Niva Bupa Health Insurance on Monday announced its mid-term growth target, projecting a gross written premium of Rs 5,000 crore by 2023-24. Niva Bupa MD and CEO Krishnan Ramachandran said the insurer has seen overwhelming growth in the past 24 months, and it is aggressively expanding its direct as well as digital partnership.
One of the leading standalone health insurance players, Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance Company) said it witnessed a steady growth of 31 per cent in 2019-20 and 41 per cent in 2020-21.
The company has achieved over 70 per cent growth YTD (year to date) in the current financial year.
“Niva Bupa aims to register Rs 5,000-crore gross written premium by FY23-24,” the company stated.
The insurer said it has been aggressively expanding its presence across Tier-II, III and IV cities, opening one new office every 3.5 days in the last year.
Currently, Niva Bupa has a presence in 350 cities that will further increase to over 600 cities by FY2023-24.
With this, Niva Bupa aims to bring 10 million people of the country under the ambit of health insurance by the end of FY24.
“We are aggressively expanding our direct and digital partnership with massive regional expansion helping us to maintain rapid growth. We are fully committed to accelerating the adoption of health insurance across the country, making quality healthcare more accessible to the people,” Ramachandran said.
“As we move forward, the purpose is to build a humane brand and simplify health insurance to drive massive adoption among the larger audience,” he added.
The health insurer emphasised that it aims to democratise health insurance in the country by positioning it as an enabler for living life the way it should be lived.
To bring its new philosophy to life, Niva Bupa has launched a brand campaign that aims to change the narrative around health insurance while eliminating the fear element often associated with it.
Besides, the company is also expanding its pan-India footprint through bancassurance partnerships with 15 national banks, the highest in the segment.
Nimish Agarwal, senior vice-president and head (marketing) at Niva Bupa, said, “At Niva Bupa, customer-centricity is at the core of our business. Our new identity is a step forward to change the narrative around health insurance.”
He added that Niva Bupa has witnessed one of the most successful brand transitions in the COVID-19 era and “with our new campaign, we aim to simplify the category to drive penetration across segments”.