News Room

Mahindra Insurance Brokers launches paybima.com

Edition/City : Noida

Published date: 10^th Sep 2020

Know More

Mahindra Insurance Brokers launches paybima.com

Mahindra Insurance Brokers Launches Paybima

Published date: 9^th Sep 2020

Know More

Mahindra Insurance Brokers Launches Paybima

Mahindra Insurance Brokers launches paybima.com A digital platform committed to making insurance accessible to all

Edition/City : Mumbai

Published date: 9^th Sep 2020

Know More

Mahindra Insurance Brokers launches paybima.com A digital platform committed to making insurance accessible to all

- Powered by advanced analytics, paybima.com, the Digital First platform from Mahindra Insurance Brokers Ltd. (MIBL), is designed to provide end-to-end insurance solutions

- PayBima facilitates informed customer decision-making from search and compare, to buying and renewing policies, online

- In line with its core proposition, ‘paybima hai na’, it is committed to supporting customers across their insurance journey, right from providing unbiased guidance on choosing the right policy, from a range of options, to assistance in claim management, the most vital element of insurance

- The platform is backed by MIBL’s extensive insurance broking experience of over 16 years, having serviced more than 1.5 Crore policies from 400+ locations across the country

- PayBima is geared to offer Complete Care to its customers across multiple channels - Online, On-call and Offline

Mumbai, September 9, 2020: Mahindra Insurance Brokers Ltd (MIBL), one of India’s leading composite insurance broking companies, has launched paybima.com, a digital platform that is set to redefine the online insurance buying experience and drive insurance penetration in India.

Powered by advanced analytics, PayBima offers the Indian customer an opportunity to make informed insurance decisions, through a Credible, Comprehensive and Convenient digital platform. Customers can evaluate a wide range of insurance products such as Car, Two-wheeler, Health and Life, with expert guidance and assistance, right from the first click to the claim settlement process.

The platform is backed by a robust technology architecture, seamlessly integrated with insurance companies on one hand, and with state-of-the-art Customer Relationship Management (CRM), document management and analytics systems on the other. This enables personalised customer journeys, customised solutions, high performance with near zero down-time, and quick and efficient turnaround. MIBL’s 400+ strong physical network pan-India provides PayBima customers the added comfort and assurance of a physical servicing set up for all insurance needs. Additionally, MIBL’s in-depth claims management experience, gives PayBima a distinct edge while supporting customers throughout the claims journey, with support for early detection of discrepancies that could delay the claim settlement.

According to Insurance Regulatory and Development Authority of India (IRDAI), insurance penetration in India was at 3.69% in 2019. This is amongst the lowest globally. Lack of awareness, access and affordability have been major hindrances to insurance penetration. The Government has been instrumental in rolling out a series of measures under its Digital India and Insurance for All initiatives, to address these challenges. While improved technology adoption will play an important role in making insurance more accessible, buying insurance online and servicing claims still remain a concern for many. In addition to a simplified insurance selection and buying process, the assurance of MIBL’s physical servicing network, when it matters the most, is what gives PayBima a distinct edge.

Dr. Jaideep Devare, ‎Managing Director, ‎Mahindra Insurance Brokers Ltd. said, “The financial services industry is witnessing the rise of a new tech-savvy millennial customer segment, augmented by increasing internet penetration and smartphone usage. However, the confidence of buying financial products through digital platforms is evolving. This is where trust in the Mahindra brand and the assurance of MIBL’s physical network for servicing come in. PayBima, with its advanced analytics and personalised customer journeys, supplemented with our proven expertise in claims servicing for over 16 years, will provide a visibly differentiated experience and service. We will continue to reinvent our offerings and leverage technology to cater to the evolving needs of our customers.”

Over 16 years of insurance broking experience in India, having serviced 1.5 Crore policies, gives MIBL a unique understanding of the Indian customers, across economic strata, offering relevant insurance products, depending on need and affordability. With this launch, MIBL writes the next chapter of its 'Customer First' story. PayBima, built on MIBL’s guiding principles - Innovation, Inclusion and Impact - is committed to providing every Indian, access to protection and risk management, most suited to their unique requirements, aspirations and preferences, while driving the Government’s mission of Insurance for all.

About Mahindra Insurance Brokers Limited (MIBL)

Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 19.4 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), Mahindra Insurance Brokers is a one-stop shop for insurance solutions.

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises, Retail customers, and a range of products for Life and Non-Life Insurance. It also caters to Reinsurance clients and offers risk management services, portfolio management and claims management services. Mahindra Insurance Brokers helps in protection of health, wealth and life in the under-served markets, by providing innovative insurance solutions to over 3,00,000 villages. Mahindra Insurance Brokers also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 40 countries.

