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Indian health insurance company From Wikipedia, the free encyclopedia
Niva Bupa Health Insurance Company Limited (Niva Bupa) is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.
| |
| Company type | Joint venture |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Headquarters | , India |
Area served | India |
Key people | Krishnan Ramachandran, Maninder Singh Juneja, David Fletcher, Chandrashekhar Bhaskar Bhave |
| Services | Health insurance |
| Parent | True North Bupa |
| Website | www |
Niva Bupa Health Insurance Company Ltd. (formerly known was Max Bupa Health Insurance Company Limited) is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), an Indian private equity firm, and the UK based healthcare services expert, Bupa Singapore Holdings Pte. Limited.
The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[1]
Niva Bupa Health Insurance was founded in 2008 as a joint venture between Max India and Bupa and started operations in 2010.[2][3]
In Jun 2011, it integrated with Insurance Regulatory and Development Authority's Integrated Grievance Management System in real-time, which made the company the first health insurance company in India to have such a system.[4]
In April 2019, the company launched 'AnyTimeHealth (ATH)' machines that allow customers to buy health insurance cover in a few seconds.[5]
In February 2019, Max India's entire 51 per cent stake was acquired by Fettle Tone LLP, an affiliate of private equity firm True North for ₹1,010 crore (US$120 million).[1][6] It distributes its policies through its agency force and bancassurance partners HDFC Bank, SIB Bank, Federal Bank, Axis Bank Karur Vysya Bank, Bank of Baroda, Indian Bank and IDBI Bank.[7][8][9][10]
Insurance Regulatory and Development Authority of India (IRDAI) has imposed penalty totaling Rs.20 lakh on Niva Bupa formerly known as Max Bupa Health Insurance Company Ltd. for four violations, one of which pertains to timelines for settling claims.[11]
In May 2020, Krishnan Ramachandran was appointed as the MD and CEO of the company and C. B. Bhave was appointed as the chairman of the board.[12][13]
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