Mahindra Insurance Brokers plans to double customer base

Buoyed by its net profit growing from Rs 1.73 crore to Rs 42 crore in ten years, Mahindra Insurance Brokers Ltd (MIBL) today said it plans to double customer base and area of operation in three years besides expanding network in global market.
"We have an ambitious plan for expanding our operation in domestic as well as global market. The aim is to double our operations in next three years," MIBL Managing Director Jaideep Devare, who is also a member of the company's Founding Team, told reporters.
Stating that MIBL began life with an equity capital of Rs 50 lakh and all of 14 people, Devare said currently it has over 650 people, with profit after tax (PAT) of Rs 42 crore in FY2014 and its solutions now reach over 1 lakh villages across the country.

From pioneering innovative solutions like Loan Suraksha, MIBL has continued to diversify its offerings with solutions like Arogya Suraksha which is for health insurance in addition to motor insurance solutions. In September 2012, the company's valuation stood at Rs 520 crore, he said.
Premium generated has grown from Rs 24 crore in FY2005 to Rs 825 crore in FY2014, reflecting MIBL's strong growth trajectory, Devare said.
MIBL has been a profit-making and dividend-paying company from year one. A cash surplus and zero-debt firm, its net worth as of December 31, 2014 was Rs 163 crore.

"Our vision is to be India's No 1 insurance broker by 2015. The number of cases serviced since inception up to December 2014 crossed the 5 million mark, and last financial year alone, we serviced one million cases," Devare said adding our ultimate goal is to reach every Indian household with an insurance solution."

MIBL provides Health, Wealth and Life solutions; covering health, vehicles/tractors and life insurance solutions across rural India.
In Odisha, MIBL has serviced over 1,00,000 customers in last five years by offering various insurance solutions, reaching the benefits to over 5,000 villages across Odisha.
The company already has relationships in over 25 countries and its long-term vision is to be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020, Devare said.