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Jio Financial Services to foray into insurance segment

Jio Financial Services aims to provide products across all categories of the insurance segment.

Jio Financial Services to foray into insurance segment

Monday August 28, 2023 , 2 min Read

Key Takeaways

  • Jio's subscriber base has crossed 450 million while Jio Fiber has crossed 10 million subscribers.
  • Jio’s optical fibre infrastructure spans over 1.5 million km across India.
  • JioAirFiber to be launched on September 19. To create 2000 MW of AI-ready computing capacity.

Reliance Industries has lined up ambitious plans with the recently listed Jio Financial Services (JFS) as it looks to enter into the insurance segment while also leveraging blockchain-based platforms and central bank digital currency (CBDC).

Addressing the 46th Annual General Meeting of Reliance Industries Limited, Chairman Mukesh 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.”

JFS was demerged from Reliance Industries on August 21 and will be leading the group’s foray into financial services.

According to Ambani, JFS was conceptualised to fill a critical gap in the financial services needs of a large section of the Indian economy, mainly in the informal and underserved sectors in rural, semi-urban, and urban areas.

In the payments space, JFS is expected to consolidate its payments infrastructure with offerings for both consumers and merchants, and leverage blockchain-based platforms and CBDC.

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Reliance Jio, the communication and digital services business of Reliance Industries is expected to massive expansion of its network and newer offerings. To provide the last mile fibre connectivity, the company will be launching JioAirFiber

“Through optical fibre, we can currently connect around 15,000 premises daily. But with JioAirFiber, we can supercharge this expansion with up to 150,000 connections per day which is a 10-fold increase, expanding our addressable market over the next three years to over 200 million high-paying homes and premises,” Ambani said.

JioAirFiber will use the company's pan-India 5G network and advanced wireless technologies to bypass the need for last-mile fibre.

According to Reliance, Jio’s overall customer base has now crossed 450 million subscribers, reflecting a year-on-year revenue growth of over 20%. Per-user data consumption on Jio’s network has also surged, with the average user now consuming over 25 GB every month. This translates to a monthly data traffic of 1,100 crore GB, representing a 45% year-on-year growth.

On the advancement of artificial intelligence (AI) and its related technologies, Ambani said, “Looking ahead, Jio Platforms wants to lead the effort in developing India-specific AI models and AI-powered solutions across domains, thereby delivering the benefit of AI to Indian citizens, businesses and government alike.”

The Reliance Chairman noted as the demand for newer technologies rises, the company is looking to create up to 2,000 MW of AI-ready computing capacity across both Cloud and Edge locations.

Edited by Kanishk Singh