This week in insurance: Policybazaar rolls out online home loan cover, Allianz reshapes India presence, HSBC reviews Singapore life business

Sun Life Philippines also named its new CEO and country head.

The insurance sector saw a wave of strategic activity from 12 to 16 January, including new digital product launches, major stake sales and reviews, leadership transitions, and partnerships spanning embedded insurance offerings.

Policybazaar has launched an online home loan insurance product in India, positioning it as a lower-cost and more flexible alternative to traditional offline home loan insurance, which is often bundled with loans.

The company said online home loan insurance can be up to 72% cheaper than offline options over a 20-year loan tenure, mainly due to direct-to-customer pricing and zero goods and services tax (GST). Offline home loan insurance typically attracts 18% GST.

Also, Japanese multinational electronics conglomerate Sony has partnered with insurtech bolttech to launch an embedded protection programme.

The My Sony Care+ offers extended warranty and complimentary accidental and liquid damage cover for its devices, with Tokio Marine supporting the programme.

In the transactional side of business, Allianz SE has completed the sale of 23% of its shares in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company to the Bajaj Promoter Group for a gross consideration of about $2.5b (€2.1b).

The German insurer said it expects to complete the sale of its remaining 3% stake by the second quarter of 2026. The partnership between Allianz and Bajaj began in 2001. Allianz said its ability to operate in the Indian market had remained limited due to its minority shareholding in the joint ventures.

HSBC Holdings plc has launched a strategic review of its insurance manufacturing business in Singapore, HSBC Life (Singapore) Pte Ltd.

The review will cover only HSBC Life Singapore and will consider all options for the business. “No decisions” have been made at this stage, the bank said in a news release today.

HSBC said Singapore remains a priority market and that it will continue to grow its wealth and wholesale banking businesses. 

Meanwhile, in structural shifts, Sun Life said Benedict Sison will retire as Chief Executive Officer and Country Head for the Philippines, with Jonathan Juan Moreno set to take over the role on 1 April 2026.

To support the transition, Sison will remain as strategic advisor and chairman of Sun Life Philippines Holding Company and the Sun Life Foundation until 31 December 2026.