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Insurance
23-May-24
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Mahindra Finance obtains Corporate Agency License from IRDAI to distribute insurance products
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Mahindra & Mahindra Financial Services said that it has obtained a certificate of registration (Corporate Agency License) from the Insurance regulator IRDAI to act as a 'corporate agent (composite)' under the Insurance Act, 1938.This license enable the company to offer tailored insurance plans to its customer base.
The corporate agency license will enable Mahindra Finance to expand its product portfolio by incorporating insurance solutions. This will enable customers to have their financial and insurance needs met by a single entity. By leveraging its common infrastructure of branch network and feet on the street, this process will increase companies' existing sources of revenue and profit.
Raul Rebello, managing director & CEO, Mahindra Finance stated,”The corporate agency license is a significant moment for us in our journey to empower customers with best products and services alike. This diversification will open new revenue models for us while delivering personalized services to customers across Mahindra Finances 1360+ branches, thereby enhancing their experience. By expanding our capabilities and offerings, we aim to promote innovation, benefitting our customers and stakeholders in our journey of being a preferred financier to emerging India.”
Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 10 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
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