Max Bupa Health Insurance announced that it has rebranded itself as Niva Bupa. Backed by True North and Bupa, the rechristened brand ‚Äď Niva Bupa said it aims at democratising health insurance category by bringing more thrust on customer touch points and introduce host of innovative products and digitally enabled services. Niva Bupa Health Insurance will aim to provide financial assurance as well as healthcare access to its customers by taking forward its legacy of product innovation, customer centricity and digital capability.¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†
Owing to a change in shareholding pattern, with the exit of Max India and entry of Private Equity firm True North, Max Bupa needed to create a new brand identity as part of the transition. The company decided to utilise this as an opportunity to redefine itself. After a rigorous consumer testing and insights, the company decided ‚ÄėNiva Bupa‚Äô as the new nomenclature for Max Bupa. The decision of the new brand name was based on a survey and in-depth interviews across new age millennials and middle-aged customers who were either existing or first-time buyers of health insurance products. The term Niva is derived from a Sanskrit word that means ‚ÄėSun‚Äô ‚Äď a symbol of hope, source of energy and positivity. The brand has repositioned itself for health conscious people who believe in building a better tomorrow.
Leveraging the understanding of the Indian market and customers‚Äô varied healthcare needs, Niva Bupa will build an intimate brand that simplifies health insurance category for the ease of understanding amongst the audience. It will play an instrumental role in providing access to best-in-class healthcare to millions of people in the country. The company would empower its customers with digitally backed meaningful tools to enable greater control over their health and well-being.¬†
Talking about the brand‚Äôs new identity, Krishnan Ramachandran, MD and CEO, Niva Bupa, said, ‚ÄúWe are thrilled to embark on the new and exciting chapter in our growth journey. Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa. The new brand will firmly stand at the intersection of financial services and healthcare to fulfill the needs and aspirations of millions of people in India.¬† The health insurance industry is poised for a monumental growth, and we will take our new brand identity to our customers with a renewed promise of protection and care. As Niva Bupa, we will look to further strengthen our core brand ethos of customer centricity.‚ÄĚ
‚ÄúWe have always strived to be a trusted health partner for our customers. Under the new brand Niva Bupa, we will continue to expand our digital and network presence that will allow customers to avail our industry leading products and best-in-class services anytime, anywhere,‚ÄĚ he added.
Niva Bupa Health Insurance will continue to maintain strong growth in the market and aims to become an Rs 2,500 crore company by FY21-22. The company will bring over 12 million people in India under the ambit of health insurance by FY-25.
Nimish Agrawal, Senior Vice President & Head Marketing, Niva Bupa, said, ‚ÄúHealth insurance is no longer looked upon as a financial instrument solely for tax saving purposes. It has repositioned itself as a self-investment product which will take care of all healthcare needs. This warranted a change in our positioning as well. With the new brand identity, we want to unravel the health insurance space and offer a humanized experience to our customers, especially in terms of guidance, counseling, and support at the moment of truth.
Our name has changed from Max Bupa Health Insurance Company Limited to Niva Bupa Health Insurance Company Limited effective July 5, 2021. As next steps, we will closely work with our partners and various stakeholders to complete our brand transition by year-end. It will be reflected in all our customer and partner facing assets henceforth. Our business fundamentals remain unchanged and there will be no impact of this transition on our customers and partners. We are prepared to embrace the change and bring in fresh perspectives and a new outlook towards the category.‚ÄĚ