BW Most Influential Woman Of India: Alice G Vaidyan, Chairman and MD, GIC Re
Alice G Vaidyan is the first lady officer, in the history of the country’s insurance industry, to be appointed as Chairman-Managing Director of the state-owned General Insurance Corporation of India (GIC Re).
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With over 30 years of experience in Indian insurance and re-insurance industry, Vaidyan holds a post-graduate in English literature and literature from University of Kerala. She has been trained, “Strategy: Building and Sustaining Competitive Advantage”, at Harvard Business School and belongs to the 1983 batch of direct recruit officers of general insurance industry.
In her journey, Vaidyan has a first-hand experience of working at all levels. She started her career with the branch level and moved to the divisional level, before going to the regional office and, finally, the corporate office.
Under her leadership, GIC-Re entered the top 10 global reinsurers’ league by jumping up two positions, a goal that she missioned upon being appointed as CMD. During her two years at the helm, GIC Re’s market share has also grown from 55% to 65% and its premium business has increased from Rs.18,436 crore to Rs. 41,799 crore.
Vaidyan welcomed India’s move to open up the market to new players by placing great importance on emerging economies, especially BRICS nations, CIS countries and Latin America.
GIC Re has operations in Dubai, Malaysia, Moscow and the UK that serves the entire West Asia from its Dubai office and European countries from the UK office. And provides earning of 45 per cent revenue outside India.
Vaidyan set up a fully Indian capital-backed syndicate of Lloyd’s of London, GIC Syndicate 1947 which will enable the state-backed re-insurer to tap the global reinsurance market using the Lloyd’s platform.
Vaidyan has been on the Boards of Life Insurance Corporation of India, ECGC Limited, Kenindia Assurance Co. Ltd., Indian Register of Shipping, GIC Housing Finance Ltd., and others. She is also a member of the Council of Asian Reinsurance Corporation, Bangkok and International Insurance Society, USA.
Alice G Vaidyan won the Lloyds List Marine Insurance Award in 2007 for New India for best marine insurer and several national and international awards.