Mumbai: Standalone health insurer Max Bupa is targeting around 26 per cent growth in total premium collection at Rs 750 crore this financial year, mainly driven by innovative products, a senior company executive said.
“Since the last three years we have been growing at 26-28 per cent, which is higher than the industry growth of 19 per cent. This year we are aiming to close at Rs 750 crore, driven by innovative products like the recently launched GoActive,” Max Bupa Managing Director and CEO Ashish Mehrotra told PTI here.
The company is aiming for a growth of 30 per cent in 2018-19, he said, adding Max Bupa had clocked total premium collection of Rs 600 crore in 2016-17. The private health insurer has a long-term target of Rs 1,200 crore by 2020, he said adding that the company is well on track for achieving it.
The company, which has 4 per cent market share, is expected to grow faster, he added. Talking about expansion plans, Mehrotra said the company is looking at growth both digitally as well as geographically.
“We expect to expand across the country, in all regions. We are also investing in technology that will help us reach a wider audience,” he added. Max Bupa has customers in over 500 cities through its agent network, bancassurance partners and digital platforms such as AnyTimeHealth (ATH).
“We are planning to expand our ATH reach to cover more cities and towns across India going forward. It’s like an ATM machine and one can avail a policy easily while on the go,” he added.
The company aims to have 3 million customers in India by the end of FY18. On distribution, Mehrotra said Max Bupa has about 15,000 agents in India and the company aims to grow this number by 15-20 per cent to achieve its target of 30 per cent revenue growth by FY19.
Recently, the health insurer had launched GoActive, a holistic health insurance plan that gives customers 360 degree coverage for their daily health needs, including inpatient hospitalisation and on-the-go access to OPD, diagnostics, personalised health coaching, second medical opinion, behavioural counselling, among others.
Max Bupa is a 51:49 joint venture between Max India and global healthcare group Bupa. PTI
