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Mahindra Insurance Brokers (MIBL) hopes to reach an additional 1.25 lakh villages to cover a total of nearly 2.50 lakh villages in the next three years, according to Managing Director Jaideep Devare.
It took nearly 10 years to reach 1.25 lakh villages, but will take only three years to double the reach from hereon. The company is utilising the infrastructure of Mahindra Financial across the country, he told newspersons.
Mahindra Insurance is a broking subsidiary of Mahindra & Mahindra Financial Services, which, in turn, is part of the Mahindra Group. MIBL provides both direct insurance and reinsurance broking services that include health, wealth (asset protection) and life insurance solutions.
MIBL is now looking to reach out to a billion people in India, said Devare without giving any time-frame. “It is our long-term vision. We have already crossed the six million-mark in terms of number of cases serviced,” he said.
“We also have another long-term vision: to be the first Indian company amongst the global top 100 insurance brokers by revenue by 2020,” he said.
MIBL’s premium mop-up grew to ₹1,003 crore in 2014-15 from ₹24 crore in 2004-05. In FY15, it’s net profit was ₹43 crore on a revenue of ₹126 crore as against ₹42 crore on a revenue of ₹111 crore in the previous year.
When asked about the planned foray of UK re-insurer Lloyd’s into India, Devare said it would be good for Indian insurance brokers as the reinsurance business could be placed with Lloyd’s in India.
The Insurance Regulatory and Development Authority of India is working on the guidelines for allowing Lloyd’s to set up a branch office in India, he said.
On any possible stake-sale to its existing foreign investor Inclusion Resources Pte Ltd, a subsidiary of LeapFrog Investments, or any other investor, Devare said there was no such plan at the moment. “We are getting many interests. However, the company is open to partnerships,” he said.
Inclusion Resources took 15 per cent equity in MBIL in 2012; the rest 85 per cent is held by Mahindra & Mahindra Financial Services.
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