Max Bupa Health Insurance, a standalone health insurer, has entered into a bancassurance partnership with Axis Bank, the country’s third largest private sector bank. This partnership will help provide comprehensive health insurance solutions to Axis Bank’s employees and customers.
The tie-up will enable millions of Axis Bank customers across 4,500 plus branches to gain access to quality healthcare solutions through a range of health insurance products offered by Max Bupa.
Max Bupa Health Insurance will offer indemnity as well as fixed benefit products, and their customisable variants to the diverse customers of the bank across the country. Axis Bank also has an existing health insurance tie-up with Aditya Birla Health Insurance.
A bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products to the bank’s customers.
Satheesh Krishnamurthy, Head – Private, Premium Banking & Third-Party Products, Axis Bank India, said in a statement, “We are happy to partner with Max Bupa to offer customisable variants of bespoke plans to our customers across the country. The health insurance products in collaboration with Max Bupa are tailored to suit the needs of every customer and ensure that our products are always at the right place, at the right time and at the right price.”
Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance said, “We are excited to announce our first banca partnership of this fiscal with the third largest private sector bank in India. The alliance with Axis Bank is a significant push towards our growth plan and will allow us to extend our reach to millions of Axis Bank’s customers across network, especially in these pandemic times. The alliance with Axis Bank will also fortify our position as one of the most successful partners in the BFSI domain in times to come.”
The partnership between Axis Bank and Max Bupa Health Insurance comes at a time when people recognise the significance of health insurance to cover medical emergencies. The pandemic has reinforced the need for health insurance, making it indispensable in both tier-1 as well as tier-2 and -3 cities. The focus of this alliance will be on customer-centricity, product innovation, digitisation and execution, fuelling growth for the next phase.