Online Coverages

Further explaining the concept, Anand Roy, Joint MD, Star Health and Allied Insurance said, “Portability means the right accorded to an individual health insurance policyholder (including family cover) to transfer the credit gained by the insured for pre-existing conditions and time-bound exclusions if the policyholder chooses to switch from one insurer to another, provided the previous policy has been maintained without any break. Just like one would move from one power distributor to another, without interruption of supply or switch from one mobile operator to another without losing one’s number, health insurance portability allows the customer to do the same.

Commenting on the benefits of health insurance portability, Jaideep Devare, MD, Mahindra Insurance Brokers said, “Porting your original policy is a better option than buying a new policy for two reasons: one, you do not lose any no-claim bonus under your existing policy, and two, you get to carry forward your waiting period over to the new plan.”

So, what are the kind of policies that can be ported?

Policyholders can port health insurance indemnity policies and not fixed benefit health insurance policies from one insurance company, which can either be General Insurance (GI) or Standalone Health Insurance (SAHI) company to another GI or SAHI company. However, certain fixed benefit policies such as hospital cash, critical illness and personal accident policies cannot be ported from life insurance companies.

“Porting is also possible for group health insurance policies of GI or SAHI company of your current insurer to retail health insurance policies of GI or SAHI company. However, the insurer needs to be the same,” said Nikhil Apte, Chief Product Oficer, Royal Sundaram General Insurance. One of the biggest benefits of portability is that the policyholder can be in control of their health insurance policy — and as well as their medical expenditure and further they retain all the benefits accumulated in their old plan.

Also, porting enables the customer to enjoy weightages for waiting period and time spent in the previous policy when she moves to a new policy. Portability therefore, ensures that the customer can switch from one GI company or SAHI company to another GI or SAHI company of their choice without losing the benefits. Apte explained that for example, a customer who currently has a health insurance policy with A – SAHI company for three consecutive years, at the time of renewal seeks to move to GI company B, wherein, his preexisting waiting period will be reduced by three years, there will not be any initial waiting period applicable, no claim bonus will be transferred to the new company and there will not be any two years’ waiting period applicable for certain ailments such as cataract surgery or knee-replacement.

Having said that, it is crucial to note that health insurance policies can be ported only at the time of renewal, when the customer approaches the new insurance company within 45-60 days prior to the expiry of the policy. The porting form should be collected from the new insurer along with the proposal form of the plan you intend to opt for. Both should be filled and submitted with premium for the new policy along with other required documents. The new insurer will check policyholder’s original policy details as well as his new documents and forms, and approve or disapprove within 15 days of submission. Further, on receipt of such request, the insurer approaches the former insurer for medical and claims history of the customer. “When a customer ports, medical underwriting happens on the current health status of the customer and not how the customer was when he purchased the policy for the first time. On the basis of the current health status, the customer may be subjected to co-pay or loading in premium also,” explained Apte. On the other hand, the outcome of medical underwriting the company, post evaluation on the various medical underwriting parameters can either reject, or accept the case. Also, fresh waiting period will be applied on the additional sum insured if required.

Although porting is a considerable effort by the customer, experts suggest it is always advisable for the customer to go for a higher sum insured. “The new insurer accepts or rejects the proposals based on the information received and the underwriting guidelines. Once the new insurer accepts the proposal the customer will continue to receive all the benefits, he enjoyed in the earlier policy,” said Eswarnatarajan N, Senior EVP and Chief Operating Oficer, Kotak General Insurance. However, experts also come with a caveat that a policyholder should thoroughly understand the pros and cons before opting for a portability. “No two insurance plans are identical, in which case a policyholder may have to consider key aspects like sub-limits, coverage, premium, waiting period and co-payment clause. Thus, before porting, they have to be doubly sure that both the new policy and insurer fulfil their health insurance requirements,” concluded Devare.

Source: Outlook Money

  • 1.Digitally enabled health insurance solutions, designed to drive insurance penetration in semi-urban and rural India
  • 2.This socially progressive health insurance solution will offer AISECT’s customers improved health coverage at affordable premium on a Group platform
  • 3.Mahindra Insurance Brokers aims to reach more than 10 lakh customers through AISECT’s 20,000 centers across India

Mahindra Insurance Brokers Ltd. (MIBL) has partnered with AISECT to introduce a customized group health insurance product for AISECT’s customers, across the nation. The strategic alliance is a signi

This unique socially progressive health insurance solution is specifically designed for AISECT’s customers across its 20,000 centres in 29 states and 3 union territories and will offer improved coverage at an affordable premium. These centres serve customers largely in semi-urban and rural areas and help facilitate services related to Skill development, education, Training, Financial Inclusion, Aadhaar Card, Passport, PAN Card and other various online services. Customers can now also opt for customised health insurance solutions through MIBL at these centres.

