NE BUSINESS BUREAU
Ahmedabad, Jan 27
Standalone health insurance major Max Bupa on Monday announced its expansion plans in Gujarat. Max Bupa is entering into 8 new cities that will take its presence to 11 markets in the state. Max Bupa will aim to provide health insurance coverage to over 2 lakh people of Gujarat in the next five years. Max Bupa customers can avail cashless hospitalization in over 300 network hospitals in Gujarat and 6000+ hospitals across the country. They will also have access to benefits like preauthorization of cashless claims within 30 minutes, making quality healthcare more accessible, a senior official said.
High incidences of Covid-19 and the increased medical inflation in the country have made people realize the importance of health insurance to avail quality medical treatment. A survey conducted among the insurance agents across Gujarat reveals that there is a substantial increase in the demand for health insurance post-Covid-19. The study further highlights that people in Gujarat want to purchase health insurance as they want to safeguard against critical illnesses like cancer or heart diseases and new-age diseases like coronavirus. However, the survey also suggests that clarity about the concept of health insurance is low in the state. Understanding the need to raise awareness and bring more people under the ambit of health insurance, Max Bupa has expanded its presence in Gujarat. The company will also work towards creating more understanding about health insurance through various initiatives in the region.
Talking about Max Bupa’s expansion plans in the state, Krishnan Ramachandran, CEO & MD, Max Bupa Health Insurance said, “The increasing out-of-pocket expenditure on medical treatment is making quality care inaccessible for many, leading to financial and mental stress. In the current times, people in metros, as well as smaller towns, have recognized the importance of health insurance in covering unforeseen medical expenses or any planned treatment. At Max Bupa, we aim to increase the penetration of health insurance across the country. As a part of our expansion strategy, we are entering 45 additional Tier II & III markets this year. We plan to take the total count to over 200 offices across India in the next two years.”
Krishnan further added, “Gujarat is an important market for us. We are excited to expand our reach to newer markets in the state, further allowing us to reach more people and raise awareness about benefits of health insurance.”
In addition to the existing cities – Ahmedabad, Surat, and Baroda, the company will now have presence in Mehsana, Modasa, Himmatnagar, Rajkot, Jamnagar, Bhavnagar, Junagadh, and Ankleshwar. Max Bupa targets to clock Rs 150 crore gross written premium and 5 times increase in policy purchase in the next 5 years in Gujarat. The company will also bring in business opportunities for people in Gujarat as it plans to on-board around 15,000 agents by 2024-25. The company will provide adequate training programs and encourage women and housewives living in the city to enroll as agents, helping them to become financially independent.
