Insurance to informal Agri segment by Mahindra & Mahindra’s MIBL and BigHaat.
Mahindra Insurance Brokers Limited (MIBL) has collaborated with BigHaat, an Agri digital platform, to provide financial solutions to the informal Agri segment. MIBL is a subsidiary division of Mahindra & Mahindra Financial Services (Mahindra Finance).
Under this collaboration, Mahindra Insurance will provide health and auto insurance policies. BigHaat customers will be able to purchase the health insurance policy through the BigHaat website and mobile application.
‘With 70% of India’s population being rural-centric, this segment is a vastly untapped market when it comes to insurance adoption,’ said Vedanarayanan Seshadri, MD & Principal Officer, MIBL.
‘Furthermore, unforeseen events that cause financial stress on families are most prevalent in rural and semi-urban India. Our collaboration with BigHaat will provide these families with a sense of social and financial security. MIBL is committed to increasing trust and awareness in this community in order to better meet the insurance needs of this market.’
‘Bringing insurance to the underserved population, such as farmers,’ said Sateesh Nukala, Co-founder of BigHaat. While agri-insurance has been the preferred form of insurance, farmers have neglected their own health and tractor needs. BigHaat, in collaboration with Mahindra Insurance Brokers, will provide health insurance to over 10 million farmers on its platform.’
‘With this collaboration, BigHaat is getting closer to closing the insurance coverage gap in the farming community. This association will assist us in becoming a one-stop-shop for all of the needs of farmers, including tractors and health insurance.’