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IDBI Bank Ltd. enters into standalone health insurance tie-up with Max Bupa


Ltd. and Max Bupa, a (SAHI), signed a corporate agency agreement on June 1, 2019. It is the first time that has been on-boarded as a corporate agent for a under open architecture.

As part of the tie-up, Max will offer its comprehensive offerings to the diverse customer base of Ltd. across the country. Through this alliance, Max will offer a wide range of products and digital first propositions, tailored for the bank's 20 million customers spread across its 1800 plus branches pan

"At IDBI, we have always strived to understand the needs of our customers and offer solutions that fulfil all their financial requirements. Our alliance with Max is a result of growing customer demand to have best in class products, and through our collaboration with we will be able to offer customer-centric digitally enabled to our customers", said Rakesh Sharma, MD and CEO, IDBI Bank.

"IDBI Bank is giving more focus to increase the Fee Income through Third Party distribution. This tie-up is stepped in that direction", he added.

"We are extremely delighted to with IDBI Bank and are committed to helping 20 million customers of the healthier, more successful lives. Further, both IDBI Bank and share strong synergies in terms of commitment towards always keeping our customers first, strong market reputation and pan presence and will focus on deployment of best in class digital offerings to provide to IDBI's diverse segments across the country", said Ashish Mehrotra, MD and CEO,

"Health insurance as a category in is still nascent with penetration levels at merely 27 per cent and needs a huge push from health insurers like us to create awareness and make easily accessible to consumers. Max Bupa is geared towards expanding its pan India presence to ensure more and more customers have access to our products, and the arrangement with IDBI Bank is a significant step in this direction", he added.

The products include - IDBI Max Bupa Suvidha Health Plus, IDBI Max Bupa Loan Secure and IDBI Max Bupa will provide best in class service to IDBI including preauthorization of cashless claims within 30 minutes and access to 'Point of Care' desks at leading across the country.

Further, Max Bupa would design a for IDBI to enhance their overall experience. Max Bupa will install 'Infinity' - its proprietary digital platform that integrates with the bank's systems to enable a seamless buying journey for all customers.

Through this, the can purchase the product of their choice instantly and access their policy documents at the itself. Additionally, Max Bupa will also deploy AnyTimeHealth (ATH) machines - a completely automated, which allows customers to avail health assessment and buy a policy instantly- in under 3 minutes, at various IDBI Bank branches across the country.

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First Published: Wed, June 12 2019. 14:21 IST