Max Bupa and IDBI ink bancassurance deal

June 12 2019 by InsuranceAsia News Staff

IDBI Bank and Max have signed a bancassurance agreement.

Since June 1, IDBI Bank customers are being offered Max Bupa’s health insurance offerings. The latter will provide digital health insurance products tailored for the bank’s 20 million customers, spread across over 1,800 branches in India.

Max Bupa’s digital platform, named Infinity, will integrate with the bank’s system and allow customers to buy a product of their choice and access their policy documents at the bank branch.

Max Bupa will also deploy AnyTimeHealth machines — an automated, technology-based model that will help customers make a health assessment and buy a policy in under three minutes at any IDBI branch.

Rakesh Sharma, managing director and chief executive of IDBI Bank, said: “Our alliance with Max Bupa is a result of growing customer demand to have best-in-class health insurance products, and through our collaboration with Max Bupa we will be able to offer customer-centric digitally enabled health insurance products to our customers.”

In May, Max India received shareholders’ approval to sell its 51% stake in Max Bupa Health Insurance Company to private equity firm True North.

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