Back in 2009, when the Mahindra Group invited LeapFrog to invest in its Mahindra Insurance subsidiary, it was for two principle reasons: the insurance expertise LeapFrog would bring, and the shared ethos of the two organisations. Mahindra’s “Rise” philosophy, focused on building prosperity and improving lives, chimed perfectly with LeapFrog’s Profit with Purpose investment philosophy.
As Anand Mahindra, the Chairman of Mahindra Group, and world-leading businessman, put it at the time, “This partnership is a perfect alignment between our philosophy of driving positive change and LeapFrog’s socially conscious investment strategy. Together we will provide financial services that protect and enable millions of people to secure their future.”
Insurance penetration among India’s vast population remains extremely low, at 3.4% for life insurance and 0.7% for general insurance, indicative of a tremendous opportunity for growth and impact.
Mahindra Insurance is a fast-growing, high-impact company providing life, motor and health insurance. With a wide reach across rural and semi-rural India, it has a footprint in over 170,000 of India’s 650,000 villages. Mahindra Insurance currently reaches 10 million people with insurance, including 6.5 million low income consumers. The company offers insurance products for as little as $1 per month. With over 850 million people living in rural India, this is still just the beginning.
LeapFrog’s insurance expertise in this market has proved important in areas such as product development, digital and mobile strategy and market research. In fact, the Mahindra-LeapFrog partnership began with a health insurance product which has reached 550,000 people via 110,000 low income policy holders.
LeapFrog successfully exited Mahindra to XL Group in 2017 after significant value-add and impact.
“Together we will provide financial services that protect and enable millions of people to secure their future.”
Anand Mahindra, Chairman of Mahindra Group