ADD ANI AS A TRUSTED SOURCE
googleads
Menu
Business

IRDAI allows Mahindra Finance to offer tailored insurance plans to its customers

Mahindra Financial Services has received a corporate agency license from IRDAI (Insurance Regulatory and Development Authority of India) to offer specialized insurance plans, the company informed the exchange in a filing on Wednesday.

ANI May 22, 2024 14:42 IST googleads

(Photo: Mahindra Finance website)

New Delhi [India], May 22 (ANI): Mahindra Financial Services has received a corporate agency license from IRDAI (Insurance Regulatory and Development Authority of India) to offer specialized insurance plans, the company informed the exchange in a filing on Wednesday.
The license would enable Mahindra Finance to offer tailored insurance plans to its customer base, and would help in increasing the company's product portfolio by incorporating insurance solutions.
The company stated that this development will allow customers to meet their financial and insurance needs through a single entity. Additionally, it is expected to increase the company's revenue by leveraging its extensive branch network and field personnel.
"The corporate agency license is a significant moment for us in our journey to empower customers with the best products and services alike. This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finance's 1360+ branches, thereby enhancing their experience" said Raul Rebello, MD and CEO, Mahindra Finance.
The entry of Mahindra Finance into the corporate agency business is accompanied by a strong compliance framework, including policies, procedures, and internal controls, to ensure adherence to regulatory requirements mandated by IRDAI.
The company plans to focus on operational efficiency and collaboration with Insurtech firms. Mahindra Finance will differentiate on technology innovation while working on automation of processes such as quote generation, policy management and claims support with Insurtechs to reduce manual effort and improve efficiency.
The corporate agency license allows Mahindra Finance to solicit, procure, and conduct the business of selling, distributing, advertising, and marketing a wide range of insurance products, including life, health, and general insurance, on behalf of various insurance companies, as permitted by IRDAI.
The company states that it aims to address the low insurance penetration in rural and semi-urban areas of India. By providing necessary training and certification to its sales staff, the company plans to empower them to effectively sell individual life, health, and motor insurance policies.
The shares of Mahindra Finance surged by 1.20 per cent to Rs 266 after the IRDAI approval on Wednesday. (ANI)

Get the App

What to Read Next

Business

Bajaj General Insurance Releases Guide to Lowering Car Insurance

Bajaj General Insurance Releases Guide to Lowering Car Insurance

Pune (Maharashtra) [India], March 12: Car insurance renewal is often seen as a routine administrative task, but it is much more than that. It presents an excellent opportunity to review your existing policy, assess whether your coverage still matches your needs, and take steps to optimise your premium. By understanding the key factors that influence car insurance costs, such as vehicle value, driving history, add-ons, and usage patterns, you can make informed adjustments that reduce expenses without compromising protection. Thoughtful planning and small, strategic choices at renewal can help you save money, maintain comprehensive coverage, and enjoy greater peace of mind on the road.

Read More
Business

'Iran conflict amplifies insurance risk, but losses manageable'

'Iran conflict amplifies insurance risk, but losses manageable'

Insurers and reinsurers that provide coverage of complex risks such as marine, aviation and political violence are likely to face outsized claims as a result of the ongoing Iran conflict, said Moody's Ratings.

Read More
Business

Hong Leong Islamic Bank Enters New Era as "HLB Islamic"

Hong Leong Islamic Bank Enters New Era as

Kuala Lumpur [Malaysia], March 12: As a strategic move to refresh and strengthen its core vision, Hong Leong Islamic Bank ("HLB Islamic" or the "Bank") is transitioning to a refreshed consumer-facing brand identity, now known as HLB Islamic, and a strengthened core proposition that approaches financial services not as a series of siloed products and transactions, but as total wealth stewardship through a Shariah-principle-guided life-cycle approach known as Hayat @ HLB Islamic. This evolution is rooted in the Bank's new philosophy, 'Timeless Principles Guiding Tomorrow's Wealth', introduced during its 20th anniversary last December to signal a new chapter in wealth stewardship.

Read More
Business

'India’s non-bank lenders seen growing faster than banks'

'India’s non-bank lenders seen growing faster than banks'

India's non-bank financial companies (NBFCs) are expected to expand faster than traditional banks over the coming decade as lenders adopt artificial intelligence and expand into new loan segments, according to a research report by Nomura.

Read More
Business

Dynamic Entrepreneurs Driving Meaningful Growth

Dynamic Entrepreneurs Driving Meaningful Growth

New Delhi [India], March 11: In today's rapidly evolving business landscape, a new generation of entrepreneurs is emerging with ideas that go beyond profit to create meaningful impact. These dynamic leaders are not only building successful enterprises but are also redefining industries through innovation, resilience, and purpose-driven strategies. From embracing technology to addressing real-world challenges, they are shaping businesses that contribute to economic growth while delivering value to society.

Read More
Home About Us Our Products Advertise Contact Us Terms & Condition Privacy Policy

Copyright © aninews.in | All Rights Reserved.