Arindam Dutta, CEO-Designate, Insurance Information Bureau of India
IRDAI chairman Debasish 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 own and manage it
The IRDAI has already formed committee of CEOs of a few insurance companies to chalk out a plan to implement its new ideas on IIB
Insurance regulator IRDAI has selected a private sector IT professional Arindam Dutta to head Hyderabad based Insurance Information Bureau of India(IIB), the data crunching body for the domestic insurance industry.
Dutta is expected to assume his new charge as CEO of IIB on October 03, said sources at IIB.
This is for the first time a private sector professional has been roped in as the CEO of IIB, which was only held by senior officials of public sector insurance companies since it was set up in 2009.
IRDA in a bid to attract right talent had offered an annual remuneration package of Rs 1.5 crore for the post.
Dutta, who has completed his master’s degree in computer science from Jadavpur University in 1999, is currently working as a senior vice president – Digital and IT at Mumbai based Wellness Forever Medicare Private Limited and has earlier worked with Gartner.
He has also done his MBA in New York based Fordham Gabelli School of Business (with specialisation in marketing management Strategy) and had also a 16- year stint with IT major Tata Consultancy Services(TCS).
IRDAI chairman Debasish 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 own and manage it.
The IRDAI has already formed committee of CEOs of a few insurance companies to chalk out plans to implement its new ideas on IIB.
Panda, since taking over as chairman of IRDAI has unveiled a slew of initiatives to bring about changes in the Indian insurance industry with new technologies and talents.
There are already two IRDAI members, Rakesh Joshi, Finance and Investment, Thomas Devasia, Non-Life, who have already been appointed from the private sector.
Post-detariffication of the general insurance industry, IIB was set up by the IRDAI as a single point platform for the data of the entire insurance industry and to ensure that data are available to various market players, researchers, policymakers, poliyholders and common public for a real time decision making.
IIB is also required to provide benchmark rates for the industry and publish reports to aid the IRDAI in its regulatory functions as well as helping the insurers in their pricing decisions.