Peraj was founded by Shri Mulji Peraj, and was incorporated on 12th June, 1951 as PERAJ PRIVATE LIMITED. It quickly earned its agency license from the controller of Insurance. By early 1952, it was appointed as a principle agent to 3 leading British Insurers, Grasham Fire, Motor Union, Legal and General Insurance. The objective was to provide technical support and competitive Insurance solutions to corporate clients. In span of a just a couple of years Peraj had an impressive client list comprising of both Indian and Multi National clients across industries.
The Insurance and Banking sector witnessed huge reforms in. When both sectors were nationalized. Also, the agency system was abolished for corporate business in insurance sector. Tariff system was introduced for most lines. It was then that Shri Jogendra Mulji Thakker, who joined the company in 1970, developed the concept of consultancy services in Insurance sector. The very first. It indeed helped that Peraj had already made a mark in the industry as a knowledge driven company dedicated to deliver the best to its clients. Most clients from the agency days opted for the fee based services and almost of these clients would go to remain with the company for decades. However it was not very easy to develop new business as the question on scope of services in a tariff market made new clients reluctant to commit fees. That most of new business, then, came from word of mouth is another testimony of our quality of knowledge and services.
When the Insurance sector went through another major reform at end of 2002, the introduction of broking system, Peraj already had a firmly established track record of over 5 decades of providing services similar to (direct) broker. A very high client retention ratio, the fact that many clients stayed with the company through agency, consultancy and broking model is reflection of the quality of services provided. Renamed Peraj Insurance Brokers Private Limited, we have grown further, each year which firmly following our core values and fundamentals.
In between the consultancy and broking model, Peraj developed relationships with many large International brokers. This began in 1978. Not only this became a channel for incoming Multi National business but it went on to create a strong platform for Peraj to provide services to Indian Multi Nationals across the globe. Today we have over 400 broker partners across 150 countries.
We want to continue our journey of a sustainable growth. Whilst on it we will continue to build a strong team of highly knowledgeable, skilled people who are passionate, who have long term goals for their individual careers. We want to empower our people with the best knowledge and skills with ultimate goal of proving the best to our clients. We want to continue to remain the most dependable Insurance service provider and we shall always endeavor to do whatever it takes.
We thrive to build long term relationships both within and outside of the organization. We are committed to always exceed expectations, of clients, of associates, partners, employees. We are aware that goodwill is hard earned. It must be cherished, enriched, enhanced by continuation of hard, honest, quality work. As part of our growth process, we will continue to expand teams, geographical base, advanced technologies and other infrastructure, but in our hearts and minds we will continue to follow our core fundamentals with which this company was born.
We all at Peraj are in a unique situation. We have a rich history and heritage, a name that symbolizes quality, commitment, capability, honesty. While all this brings us a distinct advantage, it also becomes a great responsibility to live up to this reputation and the expectations that come along. It has been 30 enriching years for me here. In these years the Insurance market, both domestic and International has evolved dramatically. Peraj has not just adopted to changes but has always endeavored to bring more value add of all positive developments for our prestigious clients. I well recognize the fact that it is our firm, unshakable belief in honest hard work, commitment to quality and dedication to service that has earned us the name and repute that we have. I am proud to be part of this great organization and remain firmly committed to live and lead by its core values. It is a part of our DNA to deliver the best, to work for the client even when the client is not looking and going beyond the conventional.
