Mahindra Insurance Brokers

Mahindra Insurance Brokers Ltd. (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Ltd., commenced operations in 2004 after being granted a Direct Broker's license by the IRDAI. The company was founded by Dr. Jaideep Devare, who joined the Mahindra Group in 1992 and played a pivotal role in establishing the insurance broking entity. His background in engineering and finance, coupled with a PhD focused on Indian insurance joint ventures, provided the foundation for MIBL's strategic direction. A significant milestone was achieved in September 2011 when the company obtained a Composite Broker license, allowing it to enter the reinsurance broking business. Another key event was the acquisition of a 20% minority stake by XL Group in 2017, underscoring investor confidence.

MIBL operates on both B2C and B2B models, catering to a diverse client base. For individual retail customers, it offers life, health, and motor insurance, with a particular focus on designing solutions for the often-underserved rural and semi-urban markets. The B2B segment serves corporates and SMEs with group health, asset insurance, and reinsurance solutions. The firm's revenue is generated through brokerage fees from placing insurance policies with various underwriters. The company has established relationships with insurers and reinsurers in over 40 countries. In September 2020, MIBL launched its digital-first platform, paybima.com, to enhance the online insurance purchasing experience. This platform leverages advanced analytics to offer customers a wide array of car, two-wheeler, health, and life insurance products. Paybima provides an end-to-end solution, from policy comparison and selection to claims assistance, and is backed by MIBL's extensive physical network of over 400 locations for offline support. The platform features tools for personalized journeys, a virtual recommendation engine, and detailed quote comparisons to assist customers in making informed decisions.

The service portfolio is comprehensive, encompassing direct insurance broking for retail and corporate clients across life and non-life segments. Value-added services include risk management, portfolio analysis, and claims administration. Paybima, the digital arm, offers a seamless omnichannel experience (online, on-call, and in-store) and provides access to over 100 plans from more than 40 insurance companies. A key feature is the end-to-end support, from providing unbiased advice through IRDAI certified advisors to ensuring guidance throughout the claim settlement process. The platform also offers add-on covers for motor insurance such as roadside assistance, zero depreciation, and engine protection. Keywords: insurance brokerage, reinsurance, insurtech, digital insurance platform, motor insurance, health insurance, life insurance, corporate insurance, SME insurance, rural insurance, risk management, claims administration, financial services, paybima, Mahindra, composite broker, online insurance portal, policy comparison, asset protection, group health insurance