India could soon be the insurance hub for the SAARC countries, if the plans of JLT Independent Insurance Brokers fall into place.
The leading global insurance broking firm, which began its operation in India only recently, is planning to develop the country as a service hub for all countries that are a part of South Asian Association for Regional Cooperation.
“We are planning to have India as a service hub where all the SAARC countries will be serviced. This would include oil and gas and several other businesses,” said Sanjay Radhakrishnan, chief executive officer, JLT Independent.
In December 2014, JLT Independent announced the launch of its operations in India. JLT Independent marks Jardine Lloyd Thompson Group’s direct presence in India through a joint venture with Sunidhi Group, a leading Indian financial services group with over 100 branches across India.
JLT is one of world’s largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT is part of the Jardine Matheson group of companies, a $61 billion conglomerate, which has been in the insurance broking business since 1832.
In India, JLT Independent will offer expertise for sectors such as energy & marine, employee benefits, liability, credit & political risks, crisis management, aviation, re-insurance, construction and property.
Radhakrishnan explained that even niche areas like cyber-risk insurance have become crucial in India and they would offer such projects. He added that with activity beginning to be seen in the road and infrastructure projects and revival of existing ones, there will be renewed business opportunity here.
“With newer risks like data theft emerging, corporates are seeing the need for products to cover these risks. We will be able to provide an array of choice for their needs,” he said.
The specialist teams of JLT Independent will focus on those sectors where JLT has a distinctive level of knowledge and expertise to act as an intermediary with insurers and reinsurers and providing related risk management, analytical, advisory and other services.
JLT Independent also aims to introduce a scientific approach with proprietary tools and softwares for crisis management, reinsurance consultancy and natural catastrophe modelling that enhances its speciality offering.
Radhakrishnan believed that currently markets lack this speciality approach and JLT Independent will help to bridge this gap. He added that they are also looking to bring out innovative products for the retail space as well. JLT Independent is headquartered in Mumbai and is currently operating in Bangalore, Chennai, Delhi and Pune.