Standard Chartered Bank, Max Bupa tie up for bancassurance

Standard Chartered Bank to offer comprehensive health plans of Max Bupa to its 2 million customers across 99 branches in 42 cities

February 03, 2014 12:19 IST | India Infoline News Service
Standard Chartered Bank and Max Bupa today announced their bancassurance Corporate Agency arrangement to provide Max Bupa’s comprehensive health insurance offerings to the diverse customer base of Standard Chartered Bank across the country.
The arrangement comes on the back of IRDA’s guidelines which permits a stand-alone health insurance company to avail the services of Corporate Agents of other Life and / or Non-Life insurance companies to distribute their products in addition to the existing arrangements of the Corporate Agents with one life and one general insurance company. Standard Chartered will distribute Max Bupa’s health insurance products to its customers across its 99 branches spread over 42 cities in India. Max Bupa will work with Standard Chartered Bank to ensure sales training, product support and smooth operational processes in order to offer Max Bupa’s health insurance products to customers seeking a health cover for themselves and their family. This arrangement will reflect the core philosophy of Max Bupa of building unique product proposition around customer needs and Standard Chartered Bank’s philosophy to provide best in class customer experience.
Speaking about the Corporate Agency arrangement with Max Bupa, Sanjeeb Chaudhuri, Regional Head, South Asia & Chief Marketing Officer, Consumer Banking, Standard Chartered Bank, said, “”We are delighted to enter into Corporate Agency arrangement with Max Bupa and believe that the inherent synergies of this relationship will benefit our customers. This arrangement will enable us to further augment the comprehensive range of third party products and services by offering innovative health insurance solutions of Max Bupa. Our endeavour has always been to explore avenues to enhance suit of products and services offered to our customers. We are confident that this will be a mutually beneficial relationship and pave the way for greater access to a wide range of products and services to our customers.”
Talking about Max Bupa’s commitment towards making quality Health Insurance more accessible for customers, Manasije Mishra, CEO, Max Bupa said, “Max Bupa and Standard Chartered Bank reflect the long standing commitment in providing quality product and service to customers. The forging of this relationship is an important milestone for us as bancassurance is an important part of our growth strategy.”
Manasije added, “We want people to live healthier and more successful lives and this will become a reality when people across India use Health Insurance to protect their families’ health. It is our endeavour to continuously innovate and make our products more widely available. This arrangement will meet the mission of helping customers live a healthier and happier life. We are confident that we will be successful in providing the right mix of products to cater to our customers’ diverse health insurance needs.”
The HNI and Personal Banking clients of Standard Chartered Bank will have an access to a rich bouquet of health insurance products from Max Bupa catering to the varied needs of the customers.
The comprehensive product suite will include Max Bupa’s flagship product Heartbeat, one of the most comprehensive offering in the market with exclusive product and service propositions like coverage upto 50 lakhs, 24X7 customer service helpline, coverage for day care procedures, OPD benefit, among others. Health Assurance, a first of its kind three in one assured cash benefit plan from Max Bupa that covers critical illness, personal accident and hospital cash, will also be offered to Standard Chartered customers.

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