MIBL, a leading insurance broking company, primarily serving rural and semi-urban India, SMEs and Corporates, has been working towards increasing insurance penetration in the underserved and nderpenetrated markets of India for over 15 years. The Company, facilitated by its wide network of 450+ locations across India, and its in-house Customer Contact Centre, has serviced more than 1 crore insurance cases across 3,00,000 villages in India, since inception.

The tailor-made solution for AISECT customers will offer both health insurance and hospital cash. Customers can either opt for these offerings together or individually. Health insurance will cover hospitalisation due to accidents & ailments, with treatment and medical expenses available across 5,000 plus listed hospitals in India. Hospital cash will provide the insured person a fixed amount per day to cover overhead expenses like food, travel, etc. from the first day of hospitalisation, without any deductibles and waiting period, over and above the hospitalisation expenses. The customer enrolment process is a simple one, requiring minimal documentation. The claim settlement process will be facilitated by MIBL, providing a transparent, hassle-free claim experience.

Dr. Jaideep Devare,Managing Director, Mahindra Insurance BrokersLtd. said, “Financial inclusion and economic prosperity of the nation are like two sides of the same coin. We believe that insurance penetration is one of the crucial factors that will drive true financial inclusion in India. Awareness, Access and Affordability are the key challenges that need to be addressed. The pace of digitisation and mobile penetration has helped us effectively leverage technology to reinvent our offerings to address these challenges. Our approach focuses on Innovation in product design to facilitate Inclusion of the underserved, while creating positive Impact. AISECT has also been working towards facilitating Inclusion across the country over the last 34 years. I am confident that our partnership with AISECT, with its widespread reach and customer coverage, will further strengthen our efforts to take insurance to every household in India.”

Speaking on the occasion, Mr. Siddharth Chaturvedi, Managing Director, AISECT Education & Online said, “MIBL has been adding value to customers across rural and semiurban India where insurance penetration is low and the need for social and economic progress that insurance inclusion can bring is high. We see great synergies in this alliance with MIBL, which will help us further our endeavour to facilitate financial inclusion while giving our customers access to affordable health insurance solutions, in a simple and convenient format.”

Insurance penetration in India was at 3.69% as per the FY 2016-2017 figures released by the Insurance Regulatory and Development Authority of India (IRDAI). Large sections of the population continue to remain excluded in both the Life and Non-Life insurance categories, leaving immense head-room for growth. The industry has been growing consistently at a Compounded Annual Growth Rate (CAGR) of 13-14% over the last 5 years in the Non-Life category. The portfolios that are emerging as the larger growth areas within this segment are motor, health and crop insurance, which roughly constitute 75- 80% of the total market and are poised to show tremendous growth in the coming years.

MIBL is the winner of the 2018 Porter prize for “Creating Shared Value.” The award recognized MIBL for the impact created in the insurance industry by re-conceiving insurance products and markets, enhancing productivity in the insurance value chain and enabling community development, hence fostering economic growth in rural and semi-urban markets.

MIBL is the world’s first company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has also been ranked among the Top 15 India's Best Workplaces in BFSI, 2018 by Great Place to Work® Institute India.

Source: Troopel

Staff Reporter :

Mahindra Insurance Brokers Limited (MIBL) has partnered with AISECT to introduce a customised group health insurance product for AISECT’s customers across the nation. The strategic alliance is a significant step in MIBL’s continuous endeavor to drive insurance penetration in semi-urban and rural India. On Wednesday, during a conference, Mahindra Insurance Brokers Limited signed (MoU) with AISECT. It was signed by Dr Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd and Siddharth Chaturvedi, Director and Executive Vice President, AISECT Group. While addressing the mediapersons, Dr Jaideep Devare stated “This unique socially progressive health insurance solution is specifically designed for AISECT’s customers across its 20,000 centres in 29 states and 3 union territories and will offer improved coverage at an affordable premium.

