Jio Financial Services shares in focus after 50:50 reinsurance JV with Allianz
Jio Financial Services
Ltd (JFSL) are likely to be in focus on Monday after the company announced a 50:50 domestic
reinsurance joint venture
with
Allianz Group
. The binding agreement was signed through Allianz's subsidiary Allianz Europe B.V.
The agreement aims to serve India's growing insurance market by combining JFSL's local expertise with Allianz's global reinsurance and underwriting capabilities.
Explore courses from Top Institutes in
Select a Course Category
Healthcare
Others
Public Policy
Data Science
others
MCA
Artificial Intelligence
Cybersecurity
Data Analytics
Technology
Management
Degree
Design Thinking
MBA
Project Management
Operations Management
Finance
Leadership
CXO
Digital Marketing
PGDM
Product Management
Data Science
healthcare
Skills you'll gain:
Financial Analysis in Healthcare
Financial Management & Investing
Strategic Management in Healthcare
Process Design & Analysis
Duration:
12 Weeks
Indian School of Business
Certificate Program in Healthcare Management
Starts on
Jun 13, 2024
Get Details
The partnership will leverage JFSL's digital network and Allianz's existing India portfolios, along with its global experience in risk pricing, portfolio management, and reinsurance. Allianz Re has been active in India for over 25 years.
The JV intends to provide strong reinsurance capacity to insurers across India, helping them manage risks more effectively. It will also support India's goal of expanding insurance access under the national vision of 'Insurance for All by 2047.' Operations are expected to commence post regulatory approvals.
Additionally, JFSL and Allianz have entered into a non-binding agreement to explore forming joint ventures in general and life insurance businesses in India. The collaboration aims to deliver innovative insurance solutions by combining the strengths of both brands.
Live Events
'India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption. This partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customized reinsurance solutions to insurers. Aligned with the national goal of '
Insurance for All by 2047
', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian. We are excited to shape this transformative journey together,' said Isha M. Ambani, Non-executive Director, Jio Financial.
JFSL said its focus remains on digitally delivering financial solutions addressing the core needs of borrowing, investing, transacting, and protecting for every Indian. Allianz reaffirmed its commitment to India's long-term growth, citing the country's strong economy, rising middle class, and increasing demand for insurance products as key drivers for future value creation.
On Friday,
Jio Financial Services shares
closed flat with a negative bias at Rs 316.70 on the BSE.
Also read:
Is RIL's strong profit growth sustainable amid rising capital expenditure?
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scroll.in
26 minutes ago
- Scroll.in
As young Indians turn to AI ‘therapists', how confidential is their data?
This is the second of a two-part series. Read the first here. Imagine a stranger getting hold of a mental health therapist's private notes – and then selling that information to deliver tailored advertisements to their clients. That's practically what many mental healthcare apps might be doing. Young Indians are increasingly turning to apps and artificial intelligence-driven tools to address their mental health challenges – but have limited awareness about how these digital tools process user data. In January, the Centre for Internet and Society published a study based on 45 mental health apps – 28 from India and 17 from abroad – and found that 80% gathered user health data that they used for advertising and shared with third-party service providers. An overwhelming number of these apps, 87%, shared the data with law enforcement and regulatory bodies. The first article in this series had reported that some of these apps are especially popular with young Indian users, who rely on them for quick and easy access to therapy and mental healthcare support. Users had also told Scroll that they turned to AI-driven technology, such as ChatGPT, to discuss their feelings and get advice, however limited this may be compared to interacting with a human therapist. But they were not especially worried about data misuse. Keshav*, 21, reflected a common sentiment among those Scroll interviewed: 'Who cares? My personal data is already out there.' The functioning of Large Language Models, such as ChatGPT, is already under scrutiny. LLMs are 'trained' on vast amounts of data, either from the internet or provided by its trainers, to simulate human learning, problem solving and decision making. Sam Altman, CEO of OpenAI that built ChatGPT, said on a podcast in July that though users talk about personal matters with the chatbot, there are no legal safeguards protecting that information. 'People use it – young people, especially, use it – as a therapist, a life coach; having these relationship problems and [asking] what should I do?' he asked. 'And right now, if you talk to a therapist or a lawyer or a doctor about those problems, there's legal privilege for it. There's doctor-patient confidentiality, there's legal confidentiality, whatever. And we haven't figured that out yet for when you talk to ChatGPT.' Play He added: 'So if you go talk to ChatGPT about your most sensitive stuff and then there's like a lawsuit or whatever, we could be required to produce that, and I think that's very screwed up.' Therapists and experts said the ease of access of AI-driven mental health tools should not sideline privacy concerns. Clinical psychologist Rhea Thimaiah, who works at Kaha Mind, a collective that provides mental health services, emphasised that confidentiality is an essential part of the process of therapy. 