An eventful era of accomplishments came to an end with the death of Mr. Mukund G. Diwan – the doyen of Indian insurance industry.
As an institution builder par excellence and ace administrator, Mr.Mukund G. Diwan would forever be remembered for playing crucial role in setting up of two institutes of eminence – The Insurance Institute of India, Mumbai, and The National Insurance Academy, Pune. He was witness to all changes amidst vicissitudes of time – the pre-nationalization period, the nationalization period, the liberalization and the globalization period of the Indian insurance industry.
Born on 14th November 1931, at Kolhapur Mr. Mukund G. Diwan received his formal education in Mumbai. He obtained a Bachelor’s degree in Mathematics and Master’s degree in Statistics from the University of Mumbai. He became a fellow of Institute of Actuaries in 1958. He was also Fellow of Insurance institute of India. Shri Mukund Diwan was the son of legendary actuary Professor Late G. S. Diwan who taught Mathematics and Actuarial Science in Elphinstone College and Sydenham College. It was his father, who fired his ambition to pursue a course in Actuarial Science.
Joined life insurance industry in 1954 in erstwhile oriental life insurance co ltd,Mr. M. G. Diwan served the life insurance industry till the time, he retired as Chairman of LIC in 1991. Since then, he was involved in actuarial consultancy. All along his career, Mr.Diwan pursued his passion in academic work and contributed significantly to training activities of Actuarial Society of India, Insurance Institute of India and the National Insurance Academy. Shri Diwan also headed each of these institutions at some points of time.He along with Prof. Rajendra Shah established the DS Actuarial Education Service-an institute for teaching Actuarial Science in India- thus fulfilling his cherished dream to spearhead actuarial and insurance education in India. He was also a former President of the Insurance Institute of India, Actuarial Society of India (now Institute of Actuaries of India) He was also associated with M/s. K. A. Pandit, actuaries and consultants as a partner.
He was extremely satisfied with the performance of LIC even in the face of stiff competition. Infact at the time of opening up of the industry, he made a statement that new life insurance companies should think of collaborating with LIC rather than any foreign company.
He lost his mother very early, in fact when he was just one year old and was groomed by his grandmother. “My childhood memory was very bad and not many relatives of mine thought that I would live long. I remembered her just with a photograph” he reminisced his childhood days with a tinge of sadness.
Simple, suave and modest to the fault, he was a living legend and visionary who led a very spartan life till his last days.He was extremely popular with students and participants of MDP programmes.
A great aficionado of sports, he loved watching cricket matches with great glee and use to fondly remember his association with players of yester years like late Ajit Wadekar and late Naren Tamhane with a hint of nostalgia.
I had the good fortune of meeting Mr.Dewan for the first time in 2008 at NIA, Pune where he had come to take some sessions on Actuary. I was introduced with him by a colleague of mine. He was held in very high esteem for his academic brilliance. On 4th October, 2018, I went to meet him in his house at Mumbai on the eve BIMTECH colloquium, 2018. I was taken aback by his simple life style. I interacted with him for almost an hour. I was pleasantly surprised by his remarkable memory as he was recounting one anecdote after another of his life.
It is very difficult to live up to the legacy and fill the void that he has left behind.
BIMTECH family recognized his immense contribution to the growth and development of insurance industry and bestowed the Life Time Achievement Award on him on the eve of colloquium 2018 at Mumbai.
By Abhijit K Chattoraj, PhD ; Chartered Insurer,
Professor & Chairperson-PGDM-(Insurance Business Management)-IBM,
Late M. G. Diwan was a great visionary person. He was a pioneer of insurance education in India. Under his guidance and efforts III achieved a lot in the area of the insurance education and training. His stature, experience and expertise III could developed a better understanding with IRDA as a result III prospered and become a world leader in the area of providing a wide range of services in the area of insurance education. Postal life insurance, conducting various training and examination for IRDA, constructing new building at BKC in Mumbai and establishing III as hub of insurance education and training was his visionary approach. As a Dy chairman of BoE his contribution for developing various courses and programmes for III is always the best. He has not only written various courses but also reviewed and over viewed. Under his guidance two best and most important international seminars were conducted by III. I Salute him as the grandfather of the Insurance Institute of India. ईश्वर से प्रार्थना करता हूं कि दिवंगत आत्मा को शांति दे और इस असहनीय दुख की घड़ी में परिवार के सदस्यों व सगे-संबंधियों तथा जिन संस्थानों से वे जुड़े थे सभी को शक्ति प्रदान करें । ओम शांति शान्ति।
From B S Rathaur