Dr. Jaideep Devare is a Founding Member and Managing Director of Mahindra Insurance Brokers Ltd., which is now part of the USD 17.8 billion Mahindra Group, a global federation of companies. Jaideep brings with him 26 years of work experience, of which 25 years have been in various assignments across different businesses of the Mahindra Group.
Jaideep has always aspired to enhance his learning and capabilities across the board, and it was this aspiration that fueled his academic choices. A Bachelor of Engineering in Production Engineering with Honours, he also holds a Master’s degree – Master of Management Studies with specialization in Finance, and a Ph.D in management, with a doctoral thesis on strategies for Joint Ventures in the Indian Insurance private sector. He has attended several management programs, both at the national and global level.
A positive attitude, an enthusiastic mindset, an openness to innovate and a willingness to empower people to explore, take accountability and learn, make Jaideep a true leader. He brings in passion, energy and expertise to all aspects of his role be it executive decision-making, policy direction, strategic business planning or people management. Committed to the highest level of professional and personal excellence, he walks his motto of “Aspire, Arise, Achieve & drive positive change”.
Jaideep began his career as a Graduate Trainee Engineer with Godrej & Boyce Mfg. Co. Ltd. where he worked briefly, moving on to pursue his Masters in Management. He was selected during campus recruitment by Mahindra & Mahindra Ltd. (M&M) as a Management Trainee in 1992. Since then, he has handled various assignments across the Mahindra Group, where he has successfully proved his versatility, and which have, in turn, provided him with opportunities to build his entrepreneurial skills and leadership capabilities.
In 1994, he moved to Marketing in the Automotive Division where he assisted the General Manager – Product Planning. He was later selected to be a member of the core feasibility and implementation team for setting up a joint venture between M&M and Ford Motor Company, USA, to manufacture and distribute Ford range of products in India. As part of the Core team, he contributed, amongst other areas, to setting up the assembly facility for Completely Knocked Down (CKD) kits in a record time of 9 months after government approval. In 1996, he was appointed as the Executive Assistant to the Executive Director & President – Infrastructure Development Sector, which comprised of real estate development, industrial parks, hotels & resorts and privatization projects.
In 1997, he was appointed as Executive Associate to the Managing Director of M&M, where his key responsibilities were managing activities related to program management functions and monitoring the performance of Group companies, assisting the Management Board, the highest strategic, cross-company decision-making body within the Group, for implementation of policies and key decisions, and acting as a change facilitator for implementation of new business areas in the Group. Jaideep was part of the core team that launched India’s first electric three-wheeler – Mahindra Bijlee, in New Delhi in August 1999.
In 2000, he was appointed as Managing Director of Mahindra Auto Specialities Ltd. (MASL), a 100% wholly-owned subsidiary of M&M. MASL was one of the first automobile companies in India to pioneer the designing and marketing of custom-made cars, and to launch a website that was the first-of-its-kind that allowed customers to customise their vehicles online.
Jaideep’s journey in the insurance industry started in August 2002, when he was appointed Head – New Initiatives at Mahindra & Mahindra Financial Services Ltd. (MMFSL), a subsidiary of M&M. After successfully setting up the insurance distribution business at MMFSL, he played a key role in forming the insurance broking company, Mahindra Insurance Brokers Ltd. (MIBL) which commenced operations in May 2004. Jaideep was the Director in charge of the broking company, and was subsequently appointed as Managing Director of MIBL in August 2009. MIBL has been a profitable and dividend-paying company from its very first year of operations.
MIBL launched a pioneering customer loan protection plan, an innovative and comprehensive group life insurance solution, Mahindra Loan Suraksha (MLS) for MMFSL’s rural customer base across India. This solution was one of the first-in-its-category to be launched in India in the automobile loan space. Through it, in the unfortunate death of the customer through an accident or any natural cause, the outstanding loan amount was waived off and the customer’s family was able to retain the vehicle/tractor. In rural India, where agricultural output determines economic gains and where there is generally a single wage-earner in the family, such a benefit represented a considerable value-addition. Jaideep was the leader of the think tank that conceptualized, developed and successfully launched this solution. As of end February 2017, the number of lives covered under MLS since 2004 is over 3.5 million, reflecting the wide reach and impact of this solution.
At MIBL, Jaideep has conceptualized and built a sustainable business model to deliver the benefits of insurance to millions in rural India. The gross premium generated by MIBL in F2015-16 was INR 12.4 Billion (USD 186 million) with a Compounded Annual Growth Rate of 43% since F2004-05. Over 7 million retail customer cases have been serviced since May 2004 to date.
With the aim of driving positive change, Jaideep has contributed significantly to promoting insurance awareness. He has conducted lecture sessions on insurance for the students of the Indian Institute of Cost and Management Studies & Research (Indsearch), and is also part of the Career Development Advisory Committee at IndSearch where he has promoted insurance as a career option.
Jaideep earlier served as a member on the Life Insurance & Pensions Committee of the Bombay Chamber of Commerce and Industry (BCCI) from F2004-05 & F2005-06 and also as a member of the Managing Committee of the BCCI for the year F2015-16. He was also a Founding Team Member of the BCCI’s Young Bombay Forum set up in 2007 with a vision of nurturing young leaders in India to become globally competitive and contribute towards Nation building. He is currently a member of the Insurance Institute of India’s (III) Committee on Research Grants, and a member of the Governing Council at Fr. C. Rodrigues College of Engineering, Mumbai.
Jaideep was invited to be a Panel member at the Association of Management Development Institutions in South Asia (AMDISA) – South Asian Management Forum (SAMF) 2013, to discuss on “South Asia Emerging as a Global Hub of Management Professionals”, from the insurance industry perspective. The deliberations were aimed at evolving a blueprint of an Action Plan which could be considered for implementation in SAARC countries.
Jaideep’s desire to drive positive change is also reflected in the social causes he personally subscribes to – underprivileged children, women & the aged, and work towards their upliftment.