Page 29 - Insurance Times April 2020

1. IDBI Federal Life has been focusing on the Bancassurance
“We have consistently worked on strategy crucially for the past few years. Do you think this
enhancing customer experience and strategy helped IDBI Federal in holding a steady position in
the industry?
improving operational efficiency Over the past decade, 80% of our business came from the
through extensive use of technology. Bancassurance channels, that is IDBI Bank and Federal
Technology has quite comprehensively Bank, as they provided a low-cost, hygienic platform to
reach out to customers and do business. However, over the
changed the way we operate, both at last year or so, with LIC becoming the majority shareholder
the front- and back-end.” in IDBI Bank, we have seen a significant drop in the business
from IDBI Bank as they are now required to sell LIC policies.
Vighnesh Shahane
MD & CEO,
IDBI Federal Life Insurance

About Mr Shahane
After a successful stint as President – Bancassurance,
Vighnesh assumed leadership of IDBI Federal Life Insurance
as CEO in 2014. During this period, he has been instrumental
in setting clear goals for the organisation and driving
performance towards their attainment. Under his
leadership, the Company has attained numerous milestones
and awards, notably the recording of seven consecutive
years of net profit, wiping out of all accumulated losses,
declaring maiden dividend and being recognised as one of
the Top 10 Most Trusted Life Insurance Brands in the country
by ET Brand equity. The Company also recorded a topline
CAGR of 21% during the last 6 years till March 2019.

Vighnesh believes that sports help inculcate core values like
integrity, dedication and accountability, in addition to
positively influencing physical and mental fitness. This has
led IDBI Federal to adopt the path of sports and fitness as an
unconventional approach to build a deeper connect with our
audiences, create awareness and change behaviour. This
conviction has also led him to steer the Company’s corporate
social responsibility programme to contribute immensely
towards the country’s sports framework. However, his
philanthropic vision also extends to areas of healthcare and
urban development.

A post-graduate from Narsee Monjee Institute of
Management Studies, Mumbai, Vighnesh brings with him At IDBI Federal, we take misselling of policies
close to 25 years of experience in consumer banking and life very seriously and have a Pre-Issuance Call
insurance, across diverse geographies, varied markets and
multiple customer segments. He has worked with well- process in place where we personally call every
known financial services organisations like ANZ Grindlays customer before the policy is issued to ensure
and Standard Chartered Bank in India, and Mashreq Bank in that they have thoroughly understood the policy
the UAE.
that they have purchased

The Insurance Times, April 2020