Reliance Agm, Mukesh Ambani made such an announcement in Reliance AGM that the tension of LIC increased
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Jio Financial Services was formed recently after the demerger of Reliance Industries. After which the listing was done in the Jio Financial Re stock market. Now a new service is about to be added to it. Through Jio Financial Services, people will be able to avail products related to life insurance, general insurance and health insurance. With the entry of Reliance into the insurance sector, the difficulties of all insurance companies including LIC are going to increase.
Reliance has strong data base. Jio is the largest telecom company in the country. In such a situation, this data is going to be very useful in the insurance sector. Insurance market leaders like Life Insurance of India, HDFC Life, ICICI Prudential are going to face tough competition. In the AGM, Mukesh Ambani said that using data analytics, he will create such products for the customers, which will be right for them. Not only this, Mukesh Ambani said that Jio Financial Services Limited will launch insurance products with the help of seamless digital interface in collaboration with global players. With this move of Jio, the tension of the already existing insurance companies in the market is going to increase. Reliance has a big business, it has a big customer base. In such a situation, by entering the insurance sector, he can create panic among the insurance companies. However, it is to the advantage of the customers. Reliance’s entry into the insurance sector will increase competition, which will benefit the customers.
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