Life Insurance Corporation of India (LIC), a public sector insurance firm, has announced the appointment of Doraiswamy Ramachandran as the Managing Director, effective from September 1, 2023.
Currently, Doraiswamy is serving LIC as the Executive Director at the head office in Mumbai. He will be taking over from Mini Ipe, who is retiring as CEO and MD this month, after around 35 years of service. In her latest role, she had been acting as MD since 2021, and prior to that, she served as the Executive Director of the Legal department for LIC.
In the exchange filing submitted by LIC, it stated, “Pursuant to the Government of India’s Notification F. NO. A-11011/04/2023-Ins. dated 14th August 2023, Shri R. Doraiswamy, Executive Director (IT/SD), Life Insurance Corporation of India, Central Office, Mumbai, has been appointed as Managing Director, LIC of India vice Ms. Ipe Mini with effect from the date of assumption of charge of Office on or after 1st September 2023 and up to the date of his superannuation (i.e., 31st August 2026), or until further orders, whichever is earlier.”
Doraiswamy’s appointment as Managing Director (MD) of LIC has been recommended by the Financial Services Institutions Bureau (FSIB), the official recruiter of directors for state-owned banks and financial institutions. The bureau led by Bhanu Pratap Sharma, ex-Secretary of the Department of Personnel and Training (DoPT), also recommended the appointment of Sat Pal Bhanoo as MD of LIC in July 2023.
Doraiswamy joined LIC in 2010 as Senior Divisional Manager and was promoted to Chief Information Technology Officer in 2013. After over 10 years of service, he was named Executive Director in 2022. Prior to that, he worked as a Research Associate at the National Insurance Academy for over five years.
On the academic front, Doraiswamy graduated from the Institute of Actuaries of India and completed a fellowship programme from the Insurance Institute of India. He also holds a Bachelor of Science degree in Mathematics from Madurai Kamaraj University.