Berkshire India to sell Bajaj Allianz products

KOLKATA: Billionnaire investor Warren Buffett's Berkshire Hathaway will enter India's insurance turf as a corporate agent for Bajaj Allianz General Insurance (BAGI), the company said in a statement on Wednesday.

Berkshire India, which is a Berkshire Hathaway subsidiary, will sell and distribute general insurance products through its online distribution portal and a telemarketing channel on behalf of BAGI. It will initially focus on the motor insurance space.

Berkshire India plans to offer top-of-the-line services at attractive rates in distributing insurance products. If the market is receptive, it will try to expand its product portfolio to include health insurance, life and travel insurance and other personal lines as well.

"We've been tracking the Indian insurance turf for years and are thrilled about the emerging retail insurance opportunity. Berkshire Hathaway has a successful online and direct distribution model in the US and as corporate agent of Bajaj Allianz, it would like to replicate that success in India," Kara Raiguel, Berkshire India director, said in a statement.

Berkshire India CEO Arun Balakrishnan said: "Buying financial products directly over the internet is a relatively new and growing opportunity in India. We will engage directly with consumers using the online platform to provide insurance products efficiently. Building an easy to use website and offering a hassle-free way to buy insurance with superior customer service will be the company's core focus. Bajaj Allianz and Berkshire India share a common goal of providing exemplary customer service."