Aegon Life Insurance, a digital-only life insurance company, has elevated Satishwar Balakrishnan as the Managing Director and Chief Executive Officer (MD and CEO). Balakrishnan, who joined the company in July 2019 as Chief Financial Officer, will spearhead Aegon Life’s transformation into a digital-only life insurance company.
Under Balakrishnan’s leadership, the company has defined a new vision to be at the forefront of the digital insurance wave and use technology to redefine its strategy. By simplifying the customer experience and digitising all processes, the company is set to become entirely contactless, from policy issuance, to claims, settlement and renewal.
On his appointment, Balakrishnan said, “I am pleased to lead a company that is well-positioned to continue to invest in its long-term growth plan. We are pivoting our strategy towards the digital future, taking forward our focus on digitisation that started in 2016. We are transforming to become India’s first and leading digital-only life insurance provider and I am glad to be a part of this exciting phase of the company.”
“Our pioneering foray into digital has been validated over the years and especially in the current scenario where the rest of the industry is now shifting its focus on digital processes. My focus will be on advancing our ‘do-it-yourself’ insurance solutions and make them available at affordable costs and to make our entire insurance portfolio a one-click solution for our customers,” added Balakrishnan.
Balakrishnan brings with him an experience of close to two decades in the insurance and finance industry. Prior to joining Aegon Life, he has worked with IndiaFirst Life, Reliance Life and ICICI Prudential Life. He is a Chartered Accountant by qualification.