Berkshire Insurance started with a big marketing campaign in March this year, giving its retail customers, a chance to meet and interact with the legendary Warren Buffet in India. Berkshire India is a majority owned non-direct subsidiary of Berkshire Hathaway Inc incorporated in India. They are a licensed corporate agent of Bajaj Allianz General Insurance Company Limited and sell insurance products of Bajaj Allianz directly to customers through their website. Warren Buffett is the Chairman of Berkshire Hathaway.
The company initially started distribution of motor insurance viz car insurance and two wheeler insurance of Bajaj Allianz General Insurance Company, and has now expanded their product offering to include travel insurance as well. The travel insurance products are further classified into individual plan, family plan, student plan, corporate plan and senior citizen plan.
Depending on the age, number of days of travel, destination, and certain other factors, the premium rates will vary. The plan can be purchased directly through their website with minimum effort and the policies are issued instantly without any documentation.
Arun Balakrishnan, Chief Executive Officer of BerkshireInsurance.com said, “We are committed to offering to our customers comprehensive solutions to cover risks with the case of online platform. These travel insurance plans will cover most of the conditions and situations a traveler may encounter and will provide the advantage of instant access and support that come only with the online platform.”
“We are evaluating both health insurance and term life insurance. We are at present looking at the value that we can add. We decided to sell travel insurance because it is mainly an online sales-driven product. People want to purchase travel insurance instantly with ease and flexibility,” he added.
Berkshire Insurance floated their company with a clear objective of expanding their range of products over time to include other non-life and life insurance products.
