With the commitment to provide value to their customers by understanding their insurance needs and risk profile, Mahindra Insurance Brokers Ltd. (MIBL) delivers innovative and cost effective insurance solution. Mahindra Insurance Brokers Ltd., a subsidiary company of Mahindra and Mahindra Financial Services Ltd. (Mahindra Finance), is a one-stop shop for a customer’s varied insurance needs.
MIBL was granted a Direct Brokers License in May 2004 from the Insurance Regulatory and Development Authority of India (IRDAI). The company spread its wings and upgraded its license to a Composite Broker License in September 2011, thus foraying into Reinsurance Broking business along with Direct Broking. Through its Direct Broking, MIBL primarily services the rural and semi-urban markets in India with more than 400+ branches and has business relations with insurers and reinsurers in over 40 countries for its Reinsurance broking business.
Since their inception, MIBL has served over 10 million retail customers and spread across 2 lakhs villages. The Company provides direct insurance broking for Corporate, SME, and Retail customers and offers a range of products for the Non-Life and Life insurance segments. In addition, MIBL also offers value-added services like Insurance Diagnostics, Risk Management and Claims Assistance.
Standing Different from the others
MIBL offers services to its customers through B2C as well as B2B business models. In B2C, they serve retail customers for individual needs related to health, life and motor. On the other hand, through B2B business model, they cater to corporate and SMEs for their group health and asset insurance requirements.
In B2C (Retail), MIBL has a philosophy of designing innovative solutions for the rural market which is often neglected. MIBL has developed several innovative solutions like Mahindra Loan Suraksha (MLS) and Mahindra Arogya Suraksha (MAS), specially designed to adapt to the prevailing conditions in the rural and semi-urban areas and provide them comprehensive coverage for their lifecycle needs.
MLS is a customised, innovative insurance solution offered to Mahindra Finance vehicle and tractor loan customers, through which, in the unfortunate event of the customer’s death, the outstanding loan amount is waived off and the vehicle or tractor can be retained by the customer’s family. MIBL co-created this unique solution along with Mahindra Finance and an insurance company, with a focus on customer-centricity. To facilitate the process of claim settlement for the customer’s family, MIBL evolved innovative practices along with insurance companies to facilitate faster and hassle-free claims.
In B2B (Corporate Solutions), MIBL caters to 1000+ Corporates and SMEs and insures their employees and physical assets. MIBL also offers value-added services like Risk Management/Audit which include risk inspection and gap analysis, and portfolio management which includes claims consulting.
Through its Reinsurance vertical, MIBL caters to insurers and reinsurers in 40+ countries. Reinsurance broking product is used by insurance companies to transfer their portfolio risks to reinsurers, protecting the insurer’s balance sheets and enabling continuity of business operations. The Reinsurance Broking team uses its international domain knowledge and expertise to provide innovative and customized solutions to insurance companies, nurturing long term business relationships and expanding the company’s industry network.
The Thought-leader in transforming the Insurance Industry
Dr. Jaideep Devare is Founding Member and Managing Director of Mahindra Insurance Brokers Ltd. He joined Mahindra & Mahindra Ltd. in 1992, and has been involved in various assignments across different businesses of the Mahindra Group. In 2002, he was appointed as Head – New Initiatives at Mahindra & Mahindra Financial Services Ltd. (MMFSL),a subsidiary of M&M. After successfully setting up the insurance distribution business at MMFSL, he played a key role in forming the insurance broking company, Mahindra Insurance Brokers Ltd. (MIBL) which commenced operations in 2004 and was subsequently he was appointed as the managing director of MIBL in 2009.
At MIBL, Jaideep has conceptualized and built a sustainable business model to deliver the benefits of insurance to millions in rural India. Under his leadership, the gross premium generated by MIBL in F2017-18 was INR 20.49 Billion with a compounded annual growth rate of over 40% since its inception. MIBL have served over 10 million retail customer cases since May 2004 till date.
With the aim of driving positive change, Jaideep has contributed significantly to promote insurance awareness. Jaideep earlier served as a member on the Life Insurance & Pensions Committee of the Bombay Chamber of Commerce and Industry (BCCI) from F2004 to F2006 and as a member of the Managing Committee of the BCCI for the year F2016. He is currently a member of the Insurance Institute of India’s (III) Committee on Research Grants. He has been awarded with Asia Pacific Entrepreneurship Award for 2017.
The Pioneer believes in turning Challenges into Opportunities
The Insurance industry has seen dynamic changes in recent times due to introduction of new IRDAI regulations, change in consumer behaviour, increase in competition and adoption of technology in the sector. According to MIBL, new players are disrupting the industry with their simple offerings and innovative products.
IRDAI introduced Motor Insurance Service Provider (MISP) as new class of intermediaries which changed the distribution model for motor insurance. As a result, the industry’s commission structure has undergone a change. Hence, MIBL is planning for innovative business models like Pay-as-you-can where network of large service providers like telecom companies, banking institutions can be leveraged for distributing affordable and need-based insurance solutions.
The recent Point of Sale Person (POSP) regulations by IRDAI provide a new opportunity for insurers and brokers to sell basic insurance policies through individuals. MIBL is planning to leverage Mahindra ecosystem as well as open market for enrolment of individuals as POSP. This would help in reducing manpower cost and expand penetration in the market.
Experts Insights in Future of Insuretech
Technical innovations are increasingly playing an important role for determining growth of insurance industry. Wearable & Artificial intelligence helps in real time tracking of the customers, their lifestyle, habits and patterns to customise offerings. Preventive health care leads to lower claims. Advanced analytics is expected to play an important role in insurance. Predictive and optimization models are being adopted in business processes such as sales, marketing, and service. New sources of external data, new tools for underwriting risk, and behaviour-influencing data monitoring are the key developments that are shaping up as game changers Innovations in analytics modelling will also enable carriers to underwrite many other emerging risks that are underinsured, including those related to cyber security and industry-wide business interruption stemming from natural disasters.
MIBL is currently working on predictive analytics model to understand customer lifecycle better and bring them products that suit their needs.
Mahindra Insurance Brokers Ltd.: Providing Improved Customer Satisfaction, Innovative Solutions and Redefining Productivity in the Insurance Industry
