Affinity Partnership
Affinity Partnership
Strategic Alliances (also known as Affinity lines) is our B2B2C (Business - Business - Customers) initiative. Insurance is a valuable offering that strengthens Customer Value Proposition of our partners. India is a highly underinsured nation. Our partners engage with a vast population that is usually underinsured or uninsured. Mahindra Insurance brokers is equipped to provide customised offerings to the partners based on consumer insights.
Our partners belong to Banking, NBFC, Micro Finance, Cooperative Banks, Common Service Centres, OEMs, Fintech, E-Commerce, Online aggregators, Retail chains, CSR/NGOs, Logistics & Mobility, Travel, Direct Selling Agents and the likes. Essentially, any partner with a customer network fits our definition of a partner.
Our Business Models
The Group of Model
Insurance can be presented as an optional purchase on the partner’s network or it can be offered to all customers mandatorily. When our partner becomes a Master policy holder, their customers can avail the insurance products through them, which can be attached on complimentary/voluntary basis. Structuring terms of the product depends on many factors which includes, type of business, total volume, type of risk cover and industry practice.
The premium payment and policy issuance can be managed via three modes:
- Through our Group Portal
- The partner can opt to pay directly through the insurance company’s online platform
- By maintaining a float amount with the Insurance company, i.e. the partner can collect the premium from their customers and the accumulated premium can be transferred to the insurance company.
PoSP Model
With an aim of bringing maximum number of citizens under insurance cover, the Insurance Regulator has allowed the development of Point of Sales Person for Insurance. The PoSP can sell insurance of any category from Motor to Health to life etc. with an authority to issue insurance policies instantly. PoSPs are provided with a home grown digital technology of Mahindra Insurance Brokers, that allows them to sell simple insurance policies which do not require underwriting. It also enables additional earning opportunities as per IRDAI norms. Also, unlike an agent who has to spend 25 hours of training, a PoSP has to undergo just 15 hours of training with a validity of 3 years.
Sectors and Solutions
The partners nominate the employees to become PoSP through Mahindra Insurance Brokers’ Sajhedaari program. The process involves enrolling, completing the mandatory 15/30 hours of online training and clearing the exam to get licensed as a PoSP (Point of Sale Person). It is an end-to-end online process.
Financial Services (NBFCs, Micro Finance, Co-operative Banks)
Credit Life, Health Insurance, Jewellery Insurance
Fintech
Hospicash, Health Insurance, Motor Insurance Products & Life Insurance
Mobility, Travel
Travel Insurance - domestic & international, Ride Insurance, Single Trip Sachet Insurance, Motor Insurance
Common Service Centers
Hospicash, Health Insurance, Motor Insurance Products & Life Insurance
E-Commerce, Logistics
Extended Warranty, Transit Insurance, Marine Insurance, Embedded Insurance, Motor Insurance
Aftermarket, Workshop chains
Motor Insurance, Road Side Assistance, Warranty
DSAs
Credit Life, Health Insurance, Jewellery Insurance
CSR
Health Benefits
Why Partner with Mahindra Insurance Brokers
- Mahindra Insurance Brokers Ltd. (MIBL) offers solutions across various categories of risk.
- MIBL has presence across 1500+ locations in India.
- MIBL has a team of expert professionals across each insurance category bringing valuable insights.
- Our relationship with various insurance companies lend us the ability to negotiate best deals for our customers.
- We handle everything from identifying the right risk protection solutions, sourcing the best terms, negotiating commercials, allowing easy integration with existing system to timely claim settlement assistance.
