Mahindra & Mahindra Financial Services has received a certificate from the Insurance Regulatory and Development Authority of India (IRDAI) to operate as a ‘Corporate Agent’ under the Insurance Act, 1938. This license allows Mahindra Finance to offer customized insurance plans to its customers, enhancing their customer-focused services.
The new license will help Mahindra Finance expand its product range by adding insurance solutions. This means customers can get their financial and insurance needs met in one place. This move is expected to boost the company’s revenue and profits by utilizing its existing branch network and sales force.
Raul Rebello, Managing Director & CEO of Mahindra Finance, said, “This diversification will open new revenue streams for us while providing personalized services to customers across Mahindra Finance’s 1360+ branches, enhancing their experience. By expanding our capabilities and offerings, we aim to promote innovation, benefiting our customers and stakeholders.”
Mahindra Finance’s entry into the Corporate Agency business comes with a strong compliance framework, including policies, procedures, and internal controls to meet IRDAI’s regulatory requirements.
With this license, Mahindra Finance can now sell, distribute, and market various insurance products, including life, health, and general insurance, on behalf of different insurance companies.
Insurance coverage in rural and semi-urban areas of India is much lower compared to metro and tier-1 cities. Training and certifying sales staff will enable them to sell life, health, and motor insurance policies effectively. Obtaining this license shows Mahindra Finance’s commitment to supporting the growth and development of the insurance industry in India.
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