The insurance story of Manappuram began in 2002 as Manappuram Financial Services when it became a corporate agent to the Insurance companies. In 2003, it was renamed as Manappuram Insurance Agents and Brokers ltd. The main activities then included representing the products of the Insurance company to the customers. Realizing that the needs of the customers aren’t fulfilled by standard products, MAIBRO shifted the focus to represent the customers to the Insurance companies and hence in 2006, the company became a licensed Broker with IRDAI as Manappuram Insurance Brokers Pvt. Ltd. It acted as a link between the Insurance companies and customers. Since then the growth has been steady. In 2017, MAIBRO entered the market with renewed vigor and direction and has successfully fulfilled the insurance needs of 2 million satisfied customers till date in 2018-2019.
MAIBRO has set itself apart by envisioning a product philosophy that encompasses the needs of a customer at every step of his life with 12 major product lines. It also ensures smooth and instant policy issuance to the customer through an in house developed IT system. MAIBRO also provides servicing from Policy issuance to claims to Renewals to its customers and has set up a customer care Centre to address all the queries, requests & complaints of its customer. MAIBRO has a centralized claim desk set up in the Head office at Valapad, Kerala and also has claims offices in Delhi, Mumbai, Kolkata and Chennai and today settles more than 8000 claims a year.
Today, MAIBRO is one of the largest distributors in the retail segment for the Bottom of the Pyramid- The chosen Market segment and is one of the most sought-after partners for all insurance companies. The organization is strong in Retail and Corporate insurance with a strong brand name in the country. Garnering over more than 16 years of expertise in insurance retailing, MAIBRO is fueled with qualiﬁed and experienced professionals from the insurance field. MAIBRO has been awarded the ‘Best Retail Insurance Brokers’ by ABP News BFSI awards held on 28th November 2018 and ET Now has also recognized MAIBRO as the ‘Best Retail Insurance Broker’ during the BFSI World congress on 14th Feb’19.
The company offers risk coverage across multiple product areas, these include