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Reliance insurance foray only after settling oil, telecom push

BS Corporate Bureau in Mumbai

Reliance Industries Ltd will roll out its life insurance venture only after it has settled down with its retail oil marketing and telecom businesses.

RIL Chairman Mukesh Ambani outlined a strategy where the group's financial services foray will ride on the customer base generated from its oil marketing and telecom businesses.

"Once we have the fuel and telecom customers are hooked to our network and the Reliance brand is established in the retail populace, technology allows us to cross sell insurance products to them at no extra cost," he said.

Leveraging an existing customer base will obviate the costs of setting up a life insurance distribution and servicing network. Though Ambani refused to comment on the specific plans on insurance, he said both the general and life insurance companies are on target to becoming the most aggressive players in their respective fields.

Far from being put on the back burner, the life insurance project is being readied for a nation-wide launch at an appropriate time, Reliance group officials said.

The Reliance group has interest in the general insurance business, though Reliance General Insurance Company Ltd, and in the life insurance business through Reliance Life Insurance Company.

Both these companies are owned through Reliance Capital. RIL has no plans to take a foreign partner in either company.

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