Message from Chairman
Opportunities to offbeat challenges
With every crisis, opportunity arises. Whilst it is clear that the global financial crisis brought severe damage and disruption to the insurance industry worldwide, it did highlight the imperative need to emerge stronger. It provided a learning opportunity for the industry to complement the deficiencies felt in products, processes and in services and prepare more diligently for the future to face challenges ahead.
Insurance manufactures, distributors like brokers and agents must now adapt to this new economic psyche and work strategically to identify trends to grow and remain competitive. Every step in the industry -Right from designing a product to distribution level, after sales services etc with much needed transparency have crucial roles to play to sustain in market. India’s economic prospects’ continue to offer great opportunities for non life and life insurers. Given insurers’ ability to adapt to the current challenging conditions, the Indian insurance market should be well-positioned to grow further.
The opening up of insurance sector in India for private participation from 2001 gave us an insight to participate In Insurance distribution to our needy customers. Our entry into insurance field as corporate agent led to expand our reach in this financial segment. Out of our desire to provide customers with diversities in Life and Non life Insurance solutions of all leading Insurance manufactures, prompted us to form “MAIBRO” in 2004 and obtained ‘Broking License’ from IRDA in November 2006 and served as a ‘One stop solution for all Insurance needs of clients across India’.