IndiaFirst Life Insurance has named Rushabh Gandhi as its new Managing Director (MD) and Chief Executive Officer (CEO), with his term set to commence on July 1, 2024, or upon receiving necessary regulatory approvals, whichever is earlier. The board of IndiaFirst Life Insurance has given its approval for Gandhi’s appointment for a five-year tenure, pending the green light from the Insurance Regulatory and Development Authority of India (IRDAI), shareholders, and other statutory bodies.
Rushabh Gandhi, currently serving as the Deputy CEO of IndiaFirst Life Insurance, brings over 29 years of extensive experience in the financial services industry. His background spans national and international markets, providing him with a broad perspective and deep insights into the sector. An alumnus of the Narsee Monjee Institute of Management Studies (NMIMS) and INSEAD, Fontainebleau, Gandhi’s educational credentials further bolster his qualifications for this pivotal role.
Gandhi’s appointment follows the impending retirement of R M Vishakha, the current MD and CEO, who will step down on June 30, 2024. Vishakha’s tenure has been marked by significant contributions to the company’s growth and development. Under her leadership, IndiaFirst Life Insurance has seen considerable advancements, setting a strong foundation for her successor.
The company’s board expressed confidence in Gandhi’s capabilities, emphasizing that his leadership marks a new chapter for IndiaFirst Life Insurance. “The Board welcomes Rushabh Gandhi as the new MD and CEO, which marks a new chapter for the company and aligns perfectly with the company’s succession planning. Having worked alongside Ms R M Vishakha since 2015, Mr. Rushabh Gandhi brings a wealth of experience at IndiaFirst Life in driving growth and profitability. This experience is complemented by his strategic vision that resonates with the core values of IndiaFirst Life,” stated the insurer in a press release.
Gandhi’s professional journey includes significant roles at Canara HSBC OBC Life Insurance, Aviva Life Insurance, and Birla Sun Life Insurance. His extensive background in the insurance industry, coupled with his strategic acumen, positions him well to lead IndiaFirst Life into its next phase of growth and innovation.
In the financial metrics, IndiaFirst Life Insurance has shown positive growth. In April 2024, the company’s new business premium increased by 1.61 percent, rising to Rs 149.68 crore from Rs 147.31 crore in the same period the previous year. This steady growth in new business premium underscores the company’s robust market presence and operational efficiency.
As Gandhi steps into his new role, the focus will likely be on sustaining and accelerating this growth trajectory. His appointment is seen as a strategic move that aligns with the company’s long-term vision and succession planning. The transition is expected to be smooth, given Gandhi’s familiarity with the company’s operations and his close working relationship with the outgoing CEO.
The formal date of Gandhi’s appointment will be confirmed post-approval from the IRDAI and other statutory authorities. This leadership change is anticipated to bring fresh perspectives and continued success for IndiaFirst Life Insurance.
In conclusion, the appointment of Rushabh Gandhi as the new MD and CEO of IndiaFirst Life Insurance signifies a pivotal moment for the company. With his vast experience and strategic insight, Gandhi is poised to steer the company towards sustained growth and enhanced profitability. The board’s confidence in his leadership and the positive financial indicators underscore a promising future for IndiaFirst Life under his guidance.
