Mahindra & Mahindra Financial Services Limited (Mahindra Finance), a  Non-Banking Finance Company (NBFC) within the Mahindra Group, has recently been granted a Certificate of Registration by the Insurance Regulatory and Development Authority of India (IRDAI).

This accreditation permits Mahindra Finance to function as a ‘Corporate Agent (Composite)’ pursuant to the Insurance Act, 1938. Essentially, it empowers the company to provide tailored insurance packages to its clientele, thereby significantly broadening its array of offerings.

By incorporating insurance solutions into its product lineup, Mahindra Finance aims to streamline its customers’ financial and insurance needs, establishing itself as a comprehensive financial service provider. The company plans to leverage its extensive branch network and workforce to capitalize on this new avenue, enhancing its revenue and profitability prospects.

Mahindra Finance’s foray into the Corporate Agency sector is underpinned by a robust compliance framework, encompassing thorough policies, procedures, and internal controls to ensure adherence to IRDAI directives.

A pivotal aspect of this venture involves operational efficiency and collaboration with Insurtech firms. Mahindra Finance intends to harness technological advancements to automate processes such as quote generation, policy management, and claims assistance, with the goal of reducing manual intervention and boosting efficacy.

With its newfound corporate agency license, Mahindra Finance gains the ability to solicit, procure, and engage in the business of marketing various insurance products, spanning life, health, and general insurance categories. This capacity enables the company to represent multiple insurance providers and offer a diverse range of insurance services to its clientele.