Mahindra Insurance Brokers Limited (MIBL), a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), today announced its partnership with BigHaat, India’s Agri Digital Platform. This partnership will offer financial solutions to the informal Agri segment of India’s workforce. Mahindra Insurance Brokers and BigHaat stated that they will together promote the Government of India’s goal of higher insurance penetration in rural India.
Vedanarayanan Seshadri, MD & Principal Officer, MIBL said, “With 70 per cent of India’s population being rural, this segment is a vastly untapped market when it comes to insurance adoption. In addition, rural and semi-urban India are the most affected by unforeseen events leading to financial stress on families. Our partnership with BigHaat will provide a sense of social and financial security to these families. MIBL is committed to building trust and awareness within this community, further meeting the insurance requirements of this market”.
Mahindra Insurance Brokers Limited will offer health and motor insurance policies under this partnership. The health insurance policy will be sold to BigHaat customers via the BigHaat website and mobile application.
Sateesh Nukala, Co-founders of BigHaat India, mentioned, “Bringing insurance to the underserved population such as farmers is a huge step forward. While agri-insurance has been the preferred form of insurance, they have overlooked their own health and their tractor requirements. In this association with Mahindra Insurance Brokers, BigHaat will be delivering health insurance to over 10 million farmers who are on its platform."
"With this partnership, BigHaat is taking a step close to bridging the gap of low insurance penetration among the farming community. This association will help us become a one-source destination for all the needs of farmers including tractors and health insurance," Nukala added.
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