Niva Bupa

Niva Bupa Health Insurance Company Limited (Formerly known as Max Bupa Health Insurance Company Limited) is an Indian health insurance company, incorporated in 2008. It is headquartered in Gurugram, Haryana, India.

Niva Bupa Health Insurance Company
TypeJoint venture
IndustryFinancial services
Founded2008 (2008)
Headquarters
New Delhi
,
India
Area served
India
Key people
Krishnan Ramachandran (MD & CEO)
ServicesHealth insurance
ParentTrue North
Bupa
Websitewww.nivabupa.com

It was started as a joint venture between Max Group and Bupa, London.

Max Group is a leading Indian multi-business conglomerate with a commanding presence in the Life Insurance industry and has also ventured into high-potential sectors of Senior Care and Real Estate. Bupa is a UK-based international healthcare group which is a leading international healthcare company with a legacy of providing specialized healthcare services for over 70 years. In year 2019, Max Group exited the business by selling its entire stake to True North SPV. True North is a leading Indian private equity firm, with a focus on investing in and transforming mid-sized profitable businesses into world-class industry leaders.[1][2] [3][4]

Following this shareholder transition, the name of the Company changed from Max Bupa Health Insurance Company Limited to Niva Bupa Health Insurance Company Limited effective 5th July, 2021. The company aims to democratize health insurance category while providing financial assurance & healthcare access to its customers.

The Company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]

History and overview

Niva Bupa Health Insurance Company Limited was incorporated in 2008 as a joint venture between Max India and Bupa. It started its operations in 2010.[6][7] In June 2011, it integrated with Insurance Regulatory and Development Authority's Integrated Grievance Management System in real-time. In April 2019, the company launched 'AnyTimeHealth (ATH)' machines that allow customers to buy health insurance cover in a few seconds.[9] In February 2019, Max India's entire 51 per cent stake was acquired by Fettle Tone LLP, an affiliate of private equity firm True North for ₹510 crore (US$68 million).[1][10] It distributes its policies through its agency force and bancassurance partners  [5][11][12][13]

Key people

Mr. Krishnan Ramachandran was appointed as Managing Director & Chief Executive Officer of the Company with effect from May 1, 2020. Mr. Chandrashekhar Bhaskar Bhave is the Chairman of the Board of Directors since December 2019. Mr. C Anil Kumar is the Chief Financial Officer of the Company. Mr. Rajat Sharma is the Company Secretary of the Company.

Products

Niva Bupa offers comprehensive and disease-specific health insurance products for individuals, families, senior citizens and corporates, including top-up plans, personal accident covers, maternity and critical illness covers.

Awards and recognition
  • Great Place to Work 2020
  • Niva Bupa won at the Golden Peacock Awards in Risk Management 2019
  • The Economic Times Kaleido Awards 2019, Niva Bupa was awarded for Best Campaign in Consumer Health Fitness
  • The CII Customer Obsession Awards, Niva Bupa was recognized for Active Customer Engagement
  • In April 2019, the company won 'The Economic Times Best Brands 2019' award by The Economic Times and Nielsen.
  • In April 2018, Niva Bupa's GoActive Health Insurance Plan recognized as Product of the Year by research agency Nielsen.
  • Niva Bupa awarded the Golden Peacock Award 2015 for its product Heartbeat Health Insurance Plan.
  • Niva Bupa Health Insurance awarded the 'IT Management Best Practices' at the Celent Model Insurer Asia Awards 2016.
  • The company received the Best Product Innovation Award for Heartbeat Family First at Indian Insurance Awards 2011.November 2011}}</ref>

See also

References
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