Money & Banking

Berkshire Hathaway to enter Indian insurance sector

Our Bureau Mumbai | Updated on March 02, 2011

US-based Berkshire Hathaway, a diversified holding company, on Wednesday announced its plans to enter the Indian insurance sector as a corporate agent of Bajaj Allianz General Insurance.

Berkshire India, a majority-owned unit of Berkshire Hathaway, has been incorporated for this purpose and will be selling and distributing general insurance products in India through the online distribution portal, said a statement from the company.

Berkshire India will focus on motor insurance, initially and sell its products directly via the online portal and through tele-marketing services. “Buying financial products directly over the Internet is a relatively new and growing opportunity in India. We will engage directly with the consumers using the online platform to provide insurance products efficiently. Building an easy to use Web site and offering a hassle-free way to buy insurance with superior customer service will be the core focus of the company,” said Mr Arun Balakrishnan, CEO, Berkshire India.

Subject to its products' reception in the market, the company plans to expand its services to health, life and travel insurance, and insurance on other personal lines as well, said the company statement.

Published on March 02, 2011

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