Healthier lives . Niva Bupa and IDFC FIRST Bank partner for Bancassurance

Niva Bupa Health Insurance Company Limited (NBHIC), a standalone health insurer, has entered into a Corporate Agency partnership with IDFC FIRST Bank to provide health insurance solutions to the bank’s customers.

Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance said, “We are excited to join hands with IDFC Bank, our first banca partnership of this financial year. This partnership is well aligned with our growth plans charted for the business for this fiscal and will enable us to expand our reach to provide quality health care solutions to the bank’s customers. 

We are confident that our wide portfolio of indemnity and group health insurance products and services, will be able to address the growing healthcare related concerns of the bank’s varied customer segments across regions.”

Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both the bank and the insurance company get to benefit from this arrangement. While the bank earns a commission from the insurance company, the insurer gains from the distribution network of the bank.

Vikas Sharma, Head of Wealth Management & Private Banking, IDFC FIRST Bank said, “The partnership will empower the two institutions to serve customers better and help them lead healthier lives”.