Max Bupa, the health insurance company announced in a press release that it will be rebranding itself to Niva Bupa. The rebranding, which is part of an overhaul strategy aims to introduce a range of new products and digitally-enabled services under the Niva Bupa banner. The company is currently backed by True North and the Bupa Group, it plans to use the new brand to democratize health insurance by leveraging more customer touchpoints and provide better financial assurance the company said. The new brand name and approach comes in light of the change in shareholding patterns as Max India left the company, which made way for the entry of the Private Equity firm, True North.
This change in shareholding patterns made it necessary for the company to rebrand its identity as part of the transition, the press release revealed. The company arrived at the name ‘Niva Bupa’ after allegedly doing in-depth customer testing, interviews, surveys and gaining insights. The customer base that was targeted for this research were new-age millennials and middle-aged customers who were either existing or first-time buyers of health insurance products as per the release.
When talking about the new brand name the MD and CEO of the company, Krishnan Ramachandran, 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 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.”
The newly christened Niva Bupa is aiming to maintain strong market growth in the days to comes and is eyeing the title of a Rs 2,500 crore company. It aims to achieve this by FY21-22. It additionally claimed that it will be bringing over 12 million people in India under its health insurance policy by FY25.
Nimish Agrawal, Senior Vice President & Head Marketing of Niva Bupa was quoted saying, “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 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.”
He went on to add, “Our name has changed from Max Bupa Health Insurance Company Limited to Niva Bupa Health Insurance Company Limited effective 5th July, 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.”
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