Castrol India, a lubricant firm, has signed an agreement with insurance brokerage firm Mahindra Insurance Brokers (MIBL), for vehicle insurance policies. Castrol Auto Service (CAS) workshops will now have an option to empanel themselves as POSPs (Point of Sale Persons) for distribution of eligible insurance policies from the country’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 customer’s 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  to further empower our CAS workshops to reach more customers.”

“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,” said Vedanarayanan Seshadri, Managing Director and Principal Officer, Mahindra Insurance Brokers.

Overall, this association aims to support CAS workshops in establishing themselves as trusted service providers in the automotive industry, the press release noted.