Indian conglomerate Reliance Industries’ subsidiary Jio Financial Services plans to enter insurance sector to offer life, general, and health insurance offerings, Fortune India reported.

The company’s chairman and managing director Mukesh Ambani made the announcement at its 46th annual general meeting.

Ambani said: “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.”

The latest announcement comes after JFS demerged from Reliance Strategic Investments on 25 July 2023. 

Predictive data analytics will be leveraged to jointly develop products in collaboration with partners to cater to client’s needs in a unique way.

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Reports say that the company is expected to deliver comprehensive insurance services beginning 2024. 

The prospective insurance products will be focused on offering client-centric benefits and incorporate advanced technologies. 

Blockchain-based platforms and central bank digital currencies (CBDCs) are also expected to be part of the product features, according to local media reports.