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Max Bupa, a leading standalone health insurance, which has been growing at a CAGR of over 30 per cent, expects to close 2020-2021 at about ₹1,700 crore of gross written premium (GWP). It is targeting ₹5,000 crore of GWP by 2024-2025.
In an underpenetrated private heath insurance segment in the country, the company sees itself playing a much bigger role as it spreads its reach in the market by inducting agent advisors and networking with more hospitals.
The country’s private health sector’s business size, estimated at about ₹56,798 crore in 2020, is expeced to grow to about ₹1,00,000 crore by 2025. To address the growing demand, Max Bupa is expanding its presence in over 45 additional cities this year, and plans to take the total count to over 200 offices in two years.
Krishnan Ramachandran, MD and CEO, Max Bupa Health Insurance, said: “Covid-19 has made people cognizant of the fact that health insurance can go a long way in ensuring good medical care and maintaining one’s financial health. Post the Covid-19 pandemic, the health insurance industry witnessed conversion of demand translating into purchase.”
“As a trusted health partner, Max Bupa’s goal is to sustain this awareness and reach out to maximum markets in the next two years to get more people under the ambit of health insurance. Max Bupa is opening offices across 45 additional cities this year, and we plan to take the total count toover 200 offices across India in the next two years.”
Interacting with the media here today, the MD said: “The company is strengthening its presence in the country and in Telangana by opening new branches.” Max Bupa is opening two additional branches in Hyderabad, and aims to provide health coverage to over 2.5 lakh people in the next five years in Telangana. It plans to on-board more than 8,000 agents by 2024-25 and targets to clock ₹150 crore gross written premium over the next 5 years.”
The Covid-19 pandemic has made people realise the importance of health insurance in safeguarding against exorbitant medical expenditure while availing appropriate treatment. This has helped generate new business.
Bhabatosh Mishra, Director of Claims, Underwriting and Products, Max Bupa Health Insurance, said: “Max Bupa is betting big on the emerging Tier II and III markets for its expansion journey. As we expand to newer markets, our plan is to increase penetration of health insurance and significantly raise awareness about its benefits.”
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