The Bima Sugam India Federation announced on Tuesday that Prasun Sikdar has been appointed as its managing director (MD) and chief executive officer (CEO) for a three-year term. Sikdar is the CEO and MD of ManipalCigna Health Insurance at the moment.
For this important role, the Bima Sugam India Federation’s nomination and compensation committee has picked a number of applicants after conducting a thorough search over the last few months. The Bima Sugam India Federation board unanimously decided Sikdar was the best candidate for the position once the selection process was finished, a press release stated.
Sikdar’s appointment as Managing Director and CEO received approval from the Insurance Regulatory and Development Authority of India (IRDAI). Before joining ManipalCigna, Sikdar held key leadership positions, including Group President and Global Head at Yes Bank and Senior General Manager in charge of Sales and Distribution at ICICI Prudential Life Insurance. Prior to his time at ICICI, he was associated with GE Capital (SBI Cards) and Citicorp.
With a master’s degree in economics from Calcutta University, Sikdar brings vast experience across the financial services and insurance sectors, along with expertise spanning various industries and functions.
Bima Sugam is set to revolutionize the insurance sector in India by offering a unique, all-in-one digital platform. This groundbreaking initiative will enable consumers to compare, purchase, and manage life, health, and general insurance policies, providing a seamless and comprehensive marketplace for insurance needs.
Bima Sugam’s main goal is to make the insurance industry more inclusive by using technology to simplify procedures, lower barriers to insurance, and make it available to everyone, especially in disadvantaged areas.
The platform is also anticipated to provide policyholders with a smooth experience by offering value-added services like grievance redressal and real-time claim payouts.
All of its stakeholders, including consumers, distributors, and insurers, will be empowered and enabled by Bima Sugam. After being appointed as MD and CEO, Sikdar stated, “This forward-thinking platform will probably be among the first initiatives of its kind globally.”
Tapan Singhel, the founding director and chairman of the nomination and remuneration committee of the Bima Sugam India Federation, shared his thoughts on Sikdar’s appointment, stating, “Sikdar’s profound industry insight and leadership qualities will be key in propelling this groundbreaking initiative toward success. I have no doubt that under his leadership, Bima Sugam will help create a more inclusive and secure future for all Indians.”
He added, “Bima Sugam is ready to revolutionize the Indian insurance industry. It aims to change how insurance is perceived and utilized in the country, making protection and financial security easily accessible to every Indian. This initiative is designed to improve the accessibility, affordability, and availability of insurance products for every citizen.”
