During Reliance Industries’ 46th Annual General Meeting, chairman Mukesh Ambani announced that Jio Financial Services, the financial division of Reliance Jio, has plans to offer insurance products, including life, general, and health insurance. The company aims to enter the insurance sector through partnerships with global players and will utilize predictive data analytics to co-create products tailored to meet unique customer requirements.
Ambani explained, “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.”
Jio Financial Services is in the process of consolidating its infrastructure to provide a universal platform for both consumers and merchants. This move aims to drive the adoption of digital payments in India. Additionally, the company plans to surpass current industry standards by offering innovative features such as blockchain-based platforms and Central Bank Digital Currencies (CBDCs) ensuring the highest level of security, regulatory compliance, and protection of customer transaction data.
In addition to insurance services, Jio Financial Services intends to expand into merchant lending and launch a wealth management service in partnership with BlackRock. These developments are part of JFS’s broader ambition to democratize financial services for the 1.42 billion Indians, providing them with access to simple, affordable, innovative, and intuitive products and services.
Reliance is currently internally testing a sound box that is powered by Jio Pay, their digital payment platform. The device is being trialed with employees at some of their stores on the company’s campus. However, it is unclear when the sound box will be available to the public, and Reliance did not respond to requests for further comment on the matter.
Ambani concluded by stating, “Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses.” Reliance has capitalized Jio Financial Services with a net worth of INR 1,20,000 crore.
