A branch of Berkshire Hathaway – a firm owned by Warren Buffet – called Berkshire India has announced that it will be selling either Bajaj Allianz life or health insurance products to consumers in India.
Bajaj Allianz corporate agent, Berkshire India is already providing retail customers with online travel and auto insurance products through its distribution website. However, according to Arun Balakrishnan, the CEO of BerkshireInsurance.com, within the upcoming six months, the insurer plans “to launch one more product which would be either health insurance or term life product.” Their main focus will be on the products that they will be able to sell directly.
Berkshire Hathaway, an American conglomerate, made its first steps into the non-life insurance sector in India as a Bajaj Allianz General corporate agent. One of the elements of the company’s entry into the country was the incorporation of Berkshire India for the sale and distribution of general insurance products within that nation.
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Balakrishnan explained that they have identified a significant amount of potential for selling insurance online in India, since the country’s youth are using the internet to make more types of purchases – such as insurance policies.
The Berkshire Hathaway conglomerate has already made a number of different investments into several types of businesses, such as casualty insurance, reinsurance, property insurance, but also other areas and industries such as retailing, manufacturing, and finance. This new addition of either health insurance or life insurance will be only the latest move into the Indian environment.