Bupa : Everything you need to know
Headquarters address: 1 Angel Court, London, EC2R 7HJ, UK
Year established: 1947
Group revenue: £12.9 billion (2021)
Total assets: £16.6 billion (2021)
Size (employees): 84,000 (2021)
Global locations: Australia, Bolivia, Brazil, Chile, China, Denmark, Dominican Republic, Ecuador, Egypt, Guatemala, Hong Kong, India, Ireland, Mexico, New Zealand, Panama, Poland, Saudi Arabia, Spain, UAE, UK, USA
Underwriting expertise: Health and travel insurance
No. of customers (global): 21.1 million (health insurance), 16.9 million (health provision)
Key people: Iñaki Ereño (group CEO), Carlos Jaureguizar (CEO, Bupa Global & UK)
Bupa is an international healthcare company that provides high-quality, affordable health services. Without shareholders, the company focuses on supporting its 38 million customers and reinvesting profits to provide better healthcare through its products, clinics, hospitals, and dental centres.
The company’s premium international private health insurance provides access to an extensive network of medical providers worldwide without referrals, independent second medical opinions without extra cost, and other health and wellbeing benefits. Meanwhile, Bupa’s international health insurance for business offers cover and benefits for employees.
Bupa built its core travel insurance product around premium emergency medical insurance, which gives customers the option to add non-medical and trip cancellation cover. It covers cruises, adventure sports, and US travel standards until the policyholder’s 70th birthday. It also offers cover for many chronic and pre-existing conditions.
History of Bupa
Bupa, which was initially called the British United Provident Association, was founded in April 1947 “to prevent, relieve, and cure sickness and ill health of every kind.”
Throughout the years, Bupa has focused on providing healthcare to help people live longer, healthier, and happier lives. In July 1948, the company had 38,000 customers and an 80% share of the private health insurance market in the UK.
In 2014, the company purchased a 49% stake in US health insurance provider Highway to Health. It also partnered with the Blue Cross Blue Shield Association (BCBSA) to give customers access to more than 1.2 million medical providers worldwide.
Bupa currently supports around 38 million customers worldwide. It also operates clinics, hospitals, and dental centres in some markets.
Leadership at Bupa
Iñaki Ereño – Group CEO
Ereño was appointed Bupa Group CEO on 1 January 2021, replacing Evelyn Bourke who retired from her post.
Ereño joined Bupa in 2005 and has held several leadership roles, including as CEO of Sanitas, Bupa Group’s insurance and provision businesses in Spain in 2008, and CEO of the Spain and Latin America (SLA) market unit in 2012. He also joined the Bupa executive team that year. In 2016, SLA was expanded to Europe and Latin America (ELA). The unit now consists of Bupa’s businesses in Spain, Chile, Poland, Brazil, Turkey, Mexico and Latin America.
Before joining Bupa in 2005, Ereño held senior positions at the Telefonica Group and Carrefour as well as founding an online start-up. He has a degree in Law and holds an MBA from IESE Business School.
Culture at Bupa
Bupa is committed to being a responsible and sustainable company. It focuses on providing quality services and delivering on its social and environmental commitments to have a positive impact on its customers and local communities. Its approach to corporate responsibility and sustainability (CSR) covers five areas:
- Funding and providing quality health and care services: Bupa is committed to delivering value for money, providing exceptional care, and helping customers with healthcare concerns.
- Being a place where people love to work: Bupa promotes a positive working environment, diversity, and people empowerment by providing tools, information, training, recognition, and rewards.
- Conducting business ethically: Bupa designed its values and codes of conduct to ensure a culture that emphasises serving the interests of its customers and upholding internal controls, including specific policies and regulations.
- Engaging with communities: Bupa connects with stakeholders, community groups, and sporting organisations to make a positive contribution to public health matters. It also has health foundations across the globe to invest in research and initiatives to improve public health.
- Making a positive impact on the environment: In 2021, Bupa has set two major milestones in its sustainability journey – confirming its ambition to become a net zero business in Scope 1 and 2 by 2030 and across all scopes by 2040, and joining the UN-backed Race to Zero campaign through Health Care Without Harm, which sees the group partnering with other organisations who have committed to take rigorous and immediate action to halve global emissions by 2030 and deliver a healthier, fairer zero-carbon world over time.