WhatsApp to rollout insurance and pension products on its platform in India soon

WhatsApp is set to roll out health insurance and micro-pension products on its messaging platform in India through tie-ups with licensed financial services players. The move comes as the Facebook-owned tech giant is set to expand its ambit of services to finance, commerce, education and social welfare in 2021.

In the first phase of launch, Whatsapp would partner with SBI General to launch a sachet-health insurance cover and HDFC Pension to make available National Pension Scheme (NPS) products on its popular app.

According to PC Kandpal, the CEO of SBI General, the access and reach of WhatsApp can help improve the penetration of health insurance in India, which at less than 4% of the gross domestic product (GDP) is below the world average of 6.31%. “We want to simplify the distribution channel and make customized, and sachet health insurance products available across India,” Kandpal said.