These centres serve customers largely in semi-urban and rural areas and help facilitate services related to skill development, education, training, financial inclusion, aadhaar card, passport, PAN Card and other various online services. Customers can now also opt for customised health insurance solutions through MIBL at these centres.” Further, he stated “MIBL, facilitated by its wide network of 450+ locations across India, and its in-house Customer Contact Centre, has serviced more than 1 crore insurance cases across 3,00,000 villages in India, since inception.

The tailor-made solution for AISECT customers will offer both health insurance and hospital cash. Customers can either opt for these offerings together or individually. Health insurance will cover hospitalisation due to accidents and ailments, with treatment and medical expenses available across 5,000 plus listed hospitals in India. Hospital cash will provide the insured person a fixed amount per day to cover overhead expenses like food, travel, etc. from the first day of hospitalisation, without any deductibles and waiting period, over and above the hospitalisation expenses. The customer enrollment process is a simple one, requiring minimal documentation.

The claim settlement process will be facilitated by MIBL, providing a transparent, hassle-free claim experience.” Speaking on the occasion, Siddharth Chaturvedi, said, “MIBL has been adding value to customers across rural and semi-urban India where insurance penetration is low and the need for social and economic progress that insurance inclusion can bring is high. We see great synergies in this alliance with MIBL, which will help us further our endeavor to facilitate financial inclusion while giving our customers access to affordable health insurance solutions, in a simple and convenient format.”

Source: The Hitavada

Mahindra Insurance Brokers Ltd (MIBL) has partnered with AISECT to introduce a customised group health insurance product for AISECT’s customers, across the nation.

The strategic alliance is a significant step in MIBL’s continuous endeavor to drive insurance penetration in semi-urban and rural India.

This unique socially progressive health insurance solution is specifically designed for AISECT’s customers across its 20,000 centres in 29 states and 3 union territories and will offer improved coverage at an affordable premium.

These centres serve customers largely in semi-urban and rural areas and help facilitate services related to Skill development, education,Training, Financial Inclusion, Aadhaar Card, Passport, PAN Card and other various online services.

Customers can now also opt for customised health insurance solutions through MIBL at these centres.

MIBL, a leading insurance broking company, primarily serving rural and semi-urban India, SMEs and Corporates, has been working towards increasing insurance penetration in the underserved and underpenetrated markets of India for over 15 years.

The Company, facilitated by its wide network of over 450 locations across India, and its in-house Customer Contact Centre, has serviced more than 1 crore insurance cases across 3,00,000 villages in India, since inception.

The tailor-made solution for AISECT customers will offer both health insurance and hospital cash. Customers can either opt for these offerings together or individually.

Health insurance will cover hospitalisation due to accidents & ailments, with treatment and medical expenses available across 5,000 plus listed hospitals in India.

Hospital cash will provide the insured person a fixed amount per day to cover overhead expenses like food, travel, etc from the first day of hospitalisation, without any deductibles and waiting period, over and above the hospitalisation expenses.

While talking to media persons, Jaideep Devare, ?Managing Director, ?Mahindra Insurance Brokers Ltd said, “Financial inclusion and economic prosperity of the nation are like two sides of the same coin. We believe that insurance penetration is one of the crucial factors that will drive true financial inclusion in India. Awareness, Access and Affordability are the key challenges that need to be addressed.

Source: Daily Pioneer

Mahindra Insurance Brokers Ltd : A Trusted Name For Innovative, Cost Effective Insurance Solutions

A commitment to provide value to customers, by understanding their insurance needs and risk profile, is what Mahindra Insurance Brokers Ltd. is best known for. MIBL team, after understanding customers’ insurance needs and risk profile, provides innovative, cost-effective, customized solutions to ensure total customer satisfaction. “Our role, in short, encompasses various activities right from risk profiling to claims administration for customers. Our aim is to play a predominant role in the insurance broking industry in India, with a focus on giving more value to customers, innovative solutions, superior services, a professional team, and corporate social responsibility,” says Jaideep Devare, Founding Member & Managing Director.

The Building Years

In the year 2004, MIBL was granted a Direct Brokers License from the Insurance Regulatory and Development Authority of India (IRDAI). The company has spread its wings and upgraded its license to a Composite Broker License in September 2011, thus foraying into Reinsurance Broking business along with Direct Broking. Through its Direct Broking, MIBL primarily services the rural and semi—urban markets in India with more than 400 branches, and has business relations with insurers and reinsurers in over 40 countries for its Reinsurance broking business.

