Digital payments major MobiKwik has announced a partnership with SBI General Insurance to make insurance easy, accessible and affordable digitally on the Mobikwik app.
Through this partnership, customers will be able to choose amongst SBI General’s bouquet of insurance products with instant issuance through the MobiKwik app in a 2-step process.
“Providing need-based insurance solutions is inherent to us. With such varied and diverse userbase of MobiKwik, SBI General Insurance aims to complement the ethos of the platform by providing a host of insurance solutions to its users. Through this partnership we intend to make our innovative products easily accessible to customers that will protect them through various stages of their lives. Digital platforms like MobiKwik are the change-agents as far as insurance penetration is concerned. This partnership will help us expand our customer base and reach out to the youth of today. It will also support in deepening overall insurance penetration,” Pushan Mahapatra, MD & CEO, SBI General Insurance said.
The joint effort is to tap India’s Gen X and possibly Gen Y, the millennials who would have just kicked off their careers. They have to be brought into the fintech circle and introduced to the habit of saving as well as using insurance products judiciously.
Commenting on the partnership Upasana Taku, Co-founder, MobiKwik said, “In India less than 1 percent of all Indians are covered under non- life insurance. Out of which, 65% of Indians are covered by personal accident insurance, according to data from the IRDAI’s 2017 annual report. The lack of adequate cover in the situation of emergency makes people prone to high financial instability. This is more severe in the case of the unorganised sector. Our alliance with SBI General Insurance fortifies our commitment to introduce unserved buyers to insurance, and to incentivise the larger mass of India to experience digital services and create higher user retention.”