Niva Bupa consolidates its position in the health insurance industry; To provide cover to 10 million people by FY 23-24

Niva Bupa Health Insurance Company Limited, one of India’s leading standalone health insurance players announced its growth and business targets for FY 23-24. The brand consolidated its position with steady growth of 31% in FY20, 41% in FY22 and strongly achieving over 70% growth YTD in the current financial year. Niva Bupa aims to register INR 5,000 crore Gross Written Premium by FY 23-24.

• Maintained a strong growth trajectory to achieve INR 5,000 crore GWP by FY 23-24
• Launched a new brand campaign to revamp the positioning of health insurance category, to be an enabler in people’s lives
• Plans massive regional expansion; to cover 600 cities by FY 23-24
• 7,600+ hospital network across the country; Plans to take the count to 10,000+ hospitals by FY 23-24
• Massive digitization transformation helped
• Collaborated with 2 additional banks, taking the count to 15 – Highest number of bancassurance partnerships in the segment

New Delhi, November 22, 2021- Niva Bupa Health Insurance Company Limited (Formerly known as Max Bupa Health Insurance Company Limited) - one of India’s leading standalone health insurance players announced its growth and business targets for FY 23-24. The brand consolidated its position with steady growth of 31% in FY20, 41% in FY22 and strongly achieving over 70% growth YTD in the current financial year. Niva Bupa aims to register INR 5,000 crore Gross Written Premium by FY 23-24.

To achieve the exponential growth, Niva Bupa has been aggressively expanding its presence across Tier II, III and IV cities, opening one new office in every 3.5 days in the last year. Currently, Niva Bupa has presence in 350 cities which will further increase to over 600 cities by FY 23-24. With this, Niva Bupa aims to bring 10 million people of the country under the ambit of health insurance by end of FY 23-24.

Additionally, Niva Bupa is increasing its footprint pan India through its bancassurance partnerships with 15 national banks, which is highest in the segment. The partnerships enable the bank’s employees and customers to gain access to Niva Bupa’s comprehensive health insurance solutions and avail quality healthcare services.

All these initiatives have been backed by the digital first policy adopted by the company across all the functions. It has helped to migrate 90% of claims, sales and policy issuance related work online.

Mr. Krishnan Ramachandran, MD and CEO, Niva Bupa, said, “We are overwhelmed with the growth seen in the last 24 months. We are aggressively expanding our direct and digital partnership with massive regional expansion helping us to maintain rapid growth. It has been possible with our strategic decisions to bring comprehensive and segment specific products, regional expansion and robust digitization and tech infrastructure that has automated the processes across the value chain. We are fully committed to accelerate the adoption of health insurance across the country, making quality healthcare more accessible to the people.

As we move forward, the purpose is to build a humane brand and simplify health insurance to drive massive adoption amongst the larger audience.”

Niva Bupa aims to democratize health insurance by positioning it as an enabler for living life the way it should be lived. To bring its new philosophy to life, Niva Bupa has launched a brand campaign that aims to change the narrative around health insurance while eliminating the fear element often associated with it. With this new campaign, the company has gone deeper in bringing spotlight on the role of health insurance in the life of consumers, partners and advisors, while redefining and recalibrating its purpose, in line with its growth aspirations.

Talking about the campaign, Nimish Agrawal, Senior Vice President and Head of Marketing, Niva Bupa, said, “At Niva Bupa, customer centricity is at the core of our business. Our new identity is a step forward to change the narrative around health insurance. We see a need to humanize the category and bring positivity that enables people to enjoy their life, cherish their memorable moments with complete peace of mind and accumulate experiences. Niva Bupa has witnessed one of the most successful brand transitions in the Covid era and with our new campaign, we aim to simplify the category to drive penetration across segments.”

Niva Bupa is one of the most trusted brands in the country with more than a decade’s experience in offering quality healthcare support to people. The company offers a wide range of affordable, comprehensive, and disease-specific products as per customers’ varying health needs. The robust product portfolio of Niva Bupa includes indemnity products like ReAssure – a 100% cashless plan, Senior First, Personal Accident plan, Health Companion, GoActive, Health Premia, and Health Pulse. Other products include Health Assurance – Niva Bupa’s fixed benefit plan providing Personal accident cover, Hospicash & Critical illness cover, and Health Recharge - Super top-up plan. The company also offers entry-level covers such as Aarogya Sanjeevani and disease-specific products like Corona Kavach, allowing people to choose the suitable product for themselves.

About Niva Bupa (Formerly known as Max Bupa)
Niva Bupa, a leading standalone health insurance player in India, is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), a leading Indian private equity firm, and the Bupa Group, a leading international healthcare company with a legacy of providing specialized healthcare services for over 70 years.

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