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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"