Mahindra Insurance Brokers (MIBL), 85% subsidiary company of Mahindra & Mahindra Financial Services, has introduced an innovative Pay-As-You-Can digitally-enabled model that is set to redefine the distribution of insurance solutions and drive insurance penetration in India. This socially progressive initiative will provide customers access to insurance products, with the flexibility of paying premium based on their affordability. This model will enable any service provider with a large customer base, to offer affordable and tailor-made insurance covers to their customers in a seamless manner.
As a first step, MIBL has entered into a strategic partnership with Citrus Pay, a leading payment solutions company, to provide a short-term Personal Accident cover as a value-add to their loyal customers. This customised Group Personal Accident cover has been underwritten by Religare Health Insurance Company. To qualify for a Personal Accident cover, designed for Citrus Pay customers, all that the customers need to do is spend a specified amount from their mobile wallet. Once the customer reaches the limit, they can simply avail the policy by sharing nominee details through an SMS or email, following which, the policy details will be sent to them and they will be entitled to a Personal Accident cover for a month.
The Pay-As-You-Can model will enable any service provider to offer its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by MIBLs wide network of 400+ locations across India, and its in-house Customer Contact Centre.