Bangalore, 19 June 2023: Castrol India Limited, India’s leading lubricant player, has signed an MoU with Mahindra Insurance Brokers Limited (MIBL), a prominent insurance brokerage firm to enable Castrol Auto Service (CAS) workshops to sell vehicle insurance policies by top insurance companies, further enhancing their customer value proposition.
Through this offer, CAS workshops will be able to empanel themselves as POSPs (Point of Sale Persons) for distribution of eligible insurance policies from India’s leading motor insurance providers in the country through MIBL. CAS workshops now have the option to offer automotive insurance products via a digital platform in addition to repair and maintenance services for their customers’ vehicles.
Sandeep Sangwan, Managing Director, Castrol India Limited, added, “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 partnership with Mahindra Insurance Brokers Limited to further empower our CAS workshops to reach more customers. It also represents a significant milestone in our service and maintenance strategy, as it will undoubtedly enhance the capabilities of our network workshops and ensure that they are capable of providing exceptional or enhance value to their customers”.
“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 partnership 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. Together with Castrol, we are committed to establishing the CAS workshops as trusted service providers in the automotive industry,” added, Vedanarayanan Seshadri, Managing Director, Mahindra Insurance Brokers Limited.
This alliance now provides CAS an opportunity to expand the customer base and offer seamless insurance services, resulting in higher customer satisfaction. Overall, this partnership aims to support CAS workshops in growing their business and establishing themselves as trusted service providers in the automotive industry.
