Ujjivan Financial Services Ltd, a microfinance institution, has won the Platinum Award for Inclusive Insurance at the SKOCH Insurance Awards 2016. The platinum award is the highest independent honour given for inclusive insurance and was presented to Ujjivan for the company’s exemplary work on financial inclusion initiatives, exceptional customer service, insurance penetration and for covering the highest number of lives through insurance.
- The award was given to Ujjivan for conceptualising and implementing a comprehensive end-to-end whole nine yards’ project to create awareness and achieve an 100 per cent insurance penetration among the economically active and financially weaker segments of its customer base, who are normally deprived of insurance protection.
- Vijay Balakrishnan, Chief Marketing Officer, Ujjivan Financial Services Ltd said, “Ujjivan is honoured to receive this award. Creating strategic product awareness and penetrating into a segment hardly aware about insurance, its benefits or affordability, was not an easy task. This reinforces Ujjivan’s commitment to provide the full range of financial services to the economically active financially weaker segment of our society, as we progress in our transformation to become a small finance bank.”
Ujjivan Financial Services Ltd:
Ujjivan is an Indian microfinance services company, established in 2005. Ujjivan disbursed Rs. 4,328 crore during the financial year 2014-15. The company clocked its net profit at Rs 55.03 crore for FY 2013-14. Since its inception, it has 423 branches in 24 states across India with a staff of over 6,500 employees.
- Ujjivan is one of the founding members of Microfinance Institutions Network (MFIN) and Association of Karnataka Microfinance Institutions – organizations for propagating best practices in microfinance industry.
