JIO Insurance: Jio to offer insurance, and other financial services


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JIO Insurance: Jio to offer insurance, and other financial services

Reliance Jio’s financial division, Jio Financial Services, plans to offer insurance products, including life, general and health insurance, said Reliance Industries chairman and managing director Mukesh Ambani during the 46th Annual General Meeting.
The company plans to enter the sector in partnership with global players. Jio Financial Services will use predictive data analytics to co-create products, delivering to unique customer requirements.
“JFS 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,” said Ambani. “It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way.”
The company said that JFS is consolidating its infrastructure to offer a universal platform for both consumers and merchants. This will drive the adoption of digital payments in India.
JFS aims to surpass current industry standards by offering innovative 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,” said Ambani.
Jio Financial Services plans to expand into merchant lending and its planned wealth management service in partnership with BlackRock.
“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,” he said.
Reliance is internally testing a sound box powered by Jio Pay with employees at some of its stores on its campus. It is unclear when the device will be publicly launched, and the company did not respond to a request for comment.
“Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses,” Ambani said to shareholders. Reliance has capitalised Jio Financial Services with a net worth of INR 1,20,000 crore.

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