IDBI Bank and Max Bupa sign Bancassurance corporate agency agreement

On June 1, 2019, Industrial Development Bank of India (IDBI) Bank and Max Bupa, a Standalone Health Insurer (SAHI) signed a Bancassurance corporate agency agreement. For the first time, IDBI Bank became a on-boarded corporate agent for Max Bupa under open architecture.

Key Points:

• Max bupa will provide a wide range of health insurance products and digital first propositions to IDBI bank’s 20 million customers spread across its 1800 plus branches.
• IDBI Bank is focused to increase the Fee Income through Third Party distribution.
• The products are IDBI Max Bupa Suvidha Health Plus, IDBI Max Bupa Loan Secure and IDBI Max Bupa Sehat Suraksha.
• Max Bupa will provide the services like preauthorization of cashless claims within 30 minutes and access to ‘Point of Care’ desks at leading hospital chains across the country.
• Max Bupa will design a digital ecosystem for the customers of IDBI bank.
• It will also install ‘Infinity’, a proprietary digital platform. Through this, the customers of IDBI Bank can purchase the product of their choice instantly and access their policy documents at the bank branch.
• Any Time Health (ATH) Machines, a completely automated, technology based models will be installed by Max Bupa at IDBI Bank branches across the country. It will allow customers to avail health assessment and purchase a policy instantly under 3 minutes.

About IDBI Bank:
♦ Headquarters: Mumbai
♦ Tag Line: Aao Sochein Bada
♦ MD & CEO: Rakesh Sharma

About Max Bupa:
♦ Parent Organization: Max India Limited
♦ MD & CEO: Ashish Mehrotra