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Mahindra War Room 2013

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Financial Services - Insurance

MAHINDRA FINANCIAL SERVICES SECTOR: ‘RURAL HEALTH INSURANCE’ CASELET Mahindra Financial Services Sector offers a range of financial products and services to the under-served customers in rural and semi-urban India. Mahindra Finance is fabled as a success story in rural penetration and poverty reduction through financial inclusion. This caselet, titled ‘Rural Health Insurance’ is one of the 3 optional caselets in this sector. BUSINESS BACKGROUND Mahindra Insurance Brokers Ltd. (MIBL) is a subsidiary of Mahindra & Mahindra Financial Services Ltd. MIBL was granted a Direct Broker Licence by the Insurance Regulatory and Development Authority in May 2004, whereby it offers Direct insurance broking services to Corporate and Retail customers in both Life and Non-Life categories. In September 2011, MIBL was granted a Composite Broker Licence enabling it to foray into Reinsurance Broking, in addition to its Direct Broking activities. MIBL is a total insurance risk solutions provider, helping customers build their risk management portfolios. It is one of the few insurance broking companies in India to have been awarded the ISO 9001:2008 Certification for Quality Management Systems. In addition to offering broking services on standard products, MIBL also provides customized solutions. For example, Mahindra Loan Suraksha is a customized life insurance solution offering Group Credit Term Cover to retail customers with auto and tractor loans from Mahindra Finance. Through this product in the unfortunate event of death of the customer by an accident or natural causes, the outstanding loan amount at that time is waived off and the customer’s family is able to retain the vehicle/tractor. Scores of people in the Indian rural market, where there is generally a single-wage earner, have greatly benefited from this product and

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