Mahindra Insurance Brokers is First Rated at Maturity Level 5 of the People CMM

Mahindra Insurance Brokers Ltd. (MIBL) announced that it has been appraised and rated at Maturity Level 5 of the CMMI Institute’s People-Capability Maturity Model(P-CMM) thus becoming the first insurance broking company globally to achieve this international benchmark. The appraisal was led by Rajesh Naik of QAI India Limited.

An appraisal at maturity level 5 indicates that the organization is performing at an “optimizing” level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.

"People-Capability Maturity Model (P-CMM) is an organizational transformation model from the CMMI Institute, USA. CMMI Institute, the global leader in the advancement of best practices in people, process, and technology. The Institute provides the tools and support for organizations to benchmark their capabilities and build maturity by comparing their operations to best practices and identifying performance gaps. For over 25 years, thousands of high-performing organizations in a variety of industries, including aerospace, finance, health services, software, defense, transportation, and telecommunications, have earned a CMMI maturity level rating and proved they are capable business partners and suppliers.

Ramesh Iyer, Vice Chairman & Managing Director, Mahindra & Mahindra Financial Services Ltd. said, “Mahindra Insurance Brokers Limited (MIBL) achieved P-CMM® Maturity level 5 by focusing on process performance through incremental and innovative technological improvements. The agile and empowered workforce has helped MIBL stay ahead of the curve in a challenging industry.”  

Dr. Jaideep Devare, Managing Director, MIBL, commented, “We are truly proud and honoured to be the first Company in the World in the BFSI Sector to have achieved P-CMM® Maturity level 5. We have been striving relentlessly to provide our team members across geographies with opportunities to develop their competencies and capabilities so that they can consistently deliver a delightful customer experience.   This benchmark achievement is a testament to the systems and processes we have put in place, to our people capabilities, and to our commitment to our customers.  It also serves as a motivation to us to continue in our efforts to achieve people excellence and create customer delight.”

“MIBL’s appraisal at Level 5 of the PCMM Model is a re-endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture. It reiterates MIBL’s focus on adopting and aligning Global HR and Business process standards and ensure sustainability of business,” said Vinay Deshpande - Chief People Officer, Mahindra & Mahindra Financial Services Sector.