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Rakesh Jain wins ICAI Award 2009 for 'Best CFO in Financial Services Sector'

Announcement  |  Corporate 

Rakesh Jain, Director - Corporate Centre and CFO of ICICI Lombard General Insurance, the country’s largest private sector General Insurance Company was conferred with the ‘Best CFO award in the Financial Services sector’ by the Institute of Chartered Accountants (ICAI), India’s premier accounting and auditing body. These awards are instituted to recognize and honour the achievements of fellow Chartered Accountants in professional, personal and community services.

Nominations for the Best CFO in Financial Services were received from organisations across the financial services sector including banks, NBFC’s, Financial Institutions and Mutual Funds. CFOs’ were evaluated by an esteemed jury on parameters like professional contribution, domain knowledge, work experience and personal qualities.

Mr. Jain is a Chartered Accountant and a Cost Accountant with rich and varied experience of over 17 years in corporate finance management. He was pivotal in setting up ICICI Lombard GIC, and as a part of the core team and played a critical role in interacting with regulatory authorities and facilitating registration of ICICI Lombard in 2001. As Director- Corporate Centre and CFO, he oversees the functions of Finance & Accounts, Corporate underwriting, Reinsurance, legal, fraud control, HR and Administration and also drives the Financial Inclusion Solutions Group (FISG).

During Mr. Jain’s tenure, ICICI Lombard received “iAAA” rating from ICRA (an associate of Moody’s Investors Service) for the fourth consecutive year. The rating reaffirms ICICI Lombard’s highest claims paying ability and indicates ICICI Lombard’s fundamentally strong position and best prospects of meeting policy holders’ obligations in the general insurance space.

Speaking on this occasion, Mr. Rakesh Jain, Director- Corporate Centre and CFO, ICICI Lombard General Insurance, said “I am extremely delighted to receive the award for the best CFO from a prestigious professional body as ICAI. We believe this recognition is a result of ICICI Lombard’s sustained effort at setting industry benchmarks for financial services practices and processes. As the general insurance industry evolves in India we believe that strong financials and superior service quality will be a key differentiator among insurers.”

About ICICI Lombard General Insurance
ICICI Lombard is a 74:26 joint venture between ICICI Bank Limited, India’s second largest bank with USD 75 billion in assets and Fairfax Financial Holdings Limited, a Canada based USD 27 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. 

ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 37,492 million for the year ended March 31, 2009. As on December 31, 2009, the company has 4,707 employees and 360 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported) as on March 31, 2009

The company has been assigned a domestic rating of ‘iAAA’ by ICRA (an associate of Moody’s Investors Service) for highest claim paying ability and a fundamentally strong position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the “Insurance Sector - Non-Life” at the 3rd Loyalty awards, 2010. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.

ICICI Lombard allows instant policy issuance and renewal through its website 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

First Published: Wed, February 03 2010. 19:30 IST