Financial Services

Making Insurance Accessible To All

Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading composite insurance broking companies, has just launched a new digital platform, is backed by MIBL’s extensive insurance broking experience that has serviced over 1.5 crore policies from over 400 locations across the country for over 16 years.

No-stress Purchasing aims to increase insurance penetration in India by redefining the online insurance buying experience. From providing unbiased guidance on choosing the right policy to assistance in claim management, the most vital element of insurance, is committed to supporting customers on their insurance journeys.

Powered by advanced analytics, the online platform will provide end-to end insurance solutions and will empower customers to make informed decisions on a wide-range of insurance products such as car, two-wheeler, health and life.

According to the Insurance Regulatory and Development Authority of India, insurance penetration in India was only 3.7% in 2018 – one of the lowest in the world. Lack of awareness, access and affordability have been the major hindrances to insurance penetration.

The government’s Digital India and Insurance for All initiatives were rolled out to address these challenges. While improved technology adoption like increased internet penetration and smartphone usage will play an important role in making insurance more accessible, buying insurance online and servicing claims still remain a concern.

“The financial services industry is witnessing the rise of a new tech-savvy, millennial customer segment,” said Dr Jaideep Devare, Managing Director, MIBL. “However, the confidence of buying financial products through digital platforms is still evolving.”

A Matter of Trust

This is where Paybima stands out from competition. Trust in the Mahindra brand, a simplified insurance selection and buying processes, and the assurance of MIBL’s physical network for servicing are Paybima’s biggest advantages. MIBL’s vast experience in the sector has given the company a unique understanding of Indian customers which has helped MIBL offer them relevant insurance products, depending on need and affordability.

With the launch of this much needed digital platform, MIBL is writing the next chapter of its ‘Customer First’ story. Built on MIBL’s guiding principles – Innovation, Inclusion and Impact – Paybima is committed to provide every Indian access to protection and risk management, most suited to their unique requirements, aspirations and preferences, while supporting the government’s mission of Insurance for all.

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