Castrol India Limited, India’s leading lubricant player, has signed an agreement with Mahindra Insurance Brokers Limited (MIBL), a prominent insurance brokerage firm, the company today announced through an exchange filing.
Castrol Auto Service (CAS) workshops will now have an option to empanel themselves as POSPs (Point of Sale Persons) for distribution of eligible insurance policies from India’s leading motor insurance providers through MIBL. The CAS workshops can offer automotive insurance products via a digital platform in addition to repair and maintenance services for their customers’ vehicles.
“As the automobile industry sees significant growth, with India being the fourth largest automobile market, vehicle insurance has seen unprecedented growth. This potential gives us confidence in this alliance with Mahindra Insurance Brokers Limited to further empower our eligible CAS workshops to reach more customers," said Sandeep Sangwan, Managing Director, Castrol India Limited.
"Vehicle insurance accounts for a high 34% of the non-life insurance premiums in India (according to market studies), and presents an opportunity in a growth market. This collaboration with Castrol India, helps scale our reach, and assist these workshops in becoming POSPs with leading insurance companies on our panel, thereby empowering them to offer cashless services and generate incremental business through accidental repairs," said Vedanarayanan Seshadri, Managing Director and Principal Officer, Mahindra Insurance Brokers Limited.
