Page 7 - Insurance Times September 2021

The Insurance company pointed out worth Rs. 14,660 crore in FY22 till PhonePe forayed into the insurance
that the insurance policy in question date, against Rs. 14,680 crore during segment in January 2020 as a 'corpo-
was only an "Act Policy", which would the previous fiscal. Out of these claims rate agent' and has since launched of-
cover only the risk that might be con- received, Rs. 9,900 crore has been ferings across general insurance, term
fronted by a third party to the vehicle settled in FY22 till now as against Rs. insurance and health insurance.
and not its occupants. The coverage 7,900 crore in the whole of FY21, as The platform is India's leading digital
for an occupant of the vehicle could be per the report. payments platform with over 300 mil-
extended upon payment of additional Only select firms such as Star Health lion registered users. Using PhonePe,
premium by the owner of the car, the
and Niva Bupa (formerly Max Bupa) users can send and receive money, re-
insurance company contended. The posted a combined ratio below 100 in charge mobile, DTH, data cards, pay
judge passed this order, which would the June quarter which coincided with at stores, make utility payments, buy
go a long way in coming to the aid of gold and make investments.
devastating second wave of the pan-
lots of accident victims. He, however, demic in India while Bajaj Allanz Gen-
could not come to the rescue of the eral Insurance, ICICI Lombard, HDFC SBI General Insurance
claimants in this case, as the vehicle, Ergo and Care Halth all posted loss
in which their breadwinner was trav- ratios in excess of 100. launches its sonic brand
elling/driving, was covered only with identity
third-party insurance.
PhonePe gets IRDAI license SBI General Insurance (SBIG) today
launched its signature tune, thereby
General Insurers to re- to serve as direct insur-
establishing its sonic brand identity.
cover as Covid cases fall, ance broker The newly launched musical id is a de-
jabs rise Digital payments platform PhonePe lightful symphony that encapsulates
said on Monday it has been issued an modern and forward-looking attitude.
India’s normal insurance coverage sec-
insurance broking license from the In- The company’s musical id is envisaged
tor is about to regularly get well from
surance Regulatory and Development to create a deep and multisensory ex-
excessive loss ratios, which hit the sol-
vency margins of high gamers within Authority of India (IRDAI). perience for its customers and thereby
the first half of 2021, on the again of Last year, PhonePe entered insurtech amplify its key messaging of trust and
decreasing Covid-19 instances and el- sector with a limited insurance 'corpo- support. The music id will act as the
evated vaccinations, ICICI Securities rate agent' license which restricted the brand’s signature tune, thereby inte-
grating the tune in digital touch points.
has stated. company to partnering with only three This sonic tune is a celebration of SBIG’s
insurance companies per category.
“The heightened loss ratios and in flip new brand identity which was
decrease solvency for India’s well be- Now, with this new 'direct broking' li- launched last year.
ing insurers in Q4 FY21/Q1 FY22 are cense, PhonePe can distribute insur- Shefali Khalsa, Head – Brand & Corpo-
anticipated to normalise regularly with ance products from all insurance com-
rate Communication, SBI General Insur-
a reduction in Covid cases and in- panies in India.
ance shares, “Sound has great power
creased vaccinations (assuming there The new broking license also allows and can connect with people at a
are no recurring Covid waves)," as per PhonePe to start offering personalised deeper level. Our musical logo is de-
the report. product recommendations to its 300- signed to succinctly convey and reso-
The industry-which includes 25 general plus million users, and offering a much nate SBIG’s brand presence and under-
insurers and six standalone health in- more diverse portfolio of insurance line the brand promise of “Suraksha Aur
surance firms - have received 1.3 mil- products for Indian consumers. Bharosa Dono”. The sonic derived and
lion claims in FY22 on account of Gunjan Ghai, Vice President and Head launched is vibrant and energetic, indi-
coronavirus, of which 1.04 million have of Insurance, said this license is a big cating that SBI General as progressive.”
been settled as of July 18, according to milestone in the company's insurance SBI General having a strong founda-
the report. journey. "This move to broking will give tion with multiple milestones, this new
In terms of value, the insurance com- us further momentum and accelerate sonic identity will be another milestone
panies have received total claims our growth in this space." in the trajectory. T

The Insurance Times, September 2021 7