Kotak joins hands with wearables maker GoQii for insurance customers

Kotak joins hands with wearables maker GoQii for insurance customers
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4 Mar, 2020

Kotak Mahindra General Insurance has announced a partnership with healthcare wearables maker GoQii Technologies to offer fitness trackers to its existing and new health insurance customers. 

The move, aimed to help monitor customer’s mobility and fitness pattern, will see GoQii assist customers by offering personal coaches, experts and doctors, a statement said on Tuesday.

The fitness trackers will measure customers' vitals such as step count, quality of sleep, and help them maintain a healthy lifestyle. 

"While we at Kotak General Insurance put a lot of emphasis on speedy claims settlement, we would like to now invest in our customers' wellbeing so that we can prevent them from having lifestyle diseases. As a part of this initiative, we are offering wearables to our customers that will encourage a healthy lifestyle," Mahesh Balasubramanian, managing director and CEO at Kotak Mahindra General Insurance said.

To promote and facilitate innovation in the insurance sector, Insurance Regulatory and Development Authority of India (IRDAI), in August 2019, introduced its sandbox regulations. The move is expected to increase insurance penetration in the country.

Government-backed departments have taken on the Sandbox trend in the recent past.

In a separate development, markets regulator Securities and Exchange Board of India (SEBI) said in February that it would allow live testing of new products, processes, services and business models as part of its regulatory sandbox model.