Jio Financial Services will enter the insurance segment to offer life, general and health insurance products, said Mukesh Ambani, Chairman of Reliance Industries.
“Jio Financial Services will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players,” Ambani said in his address to shareholders at Reliance Industries’ Annual General Meeting (AGM) on Monday.
JFS will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way, Ambani added.
Jio Financial Services was listed on stock exchanges on August 21 after being demerged from its incubator Reliance Industries.
Read Reliance AGM 2023 Updates here
“For tens of thousands of SMEs, merchants, and self-employed entrepreneurs, ease of doing business must mean ease in borrowing, investments, and payment solutions. JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services,” Ambani said.
In payments, JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times, he added.
Also Read: Reliance AGM 2023: Key highlights from RIL Chairman Mukesh Ambani’s speech to shareholders
Jio Financial Services had earlier announced a partnership with Blackrock to enter the asset management industry.
Larry Fink, Chairman & CEO of BlackRock said that the partnership aims to transform India’s asset management industry.
“Jio Financial Services brings digital infrastructure capabilities and local market knowledge, and BlackRock brings global investment and risk management expertise. Together, we will aim to transform India’s asset management industry through a digital-first offering and democratise access to affordable, innovative investment solutions for millions of investors in India,” Fink said.
Meanwhile, Jio Financial Services share price has been under selling pressure since its listing weighed down by institutional selling.
On Monday, Jio Financial Services shares ended 0.28% lower at ₹211.65 apiece on the BSE.
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Updated: 28 Aug 2023, 04:46 PM IST
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