Mahindra Insurance Brokers Ltd. (MIBL) is 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd.
MIBL was granted a Direct Broker's License by the Insurance Regulatory and Development Authority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life businesses. MIBL has empanelled itself with various public and private insurance companies to offer customized solutions to customers. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers.
MIBL is one of the few insurance broking companies in India to have been awarded the prestigious ISO 9001:2015 Certification for Quality Management Systems. MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost effective, customized solutions to ensure total customer satisfaction. Our role, in short, encompasses various activities right from risk profiling to claims administration for customers. Our aim is to play a predominant role in the insurance broking industry in India with a focus on giving more value to customers, innovative solutions, superior services, a professional team, and corporate social responsibility.
The company provides direct insurance broking for Corporate and Retail customers and offers a range of products for the Non-Life and Life segments. In addition, MIBL also offers value-added services like Risk Management / Audit which include risk inspection and gap analysis, and portfolio management which includes claims handling.
The Life Insurance retail products cover Children's Plans, Endowment, Money Back, Retirement Plans, Term, Unit Linked Plans and Whole-Life Plans. The Group Policies include Credit Cover, Employees Term Cover, Gratuity and Superannuation. Under the Non-life Insurance category, Personal, Industrial, Commercial, Social and Liability products are available.
In addition to regular products, customized solutions are also developed for clients after consulting them. Group Credit Protection Plan is a customised, cost-effective life insurance solution offering Group Credit Term Cover to retail customers availing of auto and tractor loans from Mahindra Finance.
MIBL's aim is to play a predominant role in the insurance broking industry in India with a focus on value to customers, innovative solutions, superior services, professional manpower and Corporate Social Responsibility. To further strengthen its commitment to being a Customer Centric Company, MIBL is now proud to be one of the few insurance broking companies in India who have been awarded the prestigious ISO 9001:2015 Certification for Quality Management Systems. Adopting Quality Management Systems ensures standardization of validated processes, measuring and monitoring of customer satisfaction levels for improvement, and setting and achieving quality objectives for excellence.