Mahindra Insurance Brokers Ltd.(MIBL),an outfit of diversified Mahindra & Mahindra group, has launched, a digital platform for online insurance buying experience.

Powered by advanced analytics, PayBima offers the Indian customer an opportunity to make informed insurance decisions, through a credible, comprehensive and convenient digital platform. Customers can evaluate a wide range of insurance products such as car, two-wheeler, health and life, with expert guidance and assistance, right from the first click to the claim settlement process.

Jaideep Devare, managing director, ‎Mahindra Insurance Brokers Ltd. said, “The financial services industry is witnessing the rise of a new tech-savvy millennial customer segment, augmented by increasing internet penetration and smartphone usage. However, the confidence of buying financial products through digital platforms is evolving. This is where trust in the Mahindra brand and the assurance of MIBL’s physical network for servicing come in. PayBima, with its advanced analytics and personalised customer journeys, supplemented with our proven expertise in claims servicing for over 16 years, will provide a visibly differentiated experience and service. We will continue to reinvent our offerings and leverage technology to cater to the evolving needs of our customers.”

The platform is backed by a robust technology architecture, seamlessly integrated with insurance companies on one hand, and with state-of-the-art Customer Relationship Management (CRM), document management and analytics systems on the other. This enables personalised customer journeys, customised solutions, high performance with near zero down-time, and quick and efficient turnaround. MIBL’s 400+ strong physical network pan-India provides PayBima customers the added comfort and assurance of a physical servicing set up for all insurance needs.

With a 20 per cent stake by multinational reinsurance firm XL Group(taken over by AXA S.A in 2018),16 year old MIBL serves 1.5 crore policies,LeapFrog, a financial services-focussed impact investor, had invested $15 million (about Rs 100 crore) in the company for a 15 per cent stake in 2012.After raising it to 20 per cent it had sold its entire stakes to XL Group in 2017.