the first phase, 20 ATH machines will be installed at partner banks’ branches, across multiple cities.
The 5 simple step journey that Max Bupa ATH will provide to the bank’s customers is as follows:
- Registration using email ID and phone number
- Non-intrusive health assessment
- Automated health insurance policy recommendation based on details entered and test output
- Instant payment
- Instant policy issuance
Max Bupa’s SARAL application – created exclusively for its bank partners – will also play a crucial role in driving insurance penetration. The application, integrated with the bank’s financial systems, will allow Karur Vysya Bank to offer its customers instant policy issuance. Both Karur Vysya Bank and Max Bupa believe that technology led customer centric innovations like ATH and SARAL will help simplify health insurance buying and catalyze and significantly propel health insurance penetration in the region.
Max Bupa will provide comprehensive and customisable product variants, with sum insured upto INR 20 lakh, to the 7 million customers of the bank. The offerings will include Max Bupa’s range of indemnity as well as fixed benefit plans including the recently launched Max Bupa GoActive health insurance plan that has been designed to give customers 360degree coverage for their daily health needs including inpatient hospitalization and on-the-go access to OPD, diagnostics, personalized health coaching, 2nd medical opinion, behavioral counseling and much more. The other products being offered include Heartbeat, Health Companion and Health Assurance.
Speaking about the Corporate Agency arrangement with Max Bupa, PR Seshadri, MD & CEO, Karur Vysya Bank said, “Karur Vysya Bank (KVB) believes in keeping it simple and cost effective when it comes to delivering banking products and services to its customers. Max Bupa’s unique Any Time Health Machine, an intelligent kiosk that will screen the health status of our clients, give an automated health assessment and issue customized health insurance options instantaneously closely matches the KVB philosophy. With technology playing a key factor in the issuance of the health policies, the core banking system of KVB will seamlessly integrate with the application of Max Bupa to ensure that the entire process from screening to issue of policy is completed in a matter of minutes. With pan India partnership with Max Bupa, we expect our customers even in semi-urban and rural areas, where we have significant presence, to access low-cost, suitably customized health insurance policies through our branches.”
Ashish Mehrotra, MD & CEO, Max Bupa said, “Health insurance has become a necessity in India with the sharp increase in the incidence of lifestyle and critical diseases but the overall penetration is still quite low with only about 15 per cent of the Indian population covered under any kind of health insurance. We need to pull out all stops to ensure that every Indian – whether residing in the urban centres or the remote villages – has access to it. Technology will drive the next wave of health insurance penetration in India and our solutions like Max Bupa AnyTimeHealth machines will help ensure the right health plan reaches every Indian. We are certain that the combined synergies of Karur Vysya Bank and Max Bupa and our joint focus on delivering smart digital solutions will help us fulfil the health insurance needs of the bank’s 7 million customers across India. We are aiming for 35-40% year on year growth in the market and expect to double our customer base in the Southern market through strategic bank partnerships.”
Both partners share strong synergies in terms of long standing customer trust and expertise in building technology led products. A compelling customer centric product proposition, combined with a strong market reputation and thrust on deploying best in class technological solutions, made Max Bupa the right partner to provide holistic health solutions to KVB’s diverse customer segments.
Max Bupa, India’s leading standalone health insurance player has been present in Tamil Nadu since its inception in 2010 and has a network of 15,000 active agents in India out of which 3000 are concentrated in South. The company also has a direct working relationship with 4400 top quality hospitals in India, including partnership with 1400 healthcare providers in the Southern region.