Niva Bupa Health Insurance Company Limited (NBHIC), a standalone health insurance company, has entered into a Corporate Agency partnership with IDFC FIRST Bank to provide health insurance solutions to the bank’s customers.
Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance said, “We are excited to join hands with IDFC Bank, our first bank partnership this financial year. This partnership is in line with our growth plans outlined for the business for this fiscal and will enable us to expand our reach to provide quality healthcare solutions to the bank’s customers.
We are confident that our broad portfolio of indemnity and group health insurance products and services, will be able to address the growing healthcare-related concerns of various segments of the bank’s customers across the region.”
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Bancassurance is an insurance distribution model where insurance companies partner with banks to sell policies. Both banks and insurance companies benefit from this arrangement. While banks get commissions from insurance companies, insurance companies profit from the bank’s distribution network.
Vikas Sharma, Head of Wealth Management & Private Banking, IDFC FIRST Bank said, “The partnership will empower both institutions to better serve customers and help them lead healthier lives”.
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