Castrol India has signed an agreement with Mahindra Insurance Brokers (MIB). Under the agreement, Castrol Auto Service (CAS) workshops will now have the option to empanel themselves as POSPs (Point of Sale Persons) to distribute eligible insurance policies from India’s leading motor insurance providers through MIB.
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 MBI to further empower our CAS workshops to reach more customers.”
Vedanarayanan Seshadri, Managing Director and Principal Officer, MIB, added, “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 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.”