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Jio Fin to enter insurance, plans global tie-ups
Mint Mumbai
|August 29, 2023
Jio Financial Services Ltd (JFSL) is set to launch a slew of insurance products, possibly in partnership with global companies, Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani said on Monday.
“JFSL 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 at RIL’s virtual annual general meeting.
Although Jio Financial has been seen as a disruptor in the financial-services space given Reliance Jio Infocomm Ltd’s runaway success in telecom, many believe it wouldn’t be easy to replicate that success in insurance and other financial-sector products. That is because the financial-services space is more tightly regulated and established entities such as banks, non-banks and insurance firms have built their businesses over years.
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