Till date, MIBL has served over 10 million retail customers and spread across 2 lakhs villages. The MIBL team leaves no stone unturned to provide direct insurance broking for Corporate, SMEs and Retail customers and offers a range of products for the Non—Life and Life insurance segments. In addition, they also offer value-added services like Insurance Diagnostics, Risk Management.

Innovative + Customized Solutions = Success

In line with its strong focus on customer centricity MIBL offers services to its customers through B2C as well as B2B business models. In B2C, they serve retail customers for individual needs related to health, life and motor, whereas through the B2B business model, they cater to corporate and SMEs for their group health and asset insurance requirements. In B2C (Retail), MIBL has a philosophy of designing innovative solutions for the rural market, which is often deprived of adequate insurance coverage. The team in fact has developed several innovative solutions like Mahindra Loan Suraksha (MLS), and Mahindra Arogya Suraksha (MAS), specially designed to adapt to the prevailing conditions in the rural and semi-urban areas, and which provide these customers with comprehensive coverage to meet their lifecycle needs.

Throwing light on the solution, Jaideep explains, “MLS is a customised, innovative insurance solution offered to Mahindra Finance vehicle and tractor loan customers through which in the unfortunate event of the customer’s death, the outstanding loan amount is waived off and the vehicle or tractor can be retained by the customer’s family. We have co-created this unique solution along with Mahindra Finance and an insurance company with a focus on customer-centricity.”

To facilitate the process of claim settlement for the customer’s family, the team has further evolved innovative practices along with insurance companies to facilitate faster and hassle-free claims.

In the B2B (Corporate Solutions) segment, MIBL caters to 1000+ corporates and SMEs and insures their employees and physical assets. The company additionally offers value-added services like Risk Management/Audit which includes risk inspection and gap analysis, and portfolio management which includes claims consulting. Customized insurance programs are designed with partner insurance companies to cover most of the insurance needs of their organization.

“Through our Reinsurance vertical, we cater to insurers and reinsurers in 40+ countries. Reinsurance broking services are used by insurance companies to transfer their portfolio risks to reinsurers, protecting the insurer’s balance sheets, reduce captial infusion, and enabling continuity of business operations.Our Reinsurance broking team uses their international domain knowledge and expertise to provide innovative and customized solutions to insurance companies, nurturing long term business relationships with them,” adds Jaideep.

Being Good in Business

The Insurance industry has seen dynamic changes in recent times due to introduction of new IRDAI regulations, change in consumer behaviour, increase in competition, new entrants, innovation, and adoption of technology in the sector. IRDAI introduced Motor Insurance Service Provider (MISP) as a new class of intermediaries which changed the commission structure and the distribution model for motor insurance. As a result, there is a shift in industry commission structure. To stay strong, the team is planning for innovative business models, like Pay—As—You—Can. Here a network of large service providers like telecom companies or banking institutions can be leveraged for distributing affordable and need-based insurance solutions. In reference to this scenario, Jaideep elaborates, “The recent Point of Sale Person (POSP) regulation by IRDAI provides a new opportunity for insurers and brokers to sell basic insurance policies through individuals. We are planning to leverage the Mahindra ecosystem as well as the open market for enrolment of individuals as POSP. This would help in reducing manpower cost and expand penetration in the market.”

While technical innovations are increasingly playing an important role for determining growth of insurance industry, team MIBL is currently working on predictive analytics model to understand the customer’s lifecycle better and offer them products that best suit their needs. “Insurance industry is highly regulated and regulator IRDAI strives to increase consumer awareness. We have always given the highest priority to compliance and adherence to government rules and regulations,” he adds.

Since inception, MIBL has an impeccable record for corporate governance as evident by continuous renewal of license every three years by IRDAI.

Values that Make Up MIBL

The need to continuously develop employees across all roles & positions to ensure that they are equipped with relevant skills and competencies is well recognized by MIBL. In line with the same, they make efforts to design and develop programs to help build the skills of their employees. The robust competency framework encompassing functional knowledge, skills and behaviours forms the premise, based on which the training plans are developed and developmental inputs for employees are extracted. Besides the competency framework, emerging growth areas, regulatory changes/ requirements and manager inputs are taken for designing and developing training programs.

