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IDBI Bank Ltd and Max Bupa, a Standalone Health Insurer (SAHI), have signed a Bancassurance corporate agency agreement on June 1 this year
It is the first time that IDBI Bank has been on-boarded as a Corporate Agent for a SAHI partner.
As part of the tie-up, Max Bupa will offer a wide range of health insurance products and digital first propositions, tailored for the bank’s 20 million customers spread across its 1,800-plus branches in India.
Speaking on the tie-up, Rakesh Sharma, MD & CEO, IDBI Bank said, “Our alliance with Max Bupa is a result of growing customer demand to have the best in class health insurance products. Through this, we will be able to offer customer centric digitally enabled health insurance products to our customers.”
IDBI Bank is giving more focus to increase the fee income through Third Party distribution. This tie-up is step in that direction, he said.
Ashish Mehrotra, MD & CEO, Max Bupa said, “We are committed to help 20 million customers of the bank lead healthier, more successful lives.
Further, both IDBI Bank and Max Bupa share strong synergies in terms of commitment towards always keeping customers first, strong market reputation and pan India presence.”, he said.
Max Bupa will provide best in class service to IDBI Bank customers including pre-authorization of cashless claims within 30 minutes and access to ‘Point of Care’ desks at leading hospital chains across the country, he said.
Max Bupa is geared towards expanding its pan India presence and the bancassurance arrangement with IDBI Bank is a significant step in this direction, he added.
Further, Max Bupa would design a digital ecosystem for IDBI Bank customers to enhance their overall experience.
Max Bupa will install ‘Infinity’ - its proprietary digital platform that integrates with the bank’s systems for a seamless buying journey for all customers. Through this, the bank customers can purchase the product of their choice instantly and access their policy documents at the bank branch itself.
Additionally, Max Bupa will also deploy AnyTimeHealth (ATH) machines – a completely automated, technology-based model which allows customers to avail health assessment and buy a policy instantly– in under 3 minutes, at various IDBI Bank branches in India.
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