Country’s largest private sector general insurer, ICICI Lombard General Insurance Company Ltd, has been awarded the prestigious Porter price in the category ‘Creating Shared Value’ for achieving responsible economic success through sustainable business models.
The award was bestowed by the Institute of Competitiveness and named after Professor Micheal E. Porter recognizes ICICI Lombard’s efforts in achieving responsible economic success in the area of mass and micro insurance for the economically weaker sections of the society.
Commenting on the occasion, Bhargav Dasgupta, MD and CEO, of ICICI Lombard, said that ICICI Lombard has been the frontrunner in terms of product innovation in the insurance industry having pioneered the weather-based crop insurance scheme which has covered over 3million farmers across 11 states. He also said that this award is a testimony to the fact that companies can meet social needs while better serving existing markets, accessing new ones, or lowering costs through innovation.
The award was conferred in India for the first time. The best Indian companies were selected through a three stages process assessing them on a robust framework. The central idea of the Porter price is to propel companies to compete on the basis of value creation, innovation and strategy. The basis behind creating shared value is the ability of a company in creating an efficient and mutually dependent ecosystem benefiting the associating communities while enhancing the competitiveness of the company.
The financial inclusion solutions group at ICICI Lombard which manages the weather insurance portfolio has been continuously leveraging its product expertise and offering cost effective services supported by innovative technology solutions to reach the economically weaker sections of the society.
ICICI Lombard is a 74:26 joint venture between country’s second largest lender, ICICI Bank with consolidated total assets of over $ 91 billion and Fairfax financial holding, a Canada based $ 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
Other awards conferred on ICICI Lombard:-
The ‘Golden Peacock award 2012’ for corporate social responsibility
The ‘Golden Peacock award 2010’ for Rashtriya Swasthya Bima Yojana (RSBY)
The ‘Skoch Financial Inclusion Award-2011’ in the micro insurance category
The ‘NASSCOM-CNBC TV18 IT User Award 2010’ for best technology implementation in insurance sector
The ‘CNBC Awaaz Consumer Award 2010’ for being the ‘Most Preferred Brand’ in the general insurance category
ICICI Lombard auto insurance also has been rated highest in consumer satisfaction by JD. Power Asia Pacific in India among 11 auto insurance providers
ICICI Lombard has also been awarded Customer and Brand Loyalty award in the ‘insurance sector-non life’ at the third Loyalty awards, 2010
The company also has been conferred the best general insurance company award at 11th Asia Insurance Industry Awards.
