WhatsApp plans to launch health insurance and micro pension offers in India. India head Abhijit Bose unveiled WhatsApp’s roadmap to bring “critical financial and livelihood services” to mobile users across the country in the Facebook Fuel for India program. The Facebook-owned company is working with SBI General to launch health insurance products, while HDFC Pension and Singapore-based Pinbox Solutions are on board to provide micro-pension products. The new developments come along with WhatsApp’s digital payments venture – WhatsApp Pay.
By the end of the year, WhatsApp SBI is ready to start offering affordable health insurance coverage from General, Bose said during his presentation at the virtual event. WhatsApp announces WhatsApp partnership with HDFC Pension and Pinbox Solutions to start piloting micro pension products through the messaging app.
“These pilots, along with others at Edtech and Agritech, make excellent promises to some and help the Indian government prioritize a more digitized economy, especially for the rural and low-income sectors,” Bose said.
WhatsApp aims to become a competitive platform for insurance companies and firms offering micro pension products and to expand its footsteps in the Indian financial sector with new action. Bose stressed that the messaging app will make it easier for Indian consumers to bring health insurance and micro pensions regardless of their location and income.
“We have developed specific products that take care of health care needs in an affordable and hassle-free manner and will be available through WhatsApp,” said Amar Joshi, SBI General Chief Business Officer.
The huge number of users with a population of over 400 million in the country is making WhatsApp attractive for insurance and pension providers in the country.
HDFC Pension Management CEO Sumit Shukla said WhatsApp is enabling digital and financial inclusion at a faster rate. “As a platform, WhatsApp is multilingual, secure and revolutionizing the way financial services are accessed and facilitated in our country,” he said.
In addition to its pilot insurance and micro pension services, WhatsApp is deeper into the Indian digital economy With its payout feature And WhatsApp Business API. Ongoing developments are aimed at gaining likes Google Pay, Alibaba-backed Paytm, And are owned by Flipkart Phone.
After WhatsApp unveiled its plans to offer insurance products, PhonePay claimed to have processed over 11 million insurance premiums through its platform over the past year. The digital payment platform offers the opportunity to pay insurance premiums to more than 30 insurance companies. It said 80 per cent of the total premiums for the year came from customers in Tier-2 and Tier-3 cities.
In 2020, will WhatsApp get the killer feature that every Indian is waiting for? We discussed this Orbit, Our weekly technology podcast, you can subscribe to Apple Podcasts Or RSS, Download the episode, Or press the Play button below.