Mahindra Insurance declared "Broker of the Year"

K.R. Pherwani, Principal Officer, MIBL received the award on behalf of the company at a gala Awards dinner on Nov 2, which also marked the opening of the 27th East Asian Insurance Congress.

Now in its 18th year, the AIIA has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals in the market.

The winners were chosen by a distinguished panel of 33 judges drawn from a global cross-section of industry leaders, regulators and experts. The Awards, hosted annually by Asia Insurance Review since 1997, are now a highlight of the insurance calendar in Asia.

“My congratulations to the entire team at MIBL on receiving this prestigious accolade. MIBL has not only been a profit-making and dividend-paying company from day one, it has also made a difference in the lives of thousands in rural India, epitomising the concept of shared value. This award is a clear validation of the success of the company’s business model and its desire to drive positive change amongst its stakeholders,” said Anand Mahindra, Chairman, Mahindra Group.

"Abiding by its Core Values - good corporate citizenship, professionalism, a "customer first" mindset, focus on quality and recognizing the dignity of an individual - Mahindra Insurance Brokers has managed to maintain its exemplary reputation and leadership in an extremely competitive Indian market, by catering to the needs of the underserved, particularly in the rural and semi-urban areas," said the Jury in its citation.

“I am especially delighted that MIBL has won the Broker of the Year award. This is an acknowledgment of the practices followed by our Group, and MIBL in particular, which foster an envisioning, empowering and energising culture; a culture that inspires diversity, innovation and inclusive growth," said Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd, CEO - Financial Services Sector and Member of the Group Executive Board, Mahindra & Mahindra Ltd.

“The Broker of the Year award is a tribute to all the customers that we service, who are primarily based in rural India. Over the past decade, we have reached 100,000 villages with our solutions and have serviced over 4 million insurance cases. In the three years that we have been in the Reinsurance broking business, we have been able to establish relationships in over 25 countries. We believe in enhancing customer delight, and enabling our customers to Rise by empowering them to create a better future for themselves, their families, and their communities,” said Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.