March 19, 2015 : Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading insurance brokers, received the Celent Model Insurer Asia Award in the “Data Mastery & Analytics” category at the 5th Annual Celent Model Insurer Asia Awards ceremony held in Singapore on March 11, 2015. MIBL won this prestigious accolade for its ‘FunDo T90’ initiative which aims to align company strategy with team goals and individual aspirations by way of an innovative and engaging gamification application.
“Teamwork and collaboration is an integral aspect of our success at Mahindra Insurance Brokers Ltd. and this unique concept has really encouraged the spirit of healthy competition across the organisation. The team has worked very hard to create and implement this initiative and we are very proud to have been recognised for our endeavours on a global platform,” said Ramesh Iyer, Managing Director – Mahindra & Mahindra Financial Services Limited, and CEO – Financial Services Sector of the Mahindra Group.
“In addition to driving strategy and performance, ‘FunDo T90’ aims to engage employees and encourage a spirit of collaborative competition. It helps us focus on business and financial parameters and operational targets. And what better platform than India’s most loved sport which breaks all barriers of language and culture! ‘FunDo T90 utilises a ‘T90’ format, inspired by Cricket’s T20 International Premier League or IPL competition. This unique initiative not only improved performance levels but also inspired employees to regularly contribute to enhancing workplace effectiveness,” said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.
‘FunDo T90’ was conceptualised with the aim of encouraging employees to achieve their professional targets in an entertaining manner. Accordingly, MIBL developed a learning model christened ‘4E’ which presented information in a pictorial format to ensure better retention. ‘FunDo T90’ reflected the actual structure of the IPL, complete with Players, Teams, Groups, Scores and Leagues. ‘T90’ denoted the 90 days that made up each quarter.A total of 19 teams were formed across the country, including the Head Office, which were then further divided into 4 groups competing against each other. Celent is a research and consulting firm focused on the application of information technology in the global financial services industry. Every year, Celent recognizes excellence in insurance technology in the Asia-Pacific region throughtheirModel Insurer Asia Awards program. The Model Insurer Asia Awards recognize an insurers’ effective use of technology in specific areas.
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.
MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions.