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Standalone health insurance company Max Bupa said it would concentrate on four key areas to sustain a strong double-growth , even as the company is in the process of preparing a business plan for the next five years.
The first area of focus will be on offering differentiated products led by technology. The company aims to offer simple but comprehensive products targeting the various needs of the people in the healthcare space.
“We have a fairly comprehensive product basket across three categories – GoActive, Heartbeat and Health Companion. But that doesn’t stop us from introducing more. We are working on a bunch of products and will introduce at least three-four products this year,” Ashish Mehrotra, Managing Director and CEO of Max Bupa Health Insurance Co, told BusinessLine .
Second, the company believes that its partnerships would strongly support its growth plans as they provide access to a lot of customers across regions. While it has tie-ups with scores of banks and financial institutions, its bankassurance partners – Bank of Baroda and Karur Vysya Bank – alone have a combined customer base of about 6.8 crore customers. Max Bupa thinks it is quite a large base to penetrate.
Agency business
The company will continue to grow its agency business, and expects to see a growth of 15-20 per cent this fiscal alone.
The fourth area will be the digital push, and it claims it has an edge over others in this field. “We have introduced a lot of innovation in our processes, using digital technologies. Our cashless claims model truly differentiates us from others. Also, anytime health intelligent machine is an industry-first innovation that can provide customised health insurance plans,” said Mehrotra.
He also attributed the loyalty of its customers to the company’s growth. Max Bupa has a high persistency ratio. “Our persistency rate is upwards of the 80s. We don’t do too much of group schemes. We are predominantly a retail player as 96 per cent of our business is in the consumer segment,” he added.
Max Bupa sees enough headroom in the B2C segment to grow at 35 per cent or more in the coming years.
In 2017-18, its gross written premium grew by 27 per cent at ₹754 crore, and the company was in the fourth position among the six standalone health insurance players.
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