The effectiveness of such training and its impact on business is measured through shift in competency proficiency levels between the 2 competency assessment cycles (6 months interval) “As a practice, we measure the effectiveness of training programs based on shift (increase/decrease) in target competencies, post learning interventions. Improvement in competency results depicts that the learning and development programs targeted to technical competencies — Claims knowledge, Product knowledge,” Insurance business knowledge — have improved the proficiency levels of our employees, informs Jaideep. In F2018, MIBL has been appraised and rated at Maturity Level 5 of the CMMI Institute’s People— Capability Maturity Model (P—CMM) thus becoming the first company in the BFSI sector globally to achieve this international benchmark. “This is a re-endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture. It reiterates our focus on adopting and aligning Global HR and Business process standards and ensuring sustainability of business,” he adds.

Also acting as a responsible corporate, MIBL is committed to create a cleaner, greener and better future for the generations to come. The company has been a part of 3 assessment cycles and has been accredited as A+ in terms of GRI index for Sustainability initiatives. Some of their CSR initiatives taken up in rural India are saving water, electricity, saving paper, planting trees/saplings. MIBL has further worked on Women empowerment by providing professional training to fully equip 40 women from rural villages of Jaipur to become self-sustained drivers. “We were awarded with the prestigious India CSR Award in the category of Women Empowerment,” he further adds.

Striking Out on New Paths

Commencing its operations with an equity capital of around USD 100,000, and all of 14 people, today MIBL numbers over 1,000 people with income of INR 245 cr. in FY 2017-18. Its solutions now reach over 2,00,000 villages across India, serving over 10 Million customers.

As a licensed composite broker, MIBL has demonstrated noteworthy growth and profitability over the past 13 years, with current valuation of Rs.1,300 crores (approx. US$ 200 million). XL Group, a leading global insurer and reinsurer operating under the XL Catlin brand acquired a 20 percent minority stake in MIBL in 2017. The XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in under-penetrated markets and across under—served customers in rural India.

By 2020, MIBL aspires to be the first Indian company amongst the Global Top 100 Insurance brokers in Revenue.

Source: Silicon India Magazine

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Mahindra Insurance Brokers (MIBL) has tied-up with payments gateway firm Citrus Pay to provide a short-term automatic personal accident cover via mobile wallet.

Mahindra Insurance Brokers (MIBL) has tied-up with payments gateway firm Citrus Pay to provide a short-term automatic personal accident cover via mobile wallet.

The insurance company will offer Citrus Pay customers an automatic personal accident cover for a month against specified payment transaction made through mobile wallet.

"To qualify for a personal accident cover, designed for Citrus Pay customers, all that the customers need to do is spend a specified amount from their mobile wallet. Once the customer reaches the amount, they can simply avail the policy by sharing nominee details through an SMS or email," MIBL said in a release.

Source: Business Standard

Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM), thus becoming the first insurance...

Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM), thus becoming the first insurance broking company globally to achieve this international benchmark. MIBL joins the league of top companies practising People-CMM such as Accenture, Computer Sciences Corporation, Wipro, CMC, Mahindra Mahindra Financial Services Ltd., Tata Consultancy Services, LT Infotech, etc.

P-CMM is an organizational transformation model from the CMMI Institute, USA. The CMMI Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI) for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

Ramesh Iyer, Managing Director, Mahindra Mahindra Financial Services Ltd. and President ndash; Financial Services Sector and Member of Group Executive Board of the Mahindra Group, said, We are truly delighted that MIBL has become the first insurance broker globally to achieve this international benchmark. It is a reflection of the organization steadfast commitment to the development of its people, its focus on adding value to its customers, and driving positive change in the lives of people.

Dr Jaideep Devare, Managing Director, MIBL, commented, We are extremely honoured to have achieved People-CMM Maturity Level 3 for Human Capital Development. Our focus on best practices has been driven by our desire and commitment to deliver a best-in-class service experience to our valued customers. Our customers deserve the best and we have endeavoured to develop our people capabilities to match and exceed customer expectations. This achievement reinforces MIBL continued commitment to develop and enhance skills and capabilities of our team.

Rajesh Naik, the lead appraiser from QAI India said, MIBL has a robust framework for employee growth, supported by a collaborative culture, a competency framework, internal job posting, educational assistance, and focus on internal promotions. MIBL is also the world first company in the insurance sector to have achieved Maturity Level 3 of the People CMM. Powered by a strong and flexible people management system, I am sure MIBL has the potential to become one of the best organizations in the world.

