Max Bupa plans to reach 1 million HDFC Bank customers over the next 3 years.
Max Bupa and HDFC Bank announced the launch of ‘digital first’ propositions for the bank’s 40+ million customers, spread across its 5,000+ branches. Max Bupa is committed to provide the best bespoke and comprehensive health insurance solutions and services to HDFC Bank’s customers through a slew of digital touch points like AnyTimeHealth (ATH) machines, deep integration with HDFC Bank Net banking and digital seller apps like InstaInsure.
As part of the corporate agency arrangement with HDFC Bank, Max Bupa provides comprehensive and customisable product variants to the bank’s customers, through multiple digital touch points. The product offerings include Max Bupa’s complete range of indemnity plans including Heartbeat, Health Companion, GoActive and Health Recharge.
Max Bupa, in collaboration with HDFC Bank, has designed an end-to-end ‘digital journey’ for all the bank’s customers, which has been uniquely designed to support HDFC Bank’s assisted and non-assisted mode of selling insurance, in a paperless environment. This robust digital ecosystem will empower the bank’s customers to avail health insurance solutions at their convenience.
Details of digital offerings for HDFC Bank customers:
Max Bupa’s Any Time Health is a completely automated, technology-based model which allows customers to avail health assessment and buy a policy instantly, without any manual intervention. Its simple interface offers a comprehensive awareness-to-purchase journey, overcoming the procrastination hurdle experienced by many Indians. The bank customers will be able to perform non-intrusive health assessment covering Body Mass Index, Blood Pressure, Body Type & Fat %, Muscle %, Bone Mass, Body Temperature, Hydration level and Blood Oxygen %; and buy a policy instantly, in less than 3 minutes. Max Bupa ATH will ease health insurance buying – making the entire process simpler and seamless for HDFC Bank customers throughout the country. In phase 1, 15-20 ATH machines will be installed at HDFC Bank branches, across multiple cities.
Max Bupa has designed a seamless digital journey for HDFC Bank customers to purchase Max Bupa health insurance products online. The entire journey between HDFC Bank and Max Bupa runs in a very secure environment, and this journey provides auto underwriting of cases, quick payment through online payment gateway & instant policy issuance, in a self-fulfilled, non-assisted model.
To make health insurance selling experience seamless and more convenient for HDFC Bank relationship managers, Max Bupa has developed InstaInsure – a digital seller app, aimed at simplifying the selling experience, with the aid of a streamlined and interactive support system. The relationship managers can use the app to complete the policy sale process, including the collection of payment from customers electronically.
Commenting on the announcement, Arvind Vohra, Country Head – Retail Branch Banking, HDFC Bank said “At HDFC Bank, the customer is at the centre of everything we do. We’re constantly innovating to offer our customers the best range of products and services through multiple touch points. Digital plays a key role in creating the best customer experience. With our partnership with Max Bupa and the solutions that we are offering to our customers, especially ATH, we are confident of further strengthening our digital ecosystem, and we expect our customers across India, to gain access to customized health insurance policies anytime, anywhere.”
Ashish Mehrotra, MD & CEO, Max Bupa said “Health insurance has become a necessity today due to the growing incidence of lifestyle and critical diseases and growing medical inflation which is currently at ~15%. The industry is severely under-penetrated with meagre 20% of the population possessing any form of health cover. Majority of consumers either find health insurance buying either too complicated or do not find the motivation to ensure something as important as their health. Thus, the Indian health insurance industry needed something disruptive like Max Bupa AnyTimeHealth machines that enable instant health assessment and purchase. The collective vision of HDFC Bank and Max Bupa is to make quality healthcare more accessible through digital innovations and we are confident that our joint focus on delivering smart digital solutions will help us fulfil the health insurance needs of the bank’s 40+ million customers across India. We plan to reach one million HDFC Bank customers over the next three years.”