Page 5 - Insurance Times December 2021

General Insurance

News

Ola Financial looks to ex- "We are excited to partner with Swiss ance of the company's mission to bring
Re for our insurance foray as a key stra- half a billion Indians into the main-
pand overseas insurance tegic investor. It is an important mile- stream economy," it said.
business stone in our financial services journey
of taking general insurance products to
Ola Financial Services (OFS), a subsid- SBI General Insurance ties
iary of Ola, is looking to expand its in- the masses. We look forward to gain- up with Google Pay
ing from Swiss Re's global insurance
surance business internationally to
capabilities and building innovative SBI General Insurance announced its
support the company's mobility service
products to tap into the Indian mar- technological collaboration with
through products designed for the UK
ket," said Paytm chairman Vijay Google Pay that will enable users to
and Australia and New Zealand (ANZ)
Shekhar Sharma. buy SBI General's health insurance on
markets, as per a regulatory filing.
In the scheme of arrangement, Rs. the Google Pay app.
"OFS successfully managed to control
397 crore will be paid upfront, and the "This is in line with SBI General's vision
its risk and limit its exposure to the
remaining in tranches. India's insur- to consistently expand its distribution
worsening credit environment by tak-
ance market presents a significant op- of general insurance solutions through
ing proactive steps to reduce risk,"
portunity, given the market's protec- digital channels," it said in a state-
ANI Technologies said in a regulatory
tion gap and under-penetration com- ment, adding that the collaboration
document filed with the Registrar of
pared to the global average. also marks Google Pay's first such alli-
Companies (RoC).
Gross written premium for non-life in- ance with an insurer in the country and
surance is expected to increase from will make health insurance available to
Swiss Re to pick up 23% in $27 billion as of FY21 to $50-60 billion customers.
Paytm Insuretech FY26, as per RedSeer data. Users will be able to buy both individual
Digital payments company Paytm an- Paytm, which offers payment services, and family plans under Arogya
nounced that its associate, Paytm commerce and cloud services, and fi- Sanjeevani policy through Google Pay
Insuretech Ltd (PIT), has entered into nancial services to 333 million consum- Spot.
a strategic partnership with Swiss Re. ers and over 21 million merchants, said
"The pandemic has boosted the usage
Swiss Re, a leading provider of reinsur- "Paytm Insuretech plans to leverage of digital platforms for various needs,
Paytm's customer base and merchant
ance, insurance and other forms of in- and expectations from financial solu-
ecosystem to develop innovative insur-
surance-based risk transfer, will invest tions have also matured. This collabo-
ance products and offer best-in-class
(by way of equity shares and compul- ration is yet another endeavor to ad-
solutions."
sorily convertible preference shares) dress this growing need for health in-
approximately Rs. 920 crore to buy "As part of Paytm's financial inclusion surance, thereby, bringing a larger
23% stake in Paytm Insuretech. offering, this partnership is in further- number of people under the insurance
The Insurance Times, December 2021 5