Mahindra Insurance Brokers is the World's First Company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. Mahindra Insurance Brokers has been ranked at #10 in “India's Top 100 Best Companies to Work For - 2020" by Great Place to Work® Institute. Visit us at: www.mahindrainsurance.com

Media Contact:

Metabelle Lobo

Head-Corporate Communications, Mahindra Finance
Tel: +91 9769212078
Email: lobo.metabelle@mahindra.com

Mahindra Finance Arm Set to Enter Digital Insurance Broking Segment

Edition/City : All editions

Published date: 8^th Sep 2020

Know More

Mahindra Finance Arm Set to Enter Digital Insurance Broking Segment

Mahindras Insurance Arm Set To Foray Into Online Broking

Published date: 7^th Sep 2020

Know More

Mahindras Insurance Arm Set To Foray Into Online Broking

Mahindra Finance Set To Enter Online Insurance Will Launch Portal Called Paybima

Published date: 7^th Sep 2020

Know More

Mahindra Finance Set To Enter Online Insurance Will Launch Portal Called Paybima

Three Mahindra Financial Services Sector Companies Recognised as India’s Best Workplaces 2020 by Great Place to Work® Institute

Edition/City : Mumbai

Published date: 22^nd Jun 2020

Know More

Three Mahindra Financial Services Sector Companies Recognised as India’s Best Workplaces 2020 by Great Place to Work® Institute

Mumbai, June 22, 2020: Three companies from the Mahindra & Mahindra Financial Services sector, a leading provider of diversified financial solutions in rural and semi-urban India, have been recognized among India’s Best Companies to Work 2020 by Great Place to Work®? Institute (GPTW).

Mahindra Insurance Brokers Ltd. ranked 10th, Mahindra Rural Housing Finance Ltd. ranked 19th and Mahindra Finance ranked 25th in the largest workplace study in India, representing the voice of more than 2.1 million employees across 21+ industries. According to GPTW, the companies earned this recognition for creating a Great Place to Work for all and excelling on the 5 dimensions of building a High-Trust, High-Performance Culture – Credibility, Respect, Fairness, Pride and Camaraderie.

Ramesh Iyer, VC & MD, Mahindra Finance and President, Mahindra Financial Services Sector said, “We are extremely delighted that three of our companies feature among India’s Best Workplaces 2020. We have always laid great emphasis on creating a high trust and high performance culture. Engaging with employees, respecting them, encouraging collaboration and inspiring them to go the extra mile to contribute to business, is what makes us a great place to work.”

Mahindra Finance was also ranked the 6th Best Large Workplace in Asia 2020 by Great Place to Work® Institute earlier this year.

Great Place to Work®? Institute, is the ‘Global Authority’ for creating, sustaining and identifying High-Trust, High-Performance CultureTM. Considered the ‘Gold Standard’ in Workplace Culture Assessment, Great Place to Work®? identifies Best Workplaces solely on the basis of Employee Feedback and quality of People Practices in an organization. No jury or individual can influence the results of the assessment.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 6.8 Million customers and has an AUM of over USD 10 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has over 1,300 MMFSL offices and reaches out to customers spread over 3,70,000 villages and 7,000 towns across the country.

Mahindra Finance is the only Financial Institution from India to be listed on the Dow Jones Sustainability Index in the Emerging Market Category 2019. Mahindra Finance has been ranked 25th on the list of India’s Best Companies to work for 2020 and ranked 6th on the list of Best Large Workplaces in Asia 2020 by Great Place to Work® Institute.

The Company's Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Asset Management Company Private Limited (MAMCPL) acts as the Investment Manager of Mahindra Mutual Fund. On 29th April 2020 Mahindra Finance divested 49% stake in its wholly-owned subsidiary, MAMCPL to Manulife Investment Management Singapore Pte Ltd to form a 51:49 joint venture.

The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicle’s in the US.

The Company has recently formed a Joint Venture in Sri Lanka, by acquiring a 38.2% stake in Ideal Finance Ltd. This JV will focus on providing a diversified suite of financial services to the Sri Lankan market.

Media Contact information:

Metabelle Lobo

Head – Corporate Communications
Mahindra Finance
Tel: +91 22 6652 6135
E-mail: lobo.metabelle@mahindra.com

Mahindra Insurance Brokers to tap 300,000 villages through PoSP model

Published date: 20^th Feb 2020

Know More

Mahindra Insurance Brokers to tap 300,000 villages through PoSP model

Mahindra Insurance Brokers’ launched “Sajhedaari”, an unique partnership program to tap 3,00,000 villages for creating rural self-employment opportunities and increasing insurance penetration.

Edition/City : Mumbai

Published date: 20^th Feb 2020

Know More

Mahindra Insurance Brokers’ launched “Sajhedaari”, an unique partnership program to tap 3,00,000 villages for creating rural self-employment opportunities and increasing insurance penetration.

