Mahindra Insurance Brokers Ltd. (MIBL) will provide innovative solutions and customised online products to find a place among the global top 100 insurance broking companies by revenue in the next four years, a top company official said.
Talking to The Hindu , Jaideep Devare, MIBL Managing Director, said the company would work towards achieving the goal by providing innovative solutions across health, wealth and vehicle/tractors segments, penetrating deeper into rural areas, focusing on SME segment to offer risk management solutions, building reinsurance brokering segment, entering new markets such as South East Asia, Middle East, African countries and the U.K and offering customised online products.
“There are about 450 insurance brokers in the country and we are one of the leading insurance brokers in India. We are also the first one to achieve People-CMM Maturity Level for Human Capital Development. Our long-term vision is to be ranked among the global top 100 insurance brokers in revenue by 2020. It could be done either through organic or inorganic way,” said Mr. Devare.
“We are committed to serve under-penetrated markets and under-served customers across the rural markets of India. Our ultimate goal is to reach every Indian household with an insurance solution. Currently, we are providing solutions to 1.25 lakh villages in the country and it will be doubled in three years.”
Premium collectionsFrom April to December 2015, MIBL has generated premium of Rs.880 crore with a profit after tax of Rs.50.03 crore. During financial year 2015, MIBL handled 1.14 million cases, generated gross premium of Rs.1,003 crore and profit after tax of Rs.43 crore.
On the introduction of online solutions, he said they were moving away from brick-and-mortar to brick-and-click model in which customised solutions would be offered to retail, SMEs and corporates. The new products and solutions would be introduced during the next financial year.
