Reliance AGM: Jio Financial Services to enter insurance sector, announces Mukesh Ambani
Jio Financial Services will enter the insurance sector, said Mukesh Ambani at Reliance's 46th annual general meeting (AGM) on Monday.
"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. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way," said the Reliance Chairman.
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.
Mukesh Ambani talked about the joint venture of Jio Financial Services with US-based BlackRock, the world’s largest asset manager.
«BlackRock is the world’s largest asset management company, managing assets worth over USD 11 trillion with a stellar reputation and track record.
The JV will synergise the respective strengths of JFS and BlackRock to deliver tech-enabled, affordable and innovative investment solutions,» he said.
He then invited Larry Fink, Chairman & CEO of BlackRock to share his vision on the partnership.
«We see enormous potential for growth in the country’s asset management industry. We see growing financialization and a shift from unmanaged and physical assets to saving and investing, and we expect this to increase as per capita GDP continues to rise and technology advances digital inclusion,» said the BlackRock CEO.
He said, over the past 15 years, BlackRock’s presence in India has grown to thousands of employees across offices in Mumbai, Gurgaon, and Bangalore, whose skills span investments, operations, analytics and modelling, digital marketing,
