Berkshire India Plans to Sell Life, Health Insurance Products of Bajaj Allianz

Health or life insurance products of Indian private insurer Bajaj Allianz would be sold to retail customers by Berkshire India, through its online distribution portal BerkshireInsurance.com.

Health or life insurance products of Indian private insurer Bajaj Allianz would be sold to retail customers by Berkshire India, an arm of Warren Buffett-owned Berkshire Hathaway.

Through its online distribution portal BerkshireInsurance.com, the corporate agent of Bajaj Allianz namely Berkshire India is currently selling motor and travel insurance products.

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In 6 months time, they expect to launch one more product which would be either health insurance or term life product. Mr. Arun Balakrishnan, CEO of BerkshireInsurance.com said that they were focusing on those products which can be sold through direct channel.

The US conglomerate Berkshire Hathaway, had earlier this year forayed into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.

As part of its India entry, Berkshire India was incorporated by the American conglomerate to sell and distribute general insurance products in India.

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Many people worry about getting health insurance plans for pre-existing conditions and they believe that if they are suffering from a medical condition, they will simply be denied insurance coverage.

The company also provides market insights to it on processes concerning online sale of insurance products, besides marketing the products of Bajaj Allianz.

Mr. Arun Balakrishnan added that they saw a lot of potential in the online insurance space in India, as insurance products were being bought over the internet using online payment methods, by the younger generation.

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The IRDA have been approached by insurance companies for review of 22 pension products because they fear that they may not be conforming to the IRDA’s guidelines pertaining to assured returns.

Berkshire Hathaway has interest in various businesses, including property, casualty insurance and reinsurance, finance, manufacturing and retailing.

Source-Medindia

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