Europe’s largest insurance broker Jardine Lloyd Thompson (JLT) is set to launch its operations in India next month following an acquisition of stake in Sunidhi group’s Independent Insurance Brokers. This is the first investment by a global firm following the global financial crisis.
The joint venture has received the necessary government clearances. The company has appointed Sanjay Radhakrishnan, senior vicepresident at Bharti Axa General Insurance, as head of its Indian operations. Speaking to TOI, Radhakrishnan said that as a specialist broker JLT had unique products covering cyber insurance, political risks and covers in the renewable energy space.
One of the new products the company is looking at is a unique group health policy offered as part of its suite of employee benefit plans.“Typically , group health policies offer the same benefit for all employees. We have introduced a flexi benefit programme where the employee can choose the level of benefits. We help insurance companies in pricing this product,“ said Radhakrishnan.
Although this is the first time JLT is obtaining a broking licence in India, the firm has done business with Indian companies for nearly 25 years by helping obtain international reinsurance support for domestic policies.JLT also has a back-office in Powai, Mumbai, which it describes as a global knowledge hub where it employs close to 1,200 people.
In the first phase, the company will offer services in five cities -Mumbai, Delhi, Chennai, Bengaluru and Pune.
Source: The Times of India (Mumbai)
Date: 26th November,2014