Hyderabad, September 24, 2019: SBI General Insurance, one of India’s leading general insurance companies, has formed an alliance with MobiKwik, a leading FinTech player, to make insurance easy, accessible and affordable to the digitally savvy generation who are looking for solutions and transactions that are simple and quick.
While Mobikwik is changing the way Insurance products are perceived amongst the tech-savvy and fast-paced generation by leveraging its widely popular digital platform to develop a transparent, convenient and customer centric policy issuance & claims process, SBI General Insurance is well placed to offer customised products suited to the needs of the young generation on such preferred digital platforms. Through this partnership, customers will be able to choose amongst SBI General’s wide bouquet of insurance products at attractive/competitive premiums with instant issuance through the MobiKwik app with a simple 2-step process that takes less than 10 seconds.
Speaking on this partnership, Mr. Pushan Mahapatra, MD & CEO, SBI General Insurance said, “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,” Mahapatra added
Commenting on the partnership Upasana Taku, Co-founder, MobiKwik said, “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.”
She further added, “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.”