IndiaFirst Life Insurance's board has greenlit the appointment of Rushabh Gandhi as the managing director (MD) and chief executive officer (CEO) for a five-year term, starting from 1 July 2024, or upon receiving regulatory approvals, whichever comes earlier. Currently serving as the insurer's deputy chief executive officer, Gandhi's elevation is contingent upon approvals from the Insurance Regulatory and Development Authority of India (IRDAI), shareholders and other regulatory bodies. Upon securing these approvals, Gandhi's official date of appointment will be disclosed.
The incumbent MD and CEO, R M Vishakha, is set to retire on 30 June 2024. With over 29 years of experience in the financial services sector, spanning both domestic and international markets, Gandhi is an alumnus of Narsee Monjee Institute of Management Studies (NMIMS) and INSEAD, Fontainebleau.
In a statement, the insurer expressed its enthusiasm for Gandhi's appointment, heralding it as a new chapter for the company that aligns seamlessly with its succession planning. Having collaborated with R M Vishakha since 2015, Gandhi brings a wealth of experience in driving growth and profitability at IndiaFirst Life. His strategic acumen is deemed congruent with the company's core values.
Gandhi's prior experience includes stints at Canara HSBC OBC Life Insurance, Aviva Life Insurance and Birla Sun Life Insurance. In April 2024, IndiaFirst witnessed a 1.61 per cent increase in its new business premium, reaching Rs 149.68 crore compared to Rs 147.31 crore in the corresponding period of the previous year.
