Regarding the growing importance of health insurance, MIBL MD Vedanarayanan Seshadri said: For years, it has been the dominant player in the industry. ”
“We see 30% to 40% growth in this sector, but the fundamental changes are sought today compared to what people were previously looking for, backed by more information about health insurance. It’s the degree of protection that we have, “says Seshadri.
As part of this, MIBL recently announced a partnership with healthcare division Tata 1 Mg to provide customized health solutions to corporate employees and their families, and will continue to do so in the future. I plan to consider it. MIBL is currently licensed as a combined intermediary license and can distribute products to the full range of insurance, including automotive, life, health and reinsurance. This is another part of the business. The subsidiary produces a premium of around 2800 to 3000 rupees annually. Currently, AXA holds a 20% stake in MIBL through its investment sector.
“Our business is basically divided into three blocks, one from the Group’s ecosystem, ranging from the automotive and tractor business to the financial services business, and a large consumer base. The second part is what we call the advisory business, which guarantees the risks of small and medium-sized businesses in real estate, marine, liability, engineering, and other commercial lines. The third component is the omni-channel build, where digital plays a major role, “said Seshadri.
“The digital omni-channel platform business is growing rapidly, accounting for 6% to 7% of total monthly revenues and premiums, becoming about 25% of the business within a few years and 30% over the next 4-5 years. It stabilizes at ~ 35%. The roadmap for the year we created, “he added. Seshadri said he introduced digital to build distribution to improve the customer experience and expand the non-group ecosystem business in the long run.
“We are currently making 350 rupees. We are ready to turn this into up to 100 billion rupees in the next four years, the way we created the infrastructure in the last 24 months,” he said. increase.
MIBL Premium improved from Rs 2,100 to Rs 2,800 compared to last year, with a 30% increase in revenue and a 55% increase in profitability. Seshadri attributed these numbers to the fact that the MIBL reached a range close to the two lac villages in terms of the number of customers they contacted. “We have built nearly 10,000 and doubling POS distributions each year. The real play is in the missing middle segment of 350 million households that are not covered by proper insurance. As we move forward, we will look to markets in the Middle East and North Africa. ”
“We are looking for two sets of acquisitions to grow our books. One is for players in the B2C space and the other is the region where we do business, the highest quality in our commercial line business. A regional broker with clients, built by some international players, “said Seshadori.
Seshadri immediately drew attention to the lifeside of businesses with rising term rates. “Insurance costs are a consistent concern for both SMEs and large companies, and companies are concerned about the cost of insurance on the term side, requiring a more coordinated approach to rate hikes during the term. “, He said.
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