​​Fincare Small Finance Bank and Max Bupa partner to offer comprehensive health insurance solutions

Fincare Small Finance Bank, a new-age, digital bank has entered into a bancassurance agreement with Max Bupa Health Insurance, a leading standalone health insurance provider. Under the agreement, Max Bupa will offer digitally enabled bespoke health insurance solutions to customers of the bank.

National, June 25, 2020:Fincare Small Finance Bank, a new-age, digital bank has entered into a bancassurance agreement with Max Bupa Health Insurance, a leading standalone health insurance provider. Under the agreement, Max Bupa will offer digitally enabled bespoke health insurance solutions to customers of the bank.

As part of the tie-up, Max Bupa will provide health insurance plans, best suited to meet the evolving health care needs of the bank’s diverse customer segments. The offerings include both, Standard Retail as well as Customizable Group plans. The comprehensive product suite includes Health Companion, a comprehensive indemnity plan for all hospitalization needs and Health Assurance fixed benefit plan which provides coverage for critical illnesses and personal accident. For the digital banking customers, Max Bupa will offer byte sized products with one-click buying option and allow purchase at the time of opening an account. The rural customer segment will have access to simple, low cost, high value insurance products with simplified onboarding for a seamless experience.

The partnership between Fincare Small Finance Bank and Max Bupa Health Insurance comes at a time when people recognize the significance of health insurance to cover medical emergencies. Max Bupa’s Covid-19 survey, conducted to understand the behavioural patterns of consumers, states that around 60% of the people surveyed (both Owners & Intenders of Health Insurance) made enquiries to check whether their existing policies covered Covid-19 related treatment cost. 30% of owners started making enquiries as soon as Covid-19 cases emerged globally, while 44% of Intenders made enquiries when the infection started getting detected in India.

Speaking on the partnership, Mr Rajeev Yadav – MD & CEO, Fincare Small Finance Bank Stated,“Our Partnership with Max Bupa adds an important dimension to our aspirations to build a customer centric bank. We believe that, between our market-leading digital banking capabilities and Max Bupa’s insurance expertise, we will be able to provide smart health insurance offerings to our customers. At Fincare Small Finance Bank, we are focused on providing smart choices to the customer communities we serve, and this is an opportunity to deepen our relationship with our customers.”

Mr. Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance said,“We are excited to announce our first banca partnership for this fiscal. The alliance with Fincare Small Finance Bank is a significant step towards our growth plan and it will allow us to extend our reach, especially in the Southern part of the country. In recent times, with rising education and global exposure, awareness about health insurance has grown manifold and the adoption has further accelerated due to the COVID crisis. Through this partnership, we aim to provide the customers of the bank customised yet comprehensive digitally enabled health insurance products, combined with superior service. We hope that more and more people, particularly in remote locations gain access to quality healthcare and services that are best suited to their needs.”

Both Max Bupa and Fincare Small Finance Bank share synergy in terms of creating strong digital platforms for customers to enable paperless and smooth customer onboarding and excellent service experience. Max Bupa has developed a proprietary digital application called ‘InstaInsure’ which provides an intuitive buying experience and simplifies the on-boarding process.

Max Bupa will provide best in class services to Fincare Small Finance Bank customers that includes pre-authorization of cashless claims within 30 minutes and give access to 5,000+ top quality hospitals across the country, including 1650 healthcare providers in the Southern region.

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About Fincare Small Finance Bank:
Fincare Small Finance Bank commenced banking operations on July 21, 2017 under Section 22 of the Banking Regulation Act, 1949, after receiving the final license from the RBI in May 2017. Fincare SFB has been included in the Second Schedule to the Reserve Bank of India Act, 1934, published in the Gazette of India dated April 13, 2019.

Fincare Small Finance Bank aims to transform banking for its customers through simple products, automated processes and instant decisions and transactions. Powered by technology, Fincare SFB has set the vision to be the first of its kind ‘Rurban’ Bank which, on the one hand, caters to the banking needs of the base of pyramid, mass retail and micro & small enterprise segments, thus enabling their financial inclusion, and on the other hand, provides modern, innovative and digital solutions to the digitally-savvy, metro and urban customers. As of 31st March 2020, Fincare SFB serves over 25+ lakh customers in 19 States / Territory, has deposits worth Rs. 4,654 Crore, its loan book stood at Rs. 5,345 Crore and has a workforce of 7,363.

About Max Bupa
Max Bupa, a leading standalone health insurance player in India, is a joint venture between True North, 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. The mission of Max Bupa is to help customers live healthier and more successful lives by providing expertise as their healthcare partner.