Venkat Changavalli, new CEO, Insurance Information Bureau of India

According to industry sources, Venkat’s appointment is temporary and IRDAI would soon start a new search processes to appoint a new CEO at IIBI

Among a host of actionable areas, IIBI has recently set up a technological platform ’Bima Satark’ to detect fraudulent claims in the health insurance industry and is also engaged in helping out the Indian general insurance industry to provide motor third party cover to uninsured vehicles

Hyderabad:

The IRDAI has appointed Venkat Changavalli as the new CEO Hyderabad based Insurance Information Bureau of India (IIBI), the data crunching body for the domestic insurance industry.  

Changavalli has joined IIBI on Friday and has replaced Arindum Dutta, who had joined in last October and was first private sector professional to be 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.

What has led to Dutta’s exit from IIBI before he even completed one year, is not yet known.

According to industry sources, Venkat’s appointment is temporary and IRDAI would soon start a new search processes to appoint a new CEO at IIBI.

Changavalli is also a member of Insurance Advisory Committee of IRDAI and a director in the board of Institute of Insurance and Risk Management (IIRM).

During his career of more than four decades, Changavalli conceptualized, implemented, and operationalized innovative projects for the first time, such as EMRI-108, UP-100 and Elderly Response System-14567 at Global standards.

He was the first CEO of Emergency Management and Research Institute (EMRI-108) in public private partnership (PPP) framework providing free emergency response services.

Changavalli is an MBA from IIM, Ahmedabad, B.Tech. (Chemical) from NIT, Warangal and PUC from Andhra Loyola College, Vijayawada and had also training at Wharton School, IMD, LBS, Harvard Business School and Columbia Business School.

Among a host of actionable areas, IIBI has recently set up a technological platform called ’Bima Satark’ to detect fraudulent claims in the health insurance industry and is also engaged in helping out the Indian general insurance industry to provide motor third party cover to uninsured vehicles.

IRDAI chairman Debasish Panda has already made his intention public to broadbase the ownership of the IIB and has suggested that instead of the IRDAI, let the insurers through their representative body General Insurance Council and Life Insurance Council own and manage it.

IIBI will is currently working out the modalities to convert itself a non-profit tech body, to be owned by insurers and has appointed Cyril Amarchand Mangaldas as an advisor to prepare the frame work for this..