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.
Max Bupa Health Insurance announced today that it has rebranded itself as Niva Bupa. Backed by True North and Bupa, the rechristened brand – Niva Bupa will aim to democratize the health insurance category by bringing more thrust on customer touchpoints by introducing a host of innovative products and digitally-enabled services.
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 utilize this as an opportunity to redefine itself.
After rigorous consumer testing and insights, the company decided ‘Niva Bupa’ 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 ‘Sun’ – 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’ varied healthcare needs, Niva Bupa will build an intimate brand that aims to simplify the health insurance category for ease of understanding amongst the audience.
Talking about the brand’s new identity, Krishnan Ramachandran, MD, and CEO, Niva Bupa, said, “We 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 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.”
Krishnan further added, “We 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.”
Niva Bupa Health Insurance will continue to maintain strong growth in the market and aims to become an INR 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, “Health insurance is no longer looked upon as a financial instrument solely for tax saving purposes. It has repositioned itself as a self-investment product that 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.