Sajhedaari: Mahindra Insurance Brokers’ Program to tap 3,00,000 villages Unique partnership program designed by Mahindra Insurance Brokers to create rural self-employment opportunities and increase nsurance penetration

“Sajhedaari” aims to train over 1,00,000 people as certified Point of Sales Person (PoSP) across India by 2023 to sell insurance using end-to-end digital processes
This program will provide self-employment opportunities to people mainly in rural India
Mahindra Insurance Brokers Ltd (MIBL) will run the program pan-India, with a focus on low-penetrated markets in keeping with the IRDAI’s objective of increasing rural insurance penetration, while supporting the government’s Skill India and Digital India missions

Mumbai, February 20, 2020: Mahindra Insurance Brokers Ltd (MIBL), a leading Composite insurance broking company primarily serving rural and semi-urban India, Small and Medium Enterprises and Corporates, has launched ‘Sajhedaari’, a unique partnership program designed to identify, train and develop a team of certified Point of Sales Persons (PoSPs) for insurance distribution through a combination of physical and digital (phygital) modes. The PoSP model is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).

MIBL will leverage its vast geographical reach across rural and semi-urban markets in India to maximize the impact of Sajhedaari. Through this program, MIBL aims to empower people in these markets by providing them with an alternate means of livelihood, and increase insurance awareness and penetration in the country. This program will enable rural customers to have local access to health, non-life and life protection solutions.

Dr. Jaideep Devare, ‎Managing Director, ‎Mahindra Insurance Brokers Ltdsaid, “Mahindra Insurance Brokers has been safeguarding livelihoods and providing insurance protection across India for over 15 years, having serviced over 1.25 crore insurance cases since inception, primarily in rural markets spread over 3,00,000 villages. We have been continuously re-inventing our offerings and effectively leveraging new age technology to drive positive change in the lives of our customers. We believe that these innovations have helped us create solutions around affordability, while also offering customers simplicity, flexibility and convenience. Our ultimate goal is to reach every Indian household with an insurance solution, thus helping improve economic resilience. ‘Sajhedaari’ is a unique program, designed to identify potential partners locally, support them through training and knowledge sharing, and provide them with an end-to-end digital solution to help them extend insurance solutions to deeper pockets of the country.”

Sajhedaari aims to empower more than 1,00,000 partners with a Certification to act as a Point of Sales Person, with an end-to-end empanelment process through a digital medium, which includes an online training course and an examination. Any person with at least Standard 10th educational qualification can enroll for the program on www.sajhedaari.com. Post empanelment, the Sajhedaars can access various insurance solutions on this portal for offering to customers.

MIBL will facilitate providing Online Training for certification as well as for Products that are offered through the PoSPs. Paperless and seamless transactions designed around the needs of rural customers, will make the insurance process simple and hassle-free. This digital transactional mode is equipped to give speed, choice and convenience to both the ‘Sajhedaar’ and the end customer.

Through the program, MIBL will facilitate knowledge-sharing on various industry aspects and technological developments in insurance with the Sajhedaars. MIBL will also provide dedicated support on Claims processing, technical assistance and service issues, if any

About Mahindra Insurance Brokers Limited (MIBL)

Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 20.7 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), MIBL is a one-stop shop for insurance solutions

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises and Retail customers, and a range of products for Life and Non-Life insurance. It also offers risk management services, portfolio management and claims management services. MIBL helps in protection of health, wealth and life in under-served markets, by providing innovative insurance solutions to over 3,00,000 villages. MIBL also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 40 countries.

MIBL is the world's First Company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has been recognized as one of India's Top 100 "Best Companies to Work For - 2018" by Great Place to Work Institute®. Visit us at:www.mahindrainsurance.com

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 6.6 Million customers and has an AUM of over USD 10.5 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The Company has over 1,300 MMFSL offices and reaches out to customers spread over 3,70,000 villages and 7,000 towns across the country.

Mahindra Finance is the only Non-Banking Finance Company from India to be listed on the Dow Jones Sustainability Index in the Emerging Market Category. Mahindra Finance has been ranked 8th on the list of India’s Best Companies to work for – 2019 and 25 Best Large Workplaces in Asia 2019 by Great Place to Work® Institute

Media Contact:
Metabelle Lobo
Head- Corporate Communications, Mahindra Finance
Tel: +91 22 66526135
Email:lobo.metabelle@mahindra.com

News Room

Mahindra Insurance Brokers launches paybima.com

Mahindra Insurance Brokers Launches Paybima

Mahindra Insurance Brokers launches paybima.com A digital platform committed to making insurance accessible to all

Mahindra Finance Arm Set to Enter Digital Insurance Broking Segment

Mahindras Insurance Arm Set To Foray Into Online Broking

Mahindra Finance Set To Enter Online Insurance Will Launch Portal Called Paybima

Three Mahindra Financial Services Sector Companies Recognised as India’s Best Workplaces 2020 by Great Place to Work® Institute

Mahindra Insurance Brokers to tap 300,000 villages through PoSP model

Mahindra Insurance Brokers’ launched “Sajhedaari”, an unique partnership program to tap 3,00,000 villages for creating rural self-employment opportunities and increasing insurance penetration.

Call Us

Locate Us

Write to Us

Please rotate your device