Muthoot Microfin has secured a corporate agent licence from the Insurance Regulatory and Development Authority of India (IRDAI), enabling it to provide customised insurance plans to its customers. This new licence reinforces the company’s dedication to financial inclusion, offering insurance coverage to the most vulnerable segments of society. The company can now offer insurance for natural calamities, medical emergencies and life insurance, ensuring comprehensive financial security for its customers.
With a customer-first approach, Muthoot Microfin integrates both financial and insurance solutions, benefitting its 3.35 million customers. The corporate agent licence enhances Muthoot Microfin’s ability to negotiate with insurance partners and tailor products specifically for Bottom of the Pyramid (BOP) customers in rural and semi-urban areas of India. By doing so, the company addresses the unique risks faced by these communities, providing a safety net that covers various aspects of their lives.
This development not only allows Muthoot Microfin to offer suitable insurance products, but also boosts its revenue and earnings by expanding its service offerings. The initiative aligns with the company’s mission to support financial inclusion and enhance the financial security of its customer base, particularly in underserved regions.
