We live in a day and age where staying protected against the uncertainties of tomorrow is of paramount importance. Understanding this very requirement, Mahindra Insurance Brokers Ltd. (MIBL), our subsidiary, provides 3600 insurance solutions, tailor-made for the diverse needs and risk profiles of our varied consumer base. While providing direct insurance broking for the retail customer base of around 1.3 million and catering to a large number of corporate customers, the company also offers a range of plans for the Life as well as Non-life insurance segments.
MIBL is committed to provide value to its customers by understanding their insurance needs and risk profile in a highly detailed and systematic manner. This helps in chalking out more innovative, cost-effective and customised insurance solutions. And its uncompromising adherence to the highest standards of quality is evident from the fact that it is one of the few insurance broking companies in India to have been awarded the prestigious ISO 9001:2008 Certification for Quality Management Systems.
MIBL was granted a Direct Broker's Licence by the Insurance Regulatory and Development Authority (IRDA) in May 2004, enabling it to undertake direct insurance broking in Life and Non-life businesses. In addition, MIBL has empanelled itself with various public and private insurance companies to fulfil its promise of delivering customised solutions to customers. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into the Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL also plays an integral role in the Risk Management portfolio of customers.
"To be India's no.1 Insurance Broker in revenue by 2015."
In September 2012, Mahindra Insurance Brokers Limited (MIBL) has entered into Definitive Agreements with Inclusion Resources Private Limited (IRPL), a subsidiary of LeapFrog Financial Inclusion Fund, incorporated in Singapore and Mahindra & Mahindra Financial Services Limited (MMFSL), its parent company to expand the Company's services to consumers in rural and semi-urban areas of India, by bringing in IRPL's international knowledge and experience, especially in using low cost technology solutions to provide insurance in mass markets. In addition, given IRPL's expertise and association in reinsurance globally, IRPL would help the Company to connect with various global reinsurers to assist in the Company's reinsurance broking business.
LeapFrog Financial Inclusion Fund is the world's first and largest investor in companies that insure under-served people in Asia and Africa, and has International Finance Corporation (IFC), European Investment Bank (EIB), KfW Development Bank, Germany, FMO Development Bank of The Netherlands, etc. as its investors. LeapFrog Financial Inclusion Fund has a specialist focus on mass market insurance and invests in companies that provide insurance to the "Next Billion" emerging market consumers. LeapFrog Financial Inclusion Fund is unusual in two respects, first its focus on social impact and secondly, its focus on insurance.
Your Company has received the necessary approvals from the Insurance Regulatory and Development Authority and the Foreign Investment Promotion Board as well as the Reserve Bank of India for the aforesaid transaction.
Consequent to the above, MIBL is now a 85% subsidiary of MMFSL. IRPL has acquired a stake of 15% in MIBL.