Company Profile
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.
Mahindra Insurance Brokers is one of the few insurance broking companies in India to have been awarded the prestigious ISO 9001:2015 Certification for Quality Management Systems. Since inception, MIBL has been committed to understanding the customers’ insurance needs and risk profile, and providing innovative, cost-effective, customised solutions to ensure total customer satisfaction. MIBL’s role, in short, encompasses various activities, right from risk profiling to claims administration for customers. MIBL aims to play a predominant role in the insurance broking industry with a focus on giving more value to customers, innovative solutions, superior services, a professional team, and corporate social responsibility.
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.
MD's Message
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 you. As an individual, corporate or a business, we safeguard your future and ensure your growth. With more than 18 years of experience as insurance brokers and a combined experience of 300 plus years in the insurance sector, we have partnered with over 1000+ corporates to chart their growth story. Our ingenious team of experts offer advice to individuals and corporates. For individuals, we have solutions to help protect life, health and motor. As for Corporates, right from insuring assets, offices, factories, employees, supply chain, digital footprint, legal liabilities, financial uncertainties, our expert team ensures peace of mind every step of the way.
Expert Advisory
Our experts devise solutions that revolve around our customers, their business and future endeavours.
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Expert Advisory
Our experts devise solutions that revolve around our customers, their business and future endeavours.
Customers are the centre of our universe, and we design insurance solutions that revolve around their needs. Be it an individual, a business or a conglomerate, our advisors constantly strive to provide solutions that will future-proof our customers’ tomorrow.
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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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.
Our in-depth knowledge of the market and a strong network of leading insurers helps us customise solutions as per our clients’ unique needs. And our long-standing relationship with insurers and loss assessors help us in solving the most complex claims seamlessly.
Wide Reach
Right from the smallest towns to the megacities, we are present everywhere.
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Wide Reach
Right from the smallest towns to the megacities, we are present everywhere.
Right from catering to every health, life and motor insurance requirement of an individual to helping small businesses and large corporates ring-fence their business, to handling reinsurance, our expertise encompasses all type of insurance needs. No matter what the need is, our experts are available on-call, online, in-branch and promise to be with our customers every step of the way.
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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Customised Solutions
Every customer is unique and so are their needs. That’s why we collaborate with insurers to customise solutions.
We put our customers at the core and find solutions that revolve around their needs. We understand the varied needs of our customers, corporates, businesses and then partner with insurers to offer bespoke solutions.
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
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