Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Mahindra Insurance Brokers Partners with AISECT to offer Customised Health Insurance Solutions

Posted On: 2019-09-06 09:25:52

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 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 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. 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, Director & Executive Vice President - AISCET Group 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 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.

Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.320.05 as compared to the previous close of Rs. 329.15. The total number of shares traded during the day was 117498 in over 2097 trades.

The stock hit an intraday high of Rs. 330 and intraday low of 319.15. The net turnover during the day was Rs. 37920085.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Foseco India recommends final dividend of Rs. 10 for CY2019

B L Kashyap Sons Ltd receives LoI for Rs. 487.86 crore order

Himadri Speciality Chemical Ltd commences commercial operations of expansion project

Vaibhav Global Ltd Board declares Interim Dividend of Rs. 7 for 2019-20

Godrej Consumer Products Ltd board declares interim dividend of Rs. 2 for FY2019-20

ALKALI Metals Ltd Board declares Interim Dividend of Rs. 1

KPIT Technologies Ltd Board approves Dividend of Rs. 0.55

India Ratings maintains Yes Bank on RWN

MOIL updates on environment clearance of Gumgaon Mine

Transport Corporation of India Ltd consolidated Q3 FY2020 net profit at Rs. 34.04 crore

Greenlam Industries Ltd consolidated Q3 PAT higher at Rs. 29.07 crore

FOSECO India Ltd reports Q4 CY2019 PAT of Rs. 6.41 crore

Security and Intelligence Services India Ltd posts consolidated PAT of Rs. 78.28 crore in Q3

Sangam India Ltd Q3 FY20 PAT higher at Rs. 5.54 crore

Trident Texofab Ltd Q3 net profit at Rs. 0.23 crore

Paramount Communications Ltd Q3 consolidated net profit at Rs. 7.44 crore

Bajaj Finserv Ltd posts consolidated Q3 PAT of Rs. 1125.64 crore

POKARNA Ltd reports Rs. 6.56 crore consolidated PAT in Q3 FY20

Vaibhav Global Ltd consolidated Q3 net profit at Rs. 65.55 crore

KPIT Technologies Ltd Q3 consolidated net profit climbs to Rs. 42.85 crore

MPS Ltd Q3 FY2020 consolidated PAT slips to Rs. 12.95 crore

Nilkamal Ltd consolidated Q3 FY20 net profit at Rs. 30.23 crore

Dixon Technologies India Ltd reports consolidated PAT of Rs. 26.30 crores in Q3

Meghmani Organics Ltd Q3 consolidated net profit slides to Rs. 47.60 crore

Sundram Fasteners Ltd reports earnings for Q3, 9MFY2020

Godrej Consumer Products Ltd reports Q3 FY20 results

NIIT Technologies Ltd Board approves second interim dividend of Rs. 10 for 2019-20

Escorts Ltd. Q3 Net Profit up by 9.2% at Rs. 153.1 cr

Datamatics recognized as a Star Performer in the Everest Group PEAK Matrix® for Finance and Accounting (F&A) Digital Capability Platform (DCP) Solution Providers 2020

Satia Industries Ltd gets Environmental Clearance for Proposed Expansion

Orient Cement Ltd board approves resignation of CFO

Maithan Alloys Ltd Q3 consolidated net profit soars to Rs. 63.91 crore

Jubilant FoodWorks Ltd consolidated Q3 PAT rises to Rs. 101.79 crore

Alkali Metals Ltd Q3 net profit at Rs. 1.46 crore

NIIT Technologies Ltd reports consolidated PAT of Rs. 123.3 crore in Q3 FY2020

Orient Cement Ltd Q3 loss at Rs. 5.67 crore

BIRLA Corporation Ltd consolidated Q3 net profit rises YoY to Rs. 81.49 crore

Nucleus Software Exports Ltd posts higher consolidated PAT of Rs. 23.20 crore in Q3

Kaveri Seed Company Ltd board to consider Q3 results on Feb 5, 2020

NMET approves KIOCL's mineral exploration project

Nava Bharat Ventures Ltd Q3 consolidated PAT drops to Rs. 44.02 crore

Hero MotoCorp introduces its first BS-VI Scooter - Pleasure+ 110 FI

Bajaj Finance Ltd consolidated Q3 FY2020 PAT jumps to Rs. 1614.11 crore

Menon Pistons Ltd Q3 net profit falls to Rs. 1.01 crore

TAJGVK Hotels & Resorts Ltd posts Rs. 13.16 crore consolidated PAT in Q3

S V Global Mill Ltd Q3 consolidated net profit at Rs. 0.09 crore

Kalyani Steels Ltd reports PAT of Rs. 32.30 crore in Q3

Integra Engineering India Ltd Q3 net profit at Rs. 1.06 crore

The Ramco Cements Ltd consolidated Q3 net profit slips to Rs. 94.60 crore

WABAG secures multiple orders worth over INR 760 Crore across the Globe







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019