This comes owing to a change in shareholding pattern, with the exit of Max India and the entry of private equity firm True North
Max Bupa Health Insurance on Friday announced that it has rebranded itself as Niva Bupa. Backed by True North and Bupa, Niva Bupa will democratise the health insurance category by bringing more thrust on customer touchpoints and introducing a host of innovative products and digitally-enabled services. Niva Bupa Health Insurance will aim to provide financial assurance as well as healthcare access to its customers by taking forward its legacy of product innovation, customer centricity and digital capability.
Owing to a change in shareholding pattern, with the exit of Max India and entry of private equity firm True North, Max Bupa needed to create a new brand identity as part of the transition, the company said in a statement. “The company decided to utilise this as an opportunity to redefine itself. The decision of the new brand name was based on a survey and in-depth interviews across new age millennials and middle-aged customers who were either existing or first-time buyers of health insurance products. The brand has repositioned itself for health conscious people who believe in building a better tomorrow,” it added further.
Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa, Krishnan Ramachandran, MD and CEO, Niva Bupa said. “The new brand will firmly stand at the intersection of financial services and healthcare to fulfill the needs and aspirations of millions of people in India. The health insurance industry is poised for a monumental growth, and we will take our new brand identity to our customers with a renewed promise of protection and care. As Niva Bupa, we will look to further strengthen our core brand ethos of customer centricity,” he added.
For Nimish Agrawal, senior vice president and head marketing, Niva Bupa, health insurance is no longer looked upon as a financial instrument solely for tax saving purposes. “It has repositioned itself as a self-investment product which will take care of all healthcare needs. This warranted a change in our positioning as well. With the new brand identity, we want to unravel the health insurance space and offer a humanised experience to our customers, especially in terms of guidance, counseling, and support at the moment of truth,” Agrawal stated.
Niva Bupa Health Insurance aims to become a Rs 2,500 crore company by FY21-22. The company will bring over 12 million people in India under the ambit of health insurance by FY25, it said.