Creation
Niva Bupa Well being Insurance coverage Corporate Restricted, previously Max Bupa Well being Insurance coverage Corporate Restricted, is certainly one of India’s main medical insurance suppliers. This newsletter supplies a complete assessment of the organisation, together with its construction, compensation insurance policies, claims procedure, and to be had plans.
About Niva Bupa
Niva Bupa, based in 2008 through Krishnan Ramachandran, is headquartered in New Delhi. It operates as a three way partnership between Fettle Tone LLP, an associate of True North Fund VI LLP – a number one Indian non-public fairness company and the Bupa Team. The corporate is controlled through Krishnan Ramachandran, serving because the MD & CEO, and C.B. Bhave because the Chairman. Niva Bupa makes a speciality of medical insurance and healthcare services and products. For more info, talk over with their website online, Niva Bupa.
- Based in: 2008
- Founder: Krishnan Ramachandran
- Headquarter: New Delhi
- Three way partnership: Niva Bupa is a three way partnership between Fettle Tone LLP (an associate of True North Fund VI LLP), a number one Indian non-public fairness company, and the Bupa Team.
- Control: Krishnan Ramchandran (MD & CEO), C.B. Bhave (Chairman).
- Products and services: Medical health insurance, healthcare services and products.
- Site: Niva Bupa
Proportion & IPO
The IPO used to be priced at ₹74 in keeping with proportion, inside of a price band of ₹70 to ₹74 per share, with a topic dimension of ₹2,200 crores in the course of the book-built way. The IPO opened on seventh November 2024 and closed on eleventh November 2024. Upon checklist, the inventory debuted at ₹78.14 in keeping with proportion, turning in a list achieve of five.59%. These days, the inventory is buying and selling at ₹76.27 in keeping with proportion, reflecting a go back of three.07%.
- IPO value: ₹74 in keeping with proportion
- Value band: ₹70 – ₹74 in keeping with proportion
- Factor dimension: ₹2,200 crores
- Factor sort: E book constructed
- Opening – Remaining date: seventh Nov 2024 – eleventh Nov 2024
- Checklist value: ₹78.14 in keeping with proportion
- Checklist achieve: 5.59%
- Present Marketplace Value: ₹76.27 in keeping with proportion
- Present go back: 3.07%
Web Value
Web value (as of June 2024): ₹20,317.72 million
Declare Agreement Coverage
| Declare sort | Procedure | Time frame | Steps |
| Cashless Claims | To be had at community hospitals simplest | Inside of half-hour | 1. Be admitted to a medical institution within the community.
2. Supply identity similar to your voter ID card, insurance coverage quantity, PAN card, or well being card. 3. Niva Bupa receives the pre-authorization request from medical institution government. 4. After confirming data, the insurer sends a affirmation to the medical institution and to you by means of SMS. 5. The declare cost is paid instantly to the medical institution following remedy and the of completion of formalities. |
| Reimbursements Claims | For non-network medical institution therapies | 7-10 industry days | 1. Be admitted to the medical institution and handled.
2. On the time of discharge, pay all medical institution expenses. 3. Collect unique invoices, discharge certificate, and scientific stories. 4. Entire the declare shape, signal it, and ship it in with the vital bureaucracy and a sound ID. 5. After reviewing the declare request, the insurer chooses whether or not to approve or deny it. 6. You get your a refund if the declare is approved. |
Niva Bupa: Plans
Niva Bupa provides quite a lot of medical insurance plans adapted to fulfill various buyer wishes. Their portfolio comprises plans like Aspire, Reassure 2.0, Well being Spouse, and Well being Premia, designed for complete well being protection. Further choices similar to Pass Lively, Cash Saver, Heartbeat, Supersaver, and Senior First cater to express necessities, making sure affordability and inclusivity. Every plan is crafted to supply distinctive advantages, making Niva Bupa a relied on selection for medical insurance answers.
- Aspire
- Reassure 2.0
- Well being Spouse
- Well being Premia
- Pass lively
- Cash Saver
- Heartbeat
- Supersaver
- Senior first
Advantages of Well being Insurance coverage in India
- Cashless scientific remedy
- No declare bonus
- Co-Fee
- Scientific checkup facility
- Submit and pre-hospitalisation protection
Strengths & Weak point
Strengths:
- Fast Enlargement: Niva Bupa is the fastest-growing medical insurance in India, and it lately leads the sphere.
- Consumer Retention: The organisation has a exceptional shopper retention fee, with roughly 90% of shoppers renewing their insurance policies.
- Retail Center of attention: Niva Bupa generates round 67% of its premiums from the retail section.
- Sturdy Monetary Efficiency: The corporate’s internet benefit higher considerably from FY23 to FY24.
- Marketplace Proportion: Niva Bupa has a big marketplace proportion within the Standalone Well being Insurance coverage (SAHI) sector.
Weak point:
- Claims Agreement Ratio: The claims agreement ratio for the company is 91%, which is less than the business reasonable of 96%.
- Smaller Community: Niva Bupa operates a smaller community of hospitals and brokers than its competition.
- Larger Prices: Between FY22 and FY24, the corporate’s reasonable expense ratio used to be over 43%.
- Regulatory Demanding situations: The corporate’s efforts to supply medical insurance insurance policies face hindrances because of the regularly converting regulatory setting.
- Pageant: The medical insurance business has grow to be extra aggressive, in particular because the epidemic, with a lot of new competition becoming a member of the marketplace.
Awards won
- Insurance coverage Corporate of the 12 months Fraud Prevention: Niva Bupa won this honour on the India Insurance coverage Summit & Awards 2024.
- Niva Bupa received the Lone Well being Insurer award on the Mint BFSI Awards 2023.
- The Financial Instances and Nielsen named Niva Bupa some of the Perfect Manufacturers of 2019 in April.
- Niva Bupa used to be awarded IT Control Perfect Practices on the Celent Style Insurer Asia Awards in 2016.
- Niva Bupa won the Golden Peacock Award in 2015 for his or her Heartbeat Well being Insurance coverage Plan.
Conclusion
Famend for its cutting edge plans and inexperienced declare settlement manner, Niva Bupa is a outstanding participant within the Indian health insurance sector. Regardless of having a robust marketplace presence and a big medical institution neighborhood, it nonetheless faces difficulties, together with regulatory repercussions and resistance from quite a lot of insurers.
