IndiaFirst Life Insurance, a joint venture of Bank of Baroda and Andhra Bank, has re-appointed RM Vishakha as its Managing Director and Chief Executive Officer. The company made the announcement of the appointment after receiving the letter of confirmation from the Insurance Regulatory and Development Authority of India (IRDAI) confirming her re-appointment.
Commenting on her re-appointment, RM Vishakha stated, “IndiaFirst Life is a wonderful team, bound together by common values, dreams and aspirations. It has been a fulfilling and exciting journey wherein we have achieved many firsts and milestones together. I am thankful to the board and stakeholders for their support, and unwavering faith in me. In this new term, I aim to inch closer to our closely cherished dream of “Insurance for all” with IndiaFirst Life’s ‘CustomerFirst’ ideology that is at the heart of every endeavor.”
Vishakha is a veteran in the BFSI space with over 30 years of experience. She first took on the responsibility as the IndiaFirst Life MD and CEO in 2015. She was instrumental in the Warburg Pincus acquisition of Legal and General’s 26% stake in 2018 as well as for higher distribution possibilities and extension of the company’s distinctive specialization in the area of bancassurance when its parent bank – Bank of Baroda, merged with Dena and Vijaya banks,
Under her leadership, IndiaFirst Life’s AUM grew to Rs. 15,000 Cr as of March 31, 2019 and has strengthened its customer base to over 7 lakhs from 93 thousand. In the last five years, the company has also moved from 20th rank to 12th rank in the retail business. It is this progress which the company hopes to continue under Vishakha’s leadership for the next five years as well.