konnivartha.com/ business news കൊച്ചി: മുരുഗപ്പ ഗ്രൂപ്പിന്‍റേയും ജപ്പാനിലെ മിറ്റ്സുയി സുമിറ്റോമോ ഇന്‍ഷുറന്‍സ് കമ്പനിയുടേയും സംയുക്ത സംരംഭമായ ചോള എംഎസ് ജനറല്‍ ഇന്‍ഷുറന്‍സ് മഹീന്ദ്ര ഫിനാന്‍സുമായി സഹകരിച്ച് മോട്ടോര്‍ ഇന്‍ഷുറന്‍സും മറ്റ് ലൈഫ് ഇതര ഇന്‍ഷുറന്‍സ് പദ്ധതികളും വിതരണം ചെയ്യും. മുന്‍നിര എന്‍ബിഎഫ്സി ആയ മഹീന്ദ്ര ഫിനാന്‍സിന്‍റെ 10 ദശലക്ഷത്തിലേറെ ഉപഭോക്താക്കള്‍ക്ക് ഇതിന്‍റെ ഗുണം ലഭിക്കും.
ഈ സഹകരണം തങ്ങളുടെ വിതരണ ശൃംഖലയെ കൂടുതല്‍ ശക്തമാക്കുമെന്നും 26 സംസ്ഥാനങ്ങളിലായി 600-ലധികം ടച്ച് പോയിന്‍റുകളുമായി വൈവിധ്യമാര്‍ന്ന ഇന്‍ഷുറന്‍സ് പദ്ധതികള്‍ വിതരണം ചെയ്യാന്‍ തങ്ങള്‍ സജ്ജരാണെന്നും ചോള എംഎസ് മാനേജിങ് ഡയറക്ടര്‍ വി സൂര്യനാരായണന്‍ പറഞ്ഞു.
തങ്ങളുടെ ഉപഭോക്താക്കള്‍ക്കായി പ്രത്യേകമായി ക്രമീകരിച്ച ഇന്‍ഷുറന്‍സ് പദ്ധതികള്‍ ലഭ്യമാക്കാന്‍ ഈ സഹകരണം സഹായകമാകുമെന്ന് മഹീന്ദ്ര ഫിനാന്‍സ് മാനേജിങ് ഡയറക്ടറും സിഇഒയുമായ റൗള്‍ റെബെല്ലോ പറഞ്ഞു.
Chola MS and Mahindra Finance join hands to offer motor and other non-life insurance solutions
Through this partnership Mahindra Finance aims to offer comprehensive financial
solutions to its customers
Partnership to provide motor and other non-life insurance solutions to over 10 million
customers of Mahindra Finance, to further expand Chola MS’ distribution network
Kochi, August 18, 2024: Chola MS General Insurance, a joint venture between the Murugappa
Group and Mitsui Sumitomo Insurance Company Limited of Japan, has announced a strategic
partnership with Mahindra Finance, one of India's leading Non-Banking Finance Companies.
This collaboration will provide motor and other non-life insurance solutions to over 10 million
customers of Mahindra Finance.
Leveraging Mahindra Finance’s extensive distribution network across India, Chola MS plans to
enrich its general insurance offerings with customized digital solutions. These customer-centric
solutions are designed to provide long-term financial protection to customers and their families.
Both organizations are committed to delivering excellence through innovation and consistency
catering to the diverse needs of the customers.
V. Suryanarayanan, MD of Chola MS, stated, "This partnership with MMFSL will further
strengthen our distribution network, unlocking growth opportunities through extensive reach.
With our wide presence across 26 states, encompassing 600+ touchpoints and a diverse range
of products including motor, home, health, personal accident, fire and more, we can cater to
various customer segments across India.”
Raul Rebello, Managing Director & CEO, Mahindra Finance, said: “We are pleased to
announce our strategic collaboration with Chola MS General Insurance to offer customized
motor and other non-life insurance solutions to our customers. This partnership is yet another
step in enabling a personalized customer experience while reaffirming our commitment towards
being a responsible financial solution partner to Emerging India”.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra
Group, is one of India’s leading non-banking finance companies. Focused on the rural and
semi-urban sector, the Company has over 10 million customers and has an AUM of over USD
12.5 Billion. The Company is a leading vehicle and tractor financier, provides loans to SMEs
and also offers fixed deposits. The Company has 1,370 offices and reaches out to customers
spread over 4,80,000 villages and 7,500 towns across the country.
Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by
Great Place to Work Institute.
Mahindra Finance CSR Foundation is a wholly owned subsidiary company, under the
provisions of section 8 of the Companies Act, 2013 for undertaking the CSR activities of the
Company and its subsidiaries.
Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance
provides loans for purchase, renovation, construction of houses to individuals in the rural and
semi-urban areas of the country.
Mahindra Insurance Brokers Limited (MIBL) a wholly owned subsidiary, is the Company's
Insurance Broking subsidiary is a licensed Composite Broker providing Direct and
Reinsurance broking services.
Mahindra Manulife Investment Management Private Limited acts as the Investment Manager of
Mahindra Manulife Mutual Fund.
Mahindra Manulife Trustee Private Limited (MMTPL), acts as a Trustee to Mahindra Manulife
Mutual Fund.
Mahindra Ideal Finance Limited (MIFL) is a subsidiary of the Company in Sri Lanka, in which
the Company owns 58.2% stake. MIFL focuses on providing a diversified suite of financial
services to the Sri Lankan market.
The Company has a Joint Venture in the US, Mahindra Finance USA LLC, in partnership with
De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra vehicles in the US.
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational
federation of companies with 260,000 employees in over 100 countries. It enjoys a leadership
position in farm equipment, utility vehicles, information technology and financial services in India
and is the world’s largest tractor company by volume. It has a strong presence in renewable
energy, agriculture, logistics, hospitality and real estate.
The Mahindra Group has a clear focus on leading ESG globally, enabling rural prosperity and
enhancing urban living, with a goal to drive positive change in the lives of communities and
stakeholders to enable them to Rise.
About Cholamandalam MS General Insurance Company Ltd
Chola MS General Insurance Company Limited, a joint venture between the Murugappa Group
and Mitsui Sumitomo Insurance Company Limited, Japan, began its operations in 2002. The
company has grown consistently to expand its 26 states with over 600+ touch points, and a
network of over 15500 garages and 12,000 hospitals. The company has gross written premium
(GWP) of Rs.7598 cr, a growth of 22.54% (as against multi-line players' growth of 14.2%).
Chola MS operates with a solvency ratio of over 1.79 times. (Regulatory minimum of 1.5 times)
A leading and respected player in the General Insurance space, Chola MS champions the
philosophy known as T3 — Trust, Transparency and Technology. Driven by a promise thecompany has taken — #pledge2protect — ‘customer centricity’ forms the essence of the brand.
Guided by the values and beliefs of the Murugappa Group, the Five Lights (Integrity, Passion,
Quality, Respect and Responsibility), Chola MS has been consistently recognised and awarded
by the Government of India, international entities and ratings agencies for its insurance service
and delivery innovations.
About Murugappa Group
A 123-year-old conglomerate with presence across India and the world, the INR 742 billion
Murugappa Group has diverse businesses in agriculture, engineering, financial services and
more. The Group has 9 listed companies under its umbrella — Carborundum Universal Limited,
CG Power & Industrial Solutions Limited, Cholamandalam Financial Holdings Limited,
Cholamandalam Investment & Finance Company Limited, Coromandel International Limited,
EID Parry (India) Limited, Shanthi Gears Limited, Tube Investments of India Limited and Wendt
India Limited. Brands such as Ajax, Hercules, BSA, Montra, Montra Electric, Mach City, Gromor,
Paramfos, Parry’s are part of the Group’s illustrious stable. Abrasives, technical ceramics,
electro minerals, electric vehicles, auto components, fans, transformers, signalling equipment
for railways, bicycles, fertilisers, sugar, tea and several other products make up the Group’s
business interests. Guided by the five lights — integrity, passion, quality, respect, and
responsibility — and a culture of professionalism, the Group has a workforce of over 73,000
employees.