• Home
  • Apps
  • Apps News
  • WhatsApp to Start Offering Health Insurance, Micro Pension Products in India Soon

WhatsApp to Start Offering Health Insurance, Micro-Pension Products in India Soon

By the end of the year, WhatsApp is planning to start offering affordable health insurance coverage from SBI General.

Share on Facebook Tweet Snapchat Share Reddit Comment
WhatsApp to Start Offering Health Insurance, Micro-Pension Products in India Soon

WhatsApp is leveraging its strong presence in India to go beyond instant messaging

Highlights
  • WhatsApp is piloting health insurance and micro-pension offerings
  • The Facebook-owned platform already has a payments feature
  • WhatsApp may take on PhonePe and Google Pay with its new move

WhatsApp is planning to start rolling out health insurance and micro-pension offerings in India. India Head Abhijit Bose revealed WhatsApp's roadmap towards bringing “critical financial and livelihood services” to mobile users in the country at the Facebook Fuel for India event. The Facebook-owned company is working with SBI General to launch health insurance products, while HDFC Pension and Singapore-based firm PinBox Solutions are on board for offering micro-pension products. The new developments come alongside WhatsApp's digital payments venture – WhatsApp Pay.

By the end of the year, WhatsApp is set to start offering affordable health insurance coverage from SBI General, Bose said during his presentation at the virtual event. The executive also announced WhatsApp's partnership with HDFC Pension and PinBox Solutions to start piloting micro-pension products through the messaging app.

“These pilots, along with others in edtech and agritech to name a few, offer tremendous promise and would help support the government of India's priorities for a more digitised economy, especially for rural and underserved segments,” said Bose.

WhatsApp is aiming to become a competitive platform for insurance companies and firms offering micro-pension products and expand its footprint in the Indian financial sector with the new move. Bose also underlined that the messaging app will make it easier to bring health insurance and micro-pensions to Indian users — regardless of their location and income.

“We have designed specific products that will take care of healthcare needs in an affordable and hassle-free manner, and will be available through WhatsApp,” said Amar Joshi, Chief Business Officer, SBI General.

The massive user base of over 400 million people in the country is making WhatsApp attractive for insurance and pension providers in the country.

Sumit Shukla, CEO of HDFC Pension Management, said that WhatsApp was enabling digital and financial inclusion at an accelerated rate. “WhatsApp as a platform is multilingual, secure and is revolutionising the way financial services are accessed and facilitated in our country,” he said.

Alongside its piloting insurance and micro-pension services, WhatsApp is getting deeper into the Indian digital economy with its payments feature and the WhatsApp Business API. The ongoing developments are aimed to take on the likes of Google Pay, Alibaba-backed Paytm, and Flipkart-owned PhonePe.

Just after WhatsApp made its plans public for offering insurance products, PhonePe claimed that it processed over 11 million insurance premiums through its platform in the past one year. The digital payments platform offers the option to pay insurance premiums for over 30 insurers. It said that 80 percent of the total premiums during the year came from users in the tier-2 and tier-3 cities.


In 2020, will WhatsApp get the killer feature that every Indian is waiting for? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts or RSS, download the episode, or just hit the play button below.

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Jagmeet Singh writes about consumer technology for Gadgets 360, out of New Delhi. Jagmeet is a senior reporter for Gadgets 360, and has frequently written about apps, computer security, Internet services, and telecom developments. Jagmeet is available on Twitter at @JagmeetS13 or Email at jagmeets@ndtv.com. Please send in your leads and tips. More
Soundcore Strike 1, Soundcore Strike 3 Wired Gaming Headphones With 52mm Drivers Launched in India
Read in: हिंदी
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
Listen to the latest songs, only on JioSaavn.com