MIBL appraisal at Level 3 of the PCMM Model is an endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture, said Vinay Deshpande-Chief People Officer, Mahindra Mahindra Financial Services Sector.

Source: Financial Express

MIBL also said, in Punjab they have serviced over 1 lakh customers in the last five years by offering them various insurance solutions. Also, the benefits have reached to over 5,000 villages in Punjab, Managing Director, MIBL, Dr Jaideep Devare, said here.

"Mahindra Insurance " Brokers Ltd (MIBL) on Tuesday said with its solutions reaching 1 lakh villages across the country, it was now focusing on the MSME segment.

MIBL also said, in Punjab they have serviced over 1 lakh customers in the last five years by offering them various insurance solutions. Also, the benefits have reached to over 5,000 villages in Punjab, Managing Director, MIBL, Dr Jaideep Devare, said here.

"We are also focusing on a separate segment of customers which is the MSME segment who otherwise get left out or don't get the services, what I call they are quasi retail customers, their needs are like retail but they are not so large also but they need these services. Very soon, we will be launching the services for MSMEs customising insurance solutions for their needs. We will be entering into this market very soon," he told reporters.

Further dwelling into company's business, Devare said, "Our theme of where we focus is purely on under penetrated markets and under served markets." "Our total villages serviced are 1 lakh, we are present in almost all locations across the country, equally placed, including the north-east," he informed.

Spelling out how low cost technology was going to be used for extending benefits to the customers, especially the ruralites, he said, "we are looking at digitalising, because it is driving the country today, you look at Digital India and Make in India.." Be it our farmer friends, rural population, or local families, everybody will be benefited. Low cost, high technology is the big bet.

It is not just buying a product, it is in the claim settlement that customer should get benefit, he pointed out. Devare further said MIBL is focusing exactly on the same segment which are getting maximum emphasis from the government, "be it rural segment, be it protection, be it financial inclusion, social inclusion, be it SME inclusion, we are building the whole infrastructural support and this is the way of protecting."

"We are also very enthused with the vision of the new government at the Centre which intends to focus on health insurance for all, especially in rural India," he said.

Source: Money Control

February 15, 2016

Dr Jaideep Devare is the Managing Director of Mahindra Insurance Brokers Ltd (MIBL). In this interview, Dr Devare shares MIBL’s experiences, pains, and benefits gained in the transformation carried out at MIBL through the People CMM® initiative. MIBL was appraised and rated at maturity level 3 through a SCAMPISM Class A appraisal in Dec 2015

AlignMentor: Congratulations on being the first insurance organization in the world to have been rated at maturity level 3 of the People CMM®. And thank you for agreeing to share your experiences.

Q: Please tell us about your organization – MIBL.

JD: Mahindra Insurance Brokers Limited (MIBL) is a subsidiary of Mahindra & Mahindra Financial Services Limited (MMFSL). We have a Composite Broking License, which enables us to operate as a Direct as well as a Reinsurance broker in India. We are one of the few insurance broking companies in India to have been awarded the ISO 9001:2008 certification. Now, we are the world’s first organization in the insurance sector to achieve People CMM® maturity level 3, reflecting our quest for excellence.

MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost-effective, customized solutions to ensure total customer satisfaction. MIBL represents the interests of the customer, and acts as an intermediary between the customer and the insurance company. MIBL’s role encompasses various activities right from risk profiling to claims administration for customers. MIBL coordinates with the insurers and re-insurers to get the best deal and the most ideal risk protection cover for our customers.

As on today, our insurance solutions have reached out to over 150,000 villages across India, and have serviced over 6 million cases in the rural and semi-urban markets. Our presence in many locations across various states in India gives us extra mileage to serve our customers in markets that are under-penetrated and under-served.

Our company’s long-term vision is: “To be the first Indian company amongst the Global Top 100 Insurance Brokers in revenue by 2020”.

Q: Please tell us why and how and why you decided to adopt the People CMM® model. And please share some experiences of your People CMM® journey.

JD: In the last eleven years, MIBL in India has organically grown from 50 to 750 employees. As the organization grows, maintaining employee experiences, building and sustaining employee engagement requires focused efforts and disciplined practices that are consistently and fairly executed across the organization to continuously engage and inspire people. We believe that happy and engaged employees provide the best of services to our customers.