'The therapeutic relationship is built on trust and any compromise in data security can very possibly impact a client's sense of safety and willingness to engage,' she said. 'Clients have a right to know how their information is being stored, who has access, and what protections are in place.' This is more than mere data – it is someone's memories, trauma and identity, Thimaiah said. 'If we're going to bring AI into this space, then privacy shouldn't be optional, it should be fundamental.' Srishti Srivastava, founder of AI-driven mental health app Infiheal, said that her firm collects user data to train its AI bot, but users can access the app even without signing up and also ask for their data to be deleted. Dhruv Garg, a tech policy lawyer at Indian Governance and Policy Project, said the risk lies not just in apps collecting data but in the potential downstream uses of that information. 'Even if it's not happening now, an AI platform in the future could start using your data to serve targeted ads or generate insights – commercial, political, or otherwise – based on your past queries,' said Garg. 'Current privacy protections, though adequate for now, may not be equipped to deal with each new future scenario.' India's data protection law For now, personal data processed by chatbots is governed by the Information Technology Act framework and Sensitive Personal Data Rules, 2011. Section 5 of the sensitive data rules says that companies must obtain consent in writing before collecting or using sensitive information. According to the rules, information relating to health and mental health conditions are considered sensitive data. There are also specialised sectoral data protection rules that apply to regulated entities like hospitals. The Digital Personal Data Protection Act, passed by Parliament in 2023, is expected to be notified soon. But it exempts publicly available personal data from its ambit if this information has voluntarily been disclosed by an individual. Given the black market of data intermediaries that publish large volumes of personal information, it is difficult to tell what personal data in the public domain has been made available 'voluntarily'. The new data protection act does not have different regulatory standards for specific categories of personal data – financial, professional, or health-related, Garg said. This means that health data collected by AI tools in India will not be treated with special sensitivity under this framework. 'For instance, if you search for symptoms on Google or visit WebMD, Google isn't held to a higher standard of liability just because the content relates to health,' said Garg. WebMD provides health and medical information. It might be different for AI tools explicitly designed for mental healthcare – unlike general-purpose models like ChatGPT. These, according to Garg, 'could be made subject to more specific sectoral regulations in the future'. However, the very logic on which AI chatbots function – where it responds based on user data and inputs – could itself be a privacy risk. Nidhi Singh, a senior research analyst and programme manager at Carnegie India, an American think tank, said she has concerns about how tools like ChatGPT customise responses and remember user history – even though users may appreciate those functions. Singh said India's new data protection is quite clear that any data made publicly available by putting it on the internet is no longer considered personal data. 'It is unclear how this will apply to your conversations with ChatGPT,' she said. Without specific legal protections, there's no telling how an AI-driven tool will use the data it has gathered. According to Singh, without a specific rule designating conversations with generative AI as an exception, it is likely that a user's interactions with these AI systems won't be treated as personal data and consequently will not fall under the purview of the act. Who takes legal responsibility? Technology firms have tried hard to evade legal liability for harm. In Florida, a lawsuit by a mother has alleged that her 14-year-old son died by suicide after becoming deeply entangled in an 'emotionally and sexually abusive relationship' with a chatbot. In case of misdiagnosis or harmful advice from an AI tool, legal responsibility is likely to be analysed in court, said Garg. 'The developers may argue that the model is general-purpose, trained on large datasets, and not supervised by a human in real-time,' said Garg. 'Some parallels may be drawn with search engines – if someone acts on bad advice from search results, the responsibility doesn't fall on the search engine, but on the user.' Highlighting the urgent need for a conversation on sector-specific liability frameworks, Garg said that for now, the legal liability of AI developers will have to be assessed on a case-to-case basis. 'Courts may examine whether proper disclaimers and user agreements were in place,' he said. In another case, Air Canada was ordered to pay compensation to a customer who was misled by its chatbot regarding bereavement fares. The airline had argued that the chatbot was a ' separate legal entity ' and therefore responsible for its own actions. Singh of Carnegie India said that transparency is important and that user consent should be meaningful. 'You don't need to explain the model's source code, but you do need to explain its limitations and what it aims to do,' she said. 'That way, people can genuinely understand it, even if they don't grasp every technical step.' AI, meanwhile, is here for the long haul. Until India can expand its capacity to offer mental health services to everyone, Singh said AI will inevitably fill that void. 'The use of AI will only increase as Indic language LLMs are being built, further expanding its potential to address the mental health therapy gap,' she said.
