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

Posted On: 2020-07-01 18:07:12

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 enabledbe spoke 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 on boardingfor 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 BupaHealth 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 FincareSmall 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 FincareSmall Finance Bank customers that includespre-authorization of cashless claims within 30 minutesand give access to 5,000+ top quality hospitals across the country, including 1650 healthcare providers in the Southern region.

Source: Equity Bulls

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