ICICI Lombard Awarded Prestigious Porter Prize

Oct 11, 2012, 03:17 ET from ICICI Lombard General Insurance Company Ltd

MUMBAI, October 11, 2012 /PRNewswire/ --

  • Award Conferred in the Category 'Creating Shared Value' for Achieving Responsible Economic Success Through Sustainable Business Models
  • Recognizes ICICI Lombard's Initiatives in the Area of Mass and Micro Insurance for Economically Weaker Sections of Society

ICICI Lombard General Insurance Company Ltd. (ICICI Lombard), India's largest private sector General Insurance Company, has been awarded the prestigious Porter prize in the category 'Creating Shared Value'. The award 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, Mr. Bhargav Dasgupta, MD & CEO, ICICI Lombard GIC Ltd. said, "We are honored to receive the coveted Porter Prize in the category 'Creating Shared Value'. 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 3 million farmers across 11 states till date. 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."

Dr. Amit Kapoor, Honorary Chairman, Institute for Competitiveness, India said, "The awards are a fitting recognition towards the efforts of industry leaders like ICICI Lombard who have been able to showcase exemplary strategic acumen for the larger benefit of society."

The award, being conferred for the first time in India, selected the best Indian companies through a three stage process assessing them on a robust framework. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. The premise behind creating shared value is the ability of a company in creating an efficient and mutually dependent ecosystem benefiting the associated communities while enhancing the competitiveness of the company. ICICI Lombard has successfully recognized and capitalized on this to foster societal and economic progress.

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 society. 

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 91 billion at March 31, 2012 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. 

ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 5,358 crore for the year ended March 31, 2012. The company issued over 76 lakh policies and settled over 44 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2012.

The company has been conferred the "Golden Peacock Award 2012" for Corporate Social Responsibility, "Golden Peacock Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also received the "Skoch Financial Inclusion Award-2011" in the micro finance category. The company has been conferred with 'NASSCOM - CNBC TV18 IT User Award 2010' for Best Technology Implementation in the Insurance Sector. It has been awarded CNBC Awaaz Consumer Award 2010 for being the 'most preferred brand' in the General Insurance category. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. It was awarded Customer and Brand Loyalty award in the 'Insurance Sector - Non-Life' at the 3rd Loyalty awards, 2010 and the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards.

ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.

For more details about the company, log on to the website www.icicilombard.com.

Primary Media Contact: Sulakshna Mukherjee, sulakshna.mukherjee@icicilombard.com, 91-22-61961451

Secondary Media Contact: Suheil Merchant, suheil.merchant@icicilombard.com, 91-22-61961452

SOURCE ICICI Lombard General Insurance Company Ltd