ICICI Lombard becomes the first company to partner with IRM India to strengthen the ERM ecosystem

Mumbai: India Affiliate of Institute of Risk Management (IRM India), a professional body for Enterprise Risk Management (ERM) qualifications, and ICICI Lombard General Insurance Company Ltd. (ICICI Lombard), one of the leading non-life insurance company of India, have signed a Memorandum of Understanding (MoU) for knowledge partnership. The two companies will work towards building a stronger, more risk-resilient corporate India, enabling them to embrace enterprise risk management more deeply in their business growth model. 

ICICI Lombard is the first company to partner with IRM India for such a unique initiative. IRM India seeks to work with ICICI Lombard from the insurance sector.

Mr. Gopal Balachandran, Chief Financial Officer and Chief Risk Officer, ICICI Lombard, gave his perspective on the partnership, “At ICICI Lombard, Enterprise Risk Management forms an integral part of our decision-making process. We endeavour to be the preferred risk management partner to our customers, empowering them with technology enabled insurance solutions to effectively manage diverse risks they are exposed to in today’s challenging times.  We believe that IRM India is an ideal partner, given their global presence and leadership in ERM. This partnership will further strengthen ICICI Lombard’s endeavour to engage with the risk management community across business sectors, understand their challenges, and work together in developing effective enterprise risk management solutions.”

Commenting on the partnership, Mr. Hersh Shah, CEO, IRM India, said, “As the economy picks up pace, businesses must remain conscious of emerging risks of a changing business environment. At IRM India, our aim is to create a safeguard against any future crisis by establishing and strengthening an ERM community through collaborations with leading organisations. We chose ICICI Lombard as our first knowledge partner, because they are market leaders with a solid track record in driving a robust ecosystem built on the core fundamentals of ERM, with advanced and meticulous enterprise risk management practices. The exemplary thought leadership, governance focus, diverse expertise and stellar ERM practices of ICICI Lombard will be of immense value to the Indian business community and our students.”

ICICI Lombard and IRM India will collaborate to build awareness on the need for enterprise risk management and its importance, through initiatives such as whitepapers, conferences, seminars, panel discussions and webinars. 

About ICICI Lombard General Insurance Company Ltd

We are one of the leading private-sector non-life insurer in India based on gross direct premium income in fiscal 2020 (Source: IRDAI). We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

India Affiliate of Institute of Risk Management (IRM India)

Headquartered in the UK, the Institute of Risk Management (IRM) is the world's leading professional body for Enterprise Risk Management (ERM) qualifications. IRM has been driving excellence for over 30+ years with over 10,000+ professional members and has trained students globally in 143 countries. With 360 exam centres in India, India Affiliate of the Institute of Risk Management is committed to creating an ecosystem for enterprise risk professionals in India with its 5-level professional qualifications with designations that are globally recognized. IRM qualified students and members are working with companies across the globe including Acies Consulting, Swiss Re, Morgan Stanley, HSBC, PwC, EY, Deloitte, Barclays Bank, ANZ Bank, Mastercard, HSBC, IFC - World Bank Group, AIG, BBC and many other organisations.

Source: Press Release