Mahindra Insurance Brokers (MIBL) has launched a digital insurance portal called PayBima that will help customers directly buy insurance policies online.
In an interaction with Moneycontrol, Jaideep Devare, Managing Director, Mahindra Insurance Brokers said PayBima will provide end-to-end services from product sales to servicing and claims.
Customers will be able to buy car, two-wheeler, health and life insurance products on PayBima. Devare said that the company is setting up a separate team for this portal. The portal will enable customers to search for policies, compare features, buy and renew policies online.
“Individuals are wary of meeting people (salespersons) right now due to the pandemic. This will help customers compare policies and then buy relevant products,” added Devare.
He said that since there is the MIBL network, this will help the end customers. A player in the insurance industry for over 16 years, MIBL has serviced more than 15 million policies from more than 400 locations across the country.
“Each customer has separate needs. Our portal will look at individual needs and help customers choose products by comparing plans side-by-side,” he added.
Devare said that unlike other portals, the physical presence of MIBL in more than 400 locations will assist customers during the claims settlement process.
"There is a difference between buying cheap and buying right. We are saying don't buy policies that are just cheap but buy the appropriate policy," he said.
MIBL is a profit-making entity, though there was a dip in numbers due to the pandemic. During the quarter ended June 30 (Q1FY21), the insurance broker registered an income of Rs 41.2 crore, which was a 48 percent decline over the year-ago period. The profit after tax registered was Rs 2 crore during Q1, showing a YoY decline of 68 percent.
PayBima is partnered with 19 insurance companies so far including ICICI Prudential Life, Max Life, HDFC Life, Kotak General Insurance, Digit Insurance among others. Devare said that this number will double over the next few months.