New IRDAI chairman Debasish Panda has already made his intention public to broadbase the ownership of the Insurance Information Bureau of India and has suggested that instead of the IRDAI, let the insurers through their representative body General Insurance Council own and manage it
Sources point out such overhaul in the functioning and packages will not stop with IIB and will now be extended to both the councils, General Insurance Council and Life Insurance Council when they appoint their new chiefs called secretary generals in future
Hyderabad:
Kick-starting the move to transform the Indian industry with the help of modern technologies and right talents, the insurance regulator IRDAI has effected a hefty hike in the salary package of the new CEO, yet to be selected, of Hyderabad based Insurance Information Bureau of India(IIB), the data crunching body for the industry and has offered an annual remuneration package of Rs 1.5 crore for the post.
Since, it was set up in 2009 by the IRDAI, all the CEOs of IIB, chosen through a selection process, till now have mostly been appointed from the public sector insurance companies and get packages between Rs 2-3 lakhs, well comparable with the salaries of CEOs of public sector banks and insurers.
However, the new chairman of the IRDAI Debasish Panda since his appointment in April has unveiled a slew of initiatives to bring about changes in the Indian insurance industry with new technologies and talents and the talent hunt has began with a much higher remuneration packages for all the functionaries of insurance bodies. .
Panda has already made his intention public to broad-base the ownership of the IIB and has suggested that instead of the IRDAI, let the insurers through their representative body General Insurance Council(GI Council) own and manage it.
Sources point out such an overhaul in the functioning and packages will not stop with IIB and will now be extended to both the councils, General Insurance Council and Life Insurance Council, when they appoint their new chiefs, called as secretary generals, in future.
With all the basic details, the IRDA has advertised for the post of CEO of IIB which says the salary package, Cost to company (CTC ), of the new CEO will be Rs 1.5 crore per annum including all benefits.
The candidate, who will be hired initially for three years, should be a graduate in Technology/Management/Mathematics/Statistics from a premier institute and should be not more than 55 years as on July 1.
The professional background of the candidate should be that he or she should be C-level executive in an established IT/Fintech/Insuretech/Insurance/Financial/Data/Analytics institution and should have experience of not less than 18 years, with at least 5 years in a leadership role
Post-detariffication of the IIB was set up by the IRDA Act as a single point for entire insurance industry data and to ensure data is available to various market players, researchers, policyholders and common public for real time decision making.
IIB is required to provide benchmark rates for the industry and publish reports to aid IRDAI in regulatory functions and insurers in decision making