Max Bupa subject to regulatory approval will offer a suite of products to both consumer and business customers; has set the target to insure 1 million customers by 2015 (investment of about Rs.700 crore). Max Bupa Health Insurance Limited – is a joint venture between Max India Limited, a major multi-business corporate in the business of life and care and UK-based Bupa Group, the leading international health and care company, have formed a new partnership to enter the health insurance market in India.
Max Bupa, a new player in the health insurance industry, aims to tie up with 600 hospitals across India by the year-end to make it convenient for its policyholders. The company is directly partnering with hospitals following its decision to avoid third-party administrators (TPA) for processing claims.
“We will handle all the claims through our in-house teams. We have already tied up with 383 hospitals and we will take that number to 600 this year,” Damien Marmion, CEO, said.
As insurers are mandated to provide 1.5 times of their business as solvency margins to the Insurance Regulatory & Development Authority (Irda) to protect policyholders Max Bupa plans to expand its agent force to 3,000 from 1,000 now, by 2010 end. It has so far launched just one product and is lining up others, of which one awaits the Irda’s approval.
The company has chosen to divert from the conventional practice of fixing a single applicable premium for the entire country. The insurer has divided the country into three zones – Mumbai, Bangalore and NCR and rest of India – for fixing the premium. They said that since the cost of living and cost of health care facilities differ across these three zones, the premium would depend on the location of the customer. Thus there would be a difference of 5-10% in premium subject to the location of the applicant.
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Tags: Health Insurance, Max Bupa