ICICI Lombard General Insurance and Mahindra & Mahindra Financial Services Ltd have announced a strategic partnership to distribute motor insurance products across India. The collaboration aims to expand insurance penetration in rural and semi-urban areas by leveraging Mahindra Finance’s extensive network. With over 1,352 offices covering 516,000 villages and 8,000 towns, Mahindra Finance has a deep presence in rural markets, which will be utilized to offer ICICI Lombard’s motor insurance products to its customer base of over 11 million.
The partnership targets financial inclusion by providing integrated insurance solutions to Mahindra Finance customers. ICICI Lombard’s complete motor insurance portfolio will be made available to these customers, enabling them to access a range of insurance products. Sanjeev Mantri, Managing Director and CEO of ICICI Lombard, highlighted the importance of the partnership in serving urban customers and reaching deeper into semi-urban and rural India through a trusted financial partner.
ICICI Lombard is India’s leading private general insurer, having processed over 3.2 million claims and issued more than 37.6 million policies. The company reported a gross written premium of ₹28,258 crore for the year ended March 2025. The partnership combines ICICI Lombard’s technology-driven insurance expertise with Mahindra Finance’s community presence in rural markets, strengthening financial security for customers across the country.
Raul Rebello, Managing Director and CEO of Mahindra Finance, emphasized the partnership’s role in providing financial security to customers. The collaboration is expected to increase insurance penetration in rural and semi-urban areas, where access to insurance products is often limited. By leveraging each other’s strengths, ICICI Lombard and Mahindra Finance aim to provide comprehensive insurance solutions to a wider audience, promoting financial inclusion and security across India. The partnership is a significant step towards expanding insurance coverage in the country and is expected to have a positive impact on the insurance industry as a whole.