Mahindra & Mahindra Financial Services, a prominent player in India’s non-banking finance sector, has secured a corporate agency license from the Insurance Regulatory and Development Authority of India (IRDAI). This license empowers Mahindra Finance to act as a ‘corporate agent (composite)’ under the Insurance Act, 1938, facilitating the distribution of insurance products.
Diversifying Product Portfolio
With this approval, Mahindra Finance can now offer tailored insurance plans to its vast customer base. This move not only broadens the company’s product portfolio but also integrates insurance solutions into its existing services. By meeting both financial and insurance needs under one roof, Mahindra Finance aims to enhance customer experience and satisfaction.
Revenue Expansion Strategy
The corporate agency license marks a significant milestone in Mahindra Finance’s journey of empowering customers with top-notch products and services. This diversification strategy is expected to unlock new revenue streams while leveraging the company’s extensive network of over 1360 branches and dedicated personnel. Raul Rebello, managing director & CEO of Mahindra Finance, highlights the importance of this license in delivering personalized services and promoting innovation.
Mahindra Finance in Brief
As a subsidiary of the Mahindra Group, Mahindra & Mahindra Financial Services is renowned for its focus on the rural and semi-urban sectors. With a customer base exceeding 10 million and assets under management (AUM) surpassing $11 billion, the company offers vehicle and tractor financing, loans to SMEs, and fixed deposits. Despite a slight decline in standalone net profit in Q4 FY24, Mahindra Finance remains a key player in India’s NBFC landscape.
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