Google Pay has partnered with SBI General Insurance.
The Arogya Sanjeevni health insurance will be available on the Google Pay app, and users will be able to book both individual and family schemes of the plan.
SBI General Insurance has announced a technological collaboration with the digital payments platform Google Pay. The collaboration will allow customers to purchase SBI General’s health insurance plan directly through the Google Pay app. The partnership is in line with SBI General’s plan to expand its distribution of insurance solutions through digital channels. This, however, is Google Pay’s first such collaboration with an insurance provider in India. Google Pay users will now be able to purchase health insurance plans on the go on Google Pay Spot. Google Pay’s rival PhonePe already has an insurance offering on its platform, and the new collaboration could see fresh competition between the two payment platforms.
Speaking on the launch, SBI General Insurance’s MD and CEO Prakash Chandra said the collaboration has been done keeping in mind the market demand and needs. He said, “The pandemic has boosted the usage of digital platforms for various needs and at their expectations from financial solutions have also matured. This collaboration is yet another endeavour to address this growing need for health insurance, thereby, bring a larger number of people under the insurance fold.”
Currently, the Arogya Sanjeevni health insurance will be available on the Google Pay app, and users will be able to book both individual and family schemes of the plan. Since its establishment under the parentage of India’s largest public-sector lender State Bank of India in 2009, SBI General Insurance has grown from 11 branches in 2011 to 137 branches across India currently. The company claims to have nearly 8.7 crore customers to date.
In terms of distribution network, SBI General Insurance has over 2,000 branch networks, agents, digital partners and other financial OEDM. The company is currently present in the retail, corporate and SME segments. SBI General Insurance received a Gross Written Premium of Rs 8312 crore with a growth of 22 percent and a net profit growth of 32 percent in the 2020-21 financial year.