Mahindra Insurance Brokers Ltd. (MIBL) has partnered with AISECT to introduce a customised group health insurance product for AISECT’s customers, across the nation. The strategic alliance is a significant step in MIBL’s continuous endeavour to drive insurance penetration in semi-urban and rural India.
This unique socially progressive health insurance solution is specifically designed for AISECT’s customers across its 20,000 centres in 29 states and 3 union territories and will offer improved coverage at an affordable premium. These centres serve customers largely in semi-urban and rural areas and help facilitate services related to Skill development, education, Training, Financial Inclusion, Aadhaar Card, Passport, PAN Card and other various online services. Customers can now also opt for customised health insurance solutions through MIBL at these centres.
MIBL, a leading insurance broking company, primarily serving rural and semi-urban India, SMEs and Corporates, has been working towards increasing insurance penetration in the underserved and under penetrated markets of India for over 15 years. The Company, facilitated by its wide network of 450+ locations across India, and its in-house Customer Contact Centre, has serviced more than 1 crore insurance cases across 3,00,000 villages in India, since inception.
The tailor-made solution for AISECT customers will offer both health insurance and hospital cash. Customers can either opt for these offerings together or individually. Health insurance will cover hospitalisation due to accidents & ailments, with treatment and medical expenses available across 5,000 plus listed hospitals in India. Hospital cash will provide the insured person a fixed amount per day to cover overhead expenses like food, travel, etc. from the first day of hospitalisation, without any deductibles and waiting period, over and above the hospitalisation expenses. The customer enrolment process is a simple one, requiring minimal documentation. The claim settlement process will be facilitated by MIBL, providing a transparent, hassle-free claim experience.
Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd. said, “Financial inclusion and economic prosperity of the nation are like two sides of the same coin. We believe that insurance penetration is one of the crucial factors that will drive true financial inclusion in India. Awareness, Access and Affordability are the key challenges that need to be addressed. The pace of digitisation and mobile penetration has helped us effectively leverage technology to reinvent our offerings to address these challenges. Our approach focuses on Innovation in product design to facilitate Inclusion of the underserved, while creating positive Impact. AISECT has also been working towards facilitating Inclusion across the country over the last 34 years. I am confident that our partnership with AISECT, with its widespread reach and customer coverage, will further strengthen our efforts to take insurance to every household in India.”
Speaking on the occasion, Mr. Siddharth Chaturvedi, Director & Executive Vice President – AISCET Group said, “MIBL has been adding value to customers across rural and semi-urban India where insurance penetration is low and the need for social and economic progress that insurance inclusion can bring is high. We see great synergies in this alliance with MIBL, which will help us further our endeavour to facilitate financial inclusion while giving our customers access to affordable health insurance solutions, in a simple and convenient format.”
Insurance penetration in India was at 3.69% as per the FY 2016-2017 figures released by the Insurance Regulatory and Development Authority of India (IRDAI). Large sections of the population continue to remain excluded in both the Life and Non-Life insurance categories, leaving immense head-room for growth. The industry has been growing consistently at a Compounded Annual Growth Rate (CAGR) of 13-14% over the last 5 years in the Non-Life category. The portfolios that are emerging as the larger growth areas within this segment are motor, health and crop insurance, which roughly constitute 75- 80% of the total market and are poised to show tremendous growth in the coming years.
MIBL is the winner of the 2018 Porter prize for “Creating Shared Value.” The award recognized MIBL for the impact created in the insurance industry by re-conceiving insurance products and markets, enhancing productivity in the insurance value chain and enabling community development, hence fostering economic growth in rural and semi-urban markets.
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 also been ranked among the Top 15 India’s Best Workplaces in BFSI, 2018 by Great Place to Work® Institute India.