IDBI Federal elevates Mr. Vighnesh Shahane as CEO

 IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, has announced the appointment of Vighnesh Shahane as the Chief Executive Officer & Whole Time Director of the Company.

Speaking on the occasion, R. K. Bansal, Executive Director, IDBI Bank, who in the interim had taken additional charge as the Acting CEO, IDBI Federal, said, “At IDBI Federal, we believe in recognising talent and creating leaders from within the organisation. In his capacity as a channel head, Vighnesh has brought about a positive change and under his leadership, the Bancassurance channel registered unprecedented growth.” Mr. Bansal added, “We are at a defining point in the life insurance industry in India. Despite the challenging macro economic conditions and dynamic regulatory environment, our economy promises huge potential for life insurance in the longer term. Vighnesh, with his diverse exposure across various facets of business, will play a key role in leading IDBI Federal towards achieving its goals.” 

Vighnesh Shahane, CEO, IDBI Federal Life Insurance

Speaking about his new role, Vighnesh said, “IDBI Federal is a young company that has embarked on a journey to change the way life insurance is sold and bought in the country. It is this approach that has helped us withstand the challenge of the times and emerge as a growing company despite these challenges. It is my honour to lead this dynamic company through its next phase of growth.” Having represented Mumbai in the prestigious Ranji Trophy, Vighnesh has modelled his leadership style on team work and collective contribution.

In his career spanning over 20 years, Vighnesh has worked with leading financial organisations across geographies. He brings with him, a rich experience in various facets of business like sales management, strategy and new business development.

About IDBI Federal Life Insurance:

IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies by garnering Rs.100 Cr in premiums. Through a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. The company offers its services through a vast nationwide network 2,308 partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on 31st December 2013, the company has issued nearly 5.5 lakh policies with a sum assured of over Rs. 32,110.48 crores.

To know more, visit www.idbifederal.com

About the sponsors of IDBI Federal Life Insurance Co Ltd

IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. It came into being as on July 01, 1964 to support India’s industrial backbone. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 1201 branches and 2156 ATMs. The Bank offers its customers an extensive range of diversified services including project finance, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd).

To know more, visit www.idbibank.com

Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 1,142 branches and 1,312 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.

To know more, visit www.federalbank.co.in

Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player through AG Insurance. In the UK, Ageas has a strong presence as the fourth largest player in private car insurance and the over 50’s market. Ageas employs more than 13,000 people and has annual inflows of more than EUR 21 billion.

 To know more, visit www.ageas.com

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