SBI General Forms an Alliance with Mobiwik to Offer Insurance Products Digitally
Updated On Jan 30, 2020
One of the most popular general insurance companies of India, SBI General Insurance has partnered with MobiKwik, an important FinTech player with a motive of making insurance more accessible, easy, and affordable for people growing in the digital age who look for quicker alternatives.
To accomplish this goal, MobiKwik is adopting a different approach the way in which insurance products are understood by the fast paced and tech savvy generation. It is using its widely accepted digital platform for creating an easy and customer friendly claim issuance and claim process. SBI, on the other hand, will offer products that fulfill the requirements of individuals present on such digital platforms.
The alliance will help the customers choose from numerous insurance products offered by SBI General Insurance at competitive premiums. The customers could enjoy instant issuance via the MobiKwik application following two easy steps that take not even 10 seconds.
Commenting on the alliance, the Managing Director and Chief Executive Officer of SBI General Insurance shared, “Providing need-based insurance solutions is inherent to us. With such varied and diverse user base 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.”
He also believes that when it comes to insurance penetration, platforms similar to MobiKwik behave like change agents. It will be able to expand the customer base and communicating with the youth will become easier. It will also help in bearing the weight in insurance penetration as a whole as well, as shared by him.
The Co-Founder of MobiKwik, Upasna Taku shared, “Understanding the pulse of the Indian consumer is key to developing products that will resonate with them. MobiKwik has been at the forefront with many such disruptive products targeted at the 750 million people who are underbanked and do not have access to a basket of financial products other than the basic Dhan Yojana accounts with limited savings and deposit services."
Sharing further insights on the topic, she shared that as per IRDAI’s (Insurance Regulatory and Development Authority of India) 2017 annual report, not even 1% of Indians are insured under non-life insurance, of which around 65% are insured under personal accident policies. The unavailability of funds and lack of back up options during situations of health emergencies lead to high financial problems. And this is not the unorganised sector being talked about. The scenario is even worse there.
She states that their partnership with SBI General Insurance adds spirits to their commitment to make insurance available to the unserved people in the market and to introduce larger Indian population to the digital services and increase user retention.
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