Niva Bupa, a health insurance company in India, has reported that over 50% of its policies are issued without any human touch entirely digitally, and 90% of its renewals are now conducted digitally. This success is attributed to the company’s investment in building digital expertise throughout its value chain, including the use of new-age technologies such as artificial intelligence and machine learning for fraud mitigation, process automation, and driving business revenue.
According to Krishnan Ramachandran, the MD and CEO of Niva Bupa, the COVID-19 pandemic has played a significant role in raising customer awareness of the importance of health insurance and pushing many towards digital channels. The company’s digital capabilities have allowed it to service over 60% of its policyholders entirely digitally, providing convenience and time savings to customers.
Niva Bupa’s digital strategy centers around customer onboarding, servicing, mobile app, claim management, and renewals. The company has worked towards minimizing human touch and automating processes to improve customer experience. It has also enhanced its health app, which allows customers to book teleconsultations, physiotherapy, and order medicines.
In addition to leveraging digital technology, Niva Bupa has prioritized segment-based products, expanding its hospital network to provide access to cashless treatment, and increasing health insurance penetration in smaller cities. The company’s gross written premiums (GWP) grew from Rs 1,243 crore in FY20 to Rs 4,073 crore GWP in FY23, with a 45% growth recorded in the last financial year.
Technology has become a key differentiator in India’s health insurance industry as consumers increasingly transact online. With digitization playing a vital role in bringing in fresh waves of reform in the sector, initiatives such as Bima Sugam by the Insurance Regulatory and Development Authority of India (IRDAI) aim to serve as a one-stop technology platform for all insurance needs, from policy buying to claim settlement. By leveraging big data, AI, and ML, Niva Bupa has further enhanced customer experience by reshaping product designs and claims processes.
In summary, Niva Bupa’s investment in digital expertise and technology has allowed it to stay ahead in India’s competitive health insurance market, providing customers with convenience, time savings, and a seamless experience from onboarding to claim settlement.