WhatsApp is expected to move into a range of services in India within 2021 – including health insurance and pension products.
According to the head of WhatsApp India, Abhijit Bose, the messaging platform is to partner with SBI General to launch health insurance services and HDFC to offer National Pension Scheme (NPS) products soon.
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Bose was speaking at Facebook’s Fuel for India 2020 earlier this month when he talked about WhatsApp’s expansion into health insurance and pension products; it has already been piloting services for several months, but may even make them available by the end of the year.
“The ability for people to get insurance covers – life and health – can protect the financial security of households from unforeseen expenses especially during the pandemic,” he explained.
WhatsApp’s strategy is to scale micro-pensions and health insurance products across the country, giving every Indian access to them, “regardless of location and income.” To make this possible, Bose says that WhatsApp has been working with several licensed financial services companies.
India is WhatsApp’s largest market in terms of users, and the company has a lot planned for the country, including not only the further expansion of WhatsApp Pay, but the offering of industry-specific solutions, in trade and education, social welfare, and even agriculture.