Company Profile

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Overview

Mahindra Insurance Brokers Ltd. (MIBL) set off on the journey of changing lives and the face of the insurance sector in India in the year 2004. MIBL is an 80% subsidiary of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance), and AXA SA holds 20% stake.

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. Since then, MIBL has empanelled itself with various public and private insurance companies to offer customised solutions to customers. In September 2011, it was granted a Composite Broker’s license by the IRDA, thus foraying into the Reinsurance Broking business. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers.

MIBL provides direct insurance broking for Commercial and Retail customers and offers a range of Life and Non-Life products. MIBL’s Direct division ensures every person at every doorstep is insured, while paybima.com, its online platform, enables customers to compare and buy a policy online. With Sajhedaari (a PoSP model) MIBL is not just insuring the hinterlands of India but also creating self-employment opportunities. Apart from the regular products, MIBL also customises solutions like Group Credit Protection Plan, a customised, cost-effective life insurance solution offered to retail customers of Mahindra Finance who have availed auto and tractor loans.

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Overview

MD's Message

The world is constantly changing. And this ever-evolving landscape demands solutions that are ahead of the curve. That’s why we are constantly challenging ourselves to come up with innovative ideas that create value for our customers, partners and all stakeholders.

Managing Director and Principal Officer
Vedanarayanan Seshadri

Core Values

Customer First

Due to our unwavering focus on our customers, we continually develop fast and effective solutions that meet their changing needs and expectations.

Professionalism

We have always welcomed and encouraged people who value growth and innovative thinking. Our untrammelled work approach allows every individual to take risks and cultivate new opportunities.

Good Corporate Citizenship

At MIBL, we have always aimed for long-term success that aligns with the country's needs and maintains the highest ethical standards – something we will continue to do in the future as well.

Quality Focus

A company's commitment to quality communicates its values and its focus on customer satisfaction. At MIBL, we strive for that level of quality and our products exemplify this commitment.

The dignity of the individual

As a company, we encourage unity at work by providing individuality, dignity, and the right to disagree. We pay respect to people's efforts and foster fairness, trust, and transparency through the way we conduct our business.

Why Mahindra Insurance

We are committed to bring our wealth of knowledge to every individual, every corporate, and every business to safeguard their future and ensure their growth. With over 17 years of experience as insurance brokers and a combined experience of over 300 years in the insurance sector, we have partnered with over 1000+ corporates in charting their growth story. Our ingenious team of experts offer advice to both individuals and corporates. For individuals, we have solutions to help protect their life, health, motor. And for Corporates, right from insuring their assets, offices, factories, employees, supply chain, digital footprint, legal liabilities, financial uncertainties, our experts ensure peace of mind every step of the way.

Expert Advisory

Expert Advisory

Our experts devise solutions that revolve around our customers, their business, and future endeavours.

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Unmatched Service

Unmatched Service

From unbiased advice during policy buying to end-to-end support during the time of claims, we are with our customers every step of the way.

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Wide Reach

Wide Reach

Right from the smallest towns to the megacities, we are present everywhere.

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Customised Solutions

Customised Solutions

Every customer is unique, and so are their needs; that’s why we collaborate with insurers to customise solutions.

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We take various initiatives to ensure peace of mind for our customers and stakeholders.

When natural calamities arise, with Project SETU we act as a bridge between our Motor Insurance Service Providers (MISP), customers and insurers. It is our disaster action response which offers expert claim assistance and express claim settlement during challenging times. Because for us, restoring our customers’ smiles is not our job but our responsibility. No matter how tough the times get, we promise to be with our customers every step of the way.

Journey of MIBL

Mahindra Insurance Brokers Limited (MIBL) started with a small capital of USD 100,000, and today it’s clocking Rs. 2434 crore in FY20/21. What started as a 14 people company in 2004 has now over 1000 happy employees, catering to 3 lakh villages across India and touching the lives of over 15 million individuals and 1000+ corporate customers. MIBL has gone beyond boundaries with a presence in over 40 countries. With each passing year, our roots grow stronger, our branches grow wider, and we keep setting new milestones!

Milestones

2004
2005
2007
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
May
Grant of Direct Broker's License by the Insurance Regulatory and Development Authority(IRDA)
September
Grand of ISO 90012000 certification for QMS
December
Premium crosses over INR 29.4 Crore appros
September
Grant of Composite Broking License.
September
MIBL valued at INR 540 Crore approx. by Leapfrog taking 15% stake.
November
Our customised Health Insurance Solutions (MAS) received Gold award in Mahindra Innovation Awards.
February
Insurance Broker of the Year' award received from ABP news.
November
Insurance Broker of the Year' award received from ABP news.
March
Premium for the year crosses INR 1050 Crore approx. More than 5 million cases serviced till date.
December
1st in the insurance industry to achieve global benchmark of (PCMM) Maturity Level 3.
March
#2 in the industry and Top 100 Best Companies to work for.
March
Settled 13,000 life claims cumulatively, under customised insurance solutions.
February
Become the 1st BFSI company to achieve CMMI Institute's People Capability Maturity Model [PCMM] certification and rated at Maturity Level5
March
More than 8 million retail cases serviced. MIBL valued at IBR 1360 Crore approx. by XL Catlin taking 20% stake.
March
Served over 12 million retail cases. Reached over 3 lakh villages. PORTER PRIZE award for creating shared value 2018.
March
Received The Significant Achievement in HR Excellence' award. Recognised among Top 25 India's Best Workplaces in the BFSI Sector. Ranked 10th at the Great Places to Work, India

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