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Mahindra & Mahindra Financial Services gets license to offer insurance products

23 May 2024 , 12:26 PM

Mahindra & Mahindra Financial Services said today that it has received a certificate of registration from IRDAI (Corporate Agency License) to function as a ‘Corporate Agent’ under the Insurance Act of 1938. This license would allow Mahindra Finance to provide bespoke insurance policies to its customers, furthering the company’s customer-centric approach.

The corporate agency license would enable Mahindra Finance enhance its product line by including insurance products. It would benefit customers by meeting both their financial and insurance needs through a single business. The procedure would supplement the company’s existing income and profit sources as it deploys its shared branch network and feet on the street.

Raul Rebello, Managing Director & CEO of Mahindra Finance, commented on the development, “This diversification will open up new income models for us while providing personalised services to consumers throughout Mahindra Finance’s 1360+ branches, hence improving their experience. We hope to stimulate innovation by extending our capabilities and offers, which will benefit our customers and stakeholders as we work to become the chosen financier to rising India.”

According to the statement, the Company’s entry into the Corporate Agency industry is supported by a strong compliance framework that includes policies, processes, and internal controls to ensure adherence to IRDAI regulatory standards.

The corporate agency license will allow Mahindra Finance to solicit, procure, and sell, distribute, advertise, and market all types of insurance products/services, including life insurance, health insurance, and general insurance, on behalf of various insurance companies as an IRDAI-approved corporate agent.

Insurance penetration in rural and semi-urban areas of India is extremely low when compared to metro and tier-1 cities. Equipping salespeople with the necessary training and certifications will allow them to pitch and sell individual life, health, and auto insurance plans. Obtaining a corporate agency licence demonstrates Mahindra Finance’s commitment to positively impacting the growth and development of India’s insurance business.

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