Hans India
26 minutes ago
- Hans India
Modi's Swadeshi push amid global uncertainty
Varanasi: Prime Minister Narendra Modi onSaturday called on citizens to adopt the spirit of "Swadeshi" and support locally-made products, stressing that true service to the nation lies in promoting indigenous goods, especially amid "global economic uncertainties". Addressing a public meeting in his parliamentary constituency Varanasi, Modi said, "As we talk about economic progress, I want to draw your attention to the current global scenario. "The world economy is facing instability and uncertainty. In such times, countries are focusing solely on their own interests. India, too, is on the path to becoming the world's third-largest economy and must remain alert to its own economic priorities." The Prime Minister's renewed push for 'Swadeshi' (indigenous) comes amid the US announcing tariffs on exports from about 70 nations, including India. According to the White House order, India now faces tariffs of 25 per cent for its exports to the US. Emphasising that farmers, small industries and employment for youths are the top-most priorities for the government, Modi said, "The government is doing everything possible in this direction. But as citizens, we too have responsibilities." Calling for a national movement to support local products, the Prime Minister said, "This is not just about Modi saying it, every Indian should say this -- if we want India to become the third-largest economy, every political party and every leader, keeping aside their hesitations, must work in the nation's interest and awaken the spirit of Swadeshi among the people." He also urged people to be conscious consumers, saying, "Whatever we buy, we should ask ourselves -- has an Indian toiled to make this? If it has been made by the sweat of our people, with their skills, that product is Swadeshi for us. We must adopt the mantra of 'Vocal for Local'." Making a special appeal to traders and shopkeepers, the Prime Minister said, "At a time when the world is going through uncertainty, let us take a pledge to sell only Swadeshi goods from our shops and markets. Promoting made in India goods will be the truest service to the country." With the festival and wedding seasons approaching, the prime minister encouraged people to ensure that all new purchases are made in India. He recalled how many citizens who were planning to hold wedding events abroad shifted them to India after his earlier appeal. "The feeling of Swadeshi in every action will define our future. This will also be a true tribute to Mahatma Gandhi. Only through collective effort can we fulfil the dream of a developed India," Modi said. The prime minister was addressing a massive public gathering on Saturday in Banauli village, Sevapuri, Varanasi. During his one-day visit to the city, he inaugurated and laid the foundation stone for 52 projects worth around Rs 2,200 crore. He also transferred Rs 20,500 crore directly into the bank accounts of over 9.70 crore farmers under the 20th installment of the PM-KISAN Samman Nidhi scheme. A short film showcasing the success and impact of the scheme on farmers was also screened during the event. The PM highlighted the government's farmer-centric policies in detail. He said the government is constantly working for the well-being of farmers. Under previous governments, promises made in the name of farmers were rarely fulfilled, but the BJP government delivers what it promises, he said. He cited the PM-KISAN Samman Nidhi as proof of the government's firm commitment and recalled how opposition parties like the Samajwadi Party and Congress had spread rumours in 2019, claiming the scheme would stop after elections or the money would be taken back. "Has a single installment stopped over the years? The PM-KISAN scheme is running without any break," he said. Presenting data, he shared that nearly Rs 3.75 lakh crore has been transferred directly to farmers' accounts so far. In Uttar Pradesh alone, 2.5 crore farmers have received over Rs 90,000 crore, while farmers from Kashi have got Rs 900 crore. Modi emphasised the transparency of the scheme, saying there are no cuts, commissions or middlemen. "We have created a permanent system where there's no leakage and no one can steal the rights of the poor," he added. Referring to his development mantra, "the more backward someone is, the higher the priority", the PM spoke about the newly approved PM Dhan Dhanya Agriculture Scheme, which will focus on underdeveloped districts with lower crop production and income.
Hindustan Times
26 minutes ago
- Hindustan Times
‘It's worse in the US': American woman explains why Indian education is more affordable
An American woman who has been living in India for the past four years has sparked an online discussion after sharing a detailed comparison highlighting the cost differences between education in India and the United States. Kristen Fischer, who regularly posts on Instagram, shared a video in which she expressed her surprise at how frequently people question her claim that India offers significantly more affordable education. An American woman compared education costs in India and the US.(Instagram/kristenfischer3) (Also read: 'No place is perfect': US woman in India shares what she admires and dislikes about life here) Breaking down the numbers In the video, Fischer stated, "I'm actually surprised that people have doubts when I bring up the fact that India has low-cost education. So, let's break it down, shall we?" She went on to explain that even after accounting for the salary differences between the two countries, India remains significantly more affordable in terms of education. "In India, the median annual salary is 3.3 lakh, and in the US, it's 41 lakh. Public college tuition in India ranges from 10,000 to 50,000 rupees per year, which is about 3 to 15 percent of the annual salary. But in the US, public college tuition ranges between 10 to 26 lakh per year, which accounts for 23 to 63 percent of the annual income," she added. She concluded by saying, "Education is just crazy expensive in America. That's why most people can't afford to pay for college on their own and have to take out loans. Looking at these two numbers, it's easy to see that education really is lower cost in India. " Caption adds more perspective The caption accompanying the video read, 'India has very affordable education and here is why. I have only used one example here and that is public college tuition. But honestly, all forms of education are far cheaper in India compared to the USA.' She continued, 'I am surprised when people give me pushback when I say that education in India is low-cost. The cost of a college education in America has gotten out of hand recently. It is nearly impossible to go through college without a loan anymore. India makes education more affordable and therefore, more may think college is expensive in India. But trust me, it is worse in the USA.' Take a look here at the video: Social media reacts The clip has garnered more than 47k views and prompted a flurry of reactions from users, many of whom appreciated Fischer's balanced perspective. One user commented, 'Mam you are showing good things about India, thank you so much. In international countries nobody talks about good things, they just see fake or wrong roadside food videos and assume that's India.' Another wrote, 'You're absolutely right.' A user added, 'Thank you for explaining this. The world wouldn't believe it if an Indian said it, but when it comes from you, it speaks volumes and densities.' Another shared, 'Kristen, your explanation is a game-changer for many students.'