We take pride in the strong culture we have developed since day 1; this culture being one of our strengths. Our core values and the Mahindra ‘Rise’ pillars inspire us to focus on customer delight, quality service, challenging conventional thinking, accepting no limits, and driving positive change. However, over time, we came to realize that we needed something more if we were to gain an edge in the over-competitive market. In terms of human capital, this meant an increase in our employee engagement, control over attrition, and higher momentum on customer-centricity.

We asked ourselves 3 key questions, for which we had to find relevant answers:

1. How successful is our business today?

2. How can our human capital develop personally as well as contribute to the growth of our organization?

3. How ready are we for the future?

As we are into a people-centric and knowledge-intensive business, the role of human resources is crucial to the success of our company.

To keep up with the wave of digitization and globalization, we felt, we would need to focus on cultural transformation, building organization capabilities for future business growth, creating robust HR process delivery models, and driving HR process excellence. These thoughts provided an impetus to synergize people, process, technology and culture, and that’s how we thought of embarking on the PCMM® journey.

Q: There is a feeling that the People CMM® is applicable only for IT companies. Yours is an insurance organization – what is your impression now that you have implemented a part of the People CMM®?

JD: We understand that IT companies were the early adopters of People CMM®. The robust people practices enabled them to attract, engage, and retain employees, especially Generation Y, the Millennials.

In my opinion, PCMM® can be beneficial to any organization which is people, quality and customer-focused. Any organization serious about business performance, people development, and organization strategy and goal alignment, should adopt this model. I believe that organizations have limited growth not so much because of ineffectual business strategy, but more because of a cultural impediment due to which employees get negatively impacted, and are unable to give of their best. If this hypothesis is true, then people play an important role and act as catalysts for growth. Any business strategy may not work if the people and culture do not support progress.

So, people-focus can serve as a competitive advantage for any organization. The PCMM® model is helping us in such a cultural transformation, and can help any organization, irrespective of the industry segment.

Q: What were the key benefits that you expected and realized in implementing the People CMM®?

JD: Some of the challenges in the financial/ insurance sector are high employee attrition and low employee engagement levels. We expected to improve our employee engagement and to reduce attrition levels. Our larger objective was to align HR with business strategies and drive excellence in HR processes to achieve our Vision. We have started realizing great benefits in our journey over the last 15 months.

A few of these are: a) Improved employee engagement scores b) Reduced Attrition levels c) Significant improvement in transparency and effectiveness of our internal communication channels, which have further enhanced our trust Index levels d) A robust competency framework aligned to our various people practices e) Better execution of strategic business projects at a faster pace now.

Holistically, we have improved in our agility, responsiveness and customer-focus across the organization.

Q: Please share some of the challenges that you faced in the implementation of the model @ MIBL.

JD: Ensuring inclusivity was a challenge as our employees are spread across India in over lots of locations, servicing customers in the rural and semi-urban markets. It becomes difficult for the HR team and people managers to be in regular, direct touch with them. We utilized the power of technology as an effective mode of communication in order to reach our employees across the country.

Also, as this is a cultural transformation process, initially we experienced a little resistance from some, but we were able to overcome this, as our employees were already aligned with our aspirational Vision 2020, “To be the first Indian company amongst the Global Top 100 Insurance Brokers in revenue by 2020”.

Leadership involvement and “walk the talk” played an important role in overcoming such resistance. Various sensitization programs, reinforcement of company’s Vision, enhanced communication channels worked well to overcome such challenges.

Q: What are the other models/ frameworks that your organization has adopted?

JD: Internally, we have our Group’s unique ‘The Mahindra Way’ (TMW) model in place, which is based on TQM. I would say the PCMM® model complemented the TMW model, and we hope to move to the next level in our TMW assessment later this year. As mentioned earlier, we are also aligned to ISO 9001:2008.

Q: Now that you are maturity Level 3, will you be pursuing higher maturity levels of the People CMM®?

JD: Yes, we have already embarked on our PCMM® maturity level 4/5 journey, and our team is energized to implement various processes such as knowledge management, mentoring, empowerment, data analytics based business decision-making, and continuous innovation.

Institutionalization of various processes and initiatives are very important to reap business benefits in the long run, and therefore we have planned the implementation phase over a 2-3 year horizon.

Source: Align Mentor

CMMI Institute- Published PCMM appraisal results for Mahindra Insurance Brokers Limited"