Castrol India has signed an agreement with Mahindra Insurance Brokers Limited (MIBL), a prominent insurance brokerage firm. Castrol Auto Service (CAS) workshops will now have the option to empanel themselves as POSPs (Point of Sale Persons) for the 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.
Sandeep Sangwan, Managing Director, Castrol India, said, “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 CAS workshops to reach more customers.”
He added, “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 enhanced value to their customers”.
Vedanarayanan Seshadri, Managing Director and Principal Officer, Mahindra Insurance Brokers Limited, said, “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 assists 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.”
This alliance provides CAS workshops an opportunity to expand its customer base and offer value-added services. Overall, this association aims to support CAS workshops in establishing themselves as trusted service providers in the automotive industry.
