Berkshire plans to sell life, health insurance products of Bajaj Allianz

NEW DELHI: Berkshire India, an arm of Warren Buffett-owned Berkshire Hathaway, today said it plans to sell either health or life insurance products of Bajaj Allianz to retail customers.

Berkshire India, which is a corporate agent of Bajaj Allianz, currently sells motor and travel insurance products online through its distribution portal BerkshireInsurance.com.

"In six months time, we expect to launch one more product which would be either health insurance or term life product. We are focusing on those products which can be sold through direct channel," BerkshireInsurance.com CEO Arun Balakrishnan told PTI.

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, the American conglomerate has incorporated a company Berkshire India to sell and distribute general insurance products in India.

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

"We see a lot of potential in the online insurance space in India, as the younger generation is willing to buy insurance products over the internet using online payment methods," he added.

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