Jio Financial Services Ltd, the demerged financial services company of Reliance Industries Limited, will enter the insurance sector after it joins hands with BlackRock to set up an asset management business.

Reliance chairman Mukesh Ambani said JFSL will offer “simple, yet smart, life, general, and health insurance products’’.

The company will offer a digital interface to sell insurance, potentially partnering global players.

JFSL will use predictive data analytics to co-create products with partners and cater to customer requirements.

Ambani said the company will fill a critical gap in financial services mainly in the informal and underserved sectors in rural, semi-urban and urban areas.

JFSL will ramp up financial services penetration by transforming and modernising them with a digital-first approach that simplifies financial products, reduces cost of service and expands reach to citizens through easily accessible digital channels.

“JFSL plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative and intuitive products and services,” the RIL chairman said.