Mahindra Insurance Brokers – First Insurance Broking Company in the World to Achieve the Global Benchmark

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January 18, 2016 1:33 PM

Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM), thus becoming the first insurance...

Mahindra Insurance Brokers Ltd. (MIBL) has been appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM), thus becoming the first insurance broking company globally to achieve this international benchmark. MIBL joins the league of top companies practising People-CMM such as Accenture, Computer Sciences Corporation, Wipro, CMC, Mahindra Mahindra Financial Services Ltd., Tata Consultancy Services, LT Infotech, etc.

P-CMM is an organizational transformation model from the CMMI Institute, USA. The CMMI Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI) for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

Ramesh Iyer, Managing Director, Mahindra Mahindra Financial Services Ltd. and President ndash; Financial Services Sector and Member of Group Executive Board of the Mahindra Group, said, We are truly delighted that MIBL has become the first insurance broker globally to achieve this international benchmark. It is a reflection of the organization steadfast commitment to the development of its people, its focus on adding value to its customers, and driving positive change in the lives of people.

Dr Jaideep Devare, Managing Director, MIBL, commented, We are extremely honoured to have achieved People-CMM Maturity Level 3 for Human Capital Development. Our focus on best practices has been driven by our desire and commitment to deliver a best-in-class service experience to our valued customers. Our customers deserve the best and we have endeavoured to develop our people capabilities to match and exceed customer expectations. This achievement reinforces MIBL continued commitment to develop and enhance skills and capabilities of our team.

Rajesh Naik, the lead appraiser from QAI India said, MIBL has a robust framework for employee growth, supported by a collaborative culture, a competency framework, internal job posting, educational assistance, and focus on internal promotions. MIBL is also the world first company in the insurance sector to have achieved Maturity Level 3 of the People CMM. Powered by a strong and flexible people management system, I am sure MIBL has the potential to become one of the best organizations in the world.

MIBL appraisal at Level 3 of the PCMM Model is an endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture, said Vinay Deshpande-Chief People Officer, Mahindra Mahindra Financial Services Sector.

About Mahindra Insurance Brokers Limited

The company long-term Vision is: To be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020.

Mahindra Insurance Brokers Limited (MIBL) is a subsidiary of Mahindra Mahindra Financial Services Limited (MMFSL). MIBL has a Composite Broking license enabling it to operate as a Direct as well as a Reinsurance broker. MIBL is one of the few insurance broking companies in India to have adopted Quality Management systems ISO 9001:2008 certification. MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost effective, customized solutions to ensure total customer satisfaction. MIBL role, in short, encompasses various activities right from risk profiling to claims administration for customers. MIBL acts as an intermediary between the customer and the insurance company, representing the customer. MIBL co-ordinates with the insurers and re-insurers to get the best rate and the most ideal risk protection cover for their customers.

As on today, the insurance solutions developed by MIBL have reached out to over 150,000 villages and have serviced over 6 million cases in the rural and semi-urban markets.

MIBL vision also goes well beyond the horizon as it sets its eyes on the global market by spreading its wings globally and developing relationships in over 25 countries in reinsurance broking business.

About Mahindra Mahindra Financial Services Limited

Mahindra Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

The Companys Insurance Broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services.

Mahindra Rural Housing Finance (MRHFL) a subsidiary of MMFSL provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

The Company has a JV in US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position intractors,utility vehicles,information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in theagribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics,real estate, retail, steel, commercial vehicles andtwo wheeler industries.

In 2015, Mahindra Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times Boldness in Business; Award in the Emerging Markets; category in 2013.

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