IDBI Federal backs home grown talent; elevates Vighnesh Shahane as CEO

IDBI Federal Life Insurance, a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Ageas, a multinational insurance giant based out of Europe, today announced the appointment of Vighnesh Shahane as the Chief Executive Officer & Whole Time Director of the Company.

Speaking on the occasion, R. K. Bansal, Executive Director, IDBI Bank, who in the interim had taken additional charge as the Acting CEO, IDBI Federal, said, “At IDBI Federal, we believe in recognising talent and creating leaders from within the organisation. In his capacity as a channel head, Vighnesh has brought about a positive change and under his leadership, the Bancassurance channel registered unprecedented growth.” Mr. Bansal added, “We are at a defining point in the life insurance industry in India. Despite the challenging macro economic conditions and dynamic regulatory environment, our economy promises huge potential for life insurance in the longer term. Vighnesh, with his diverse exposure across various facets of business, will play a key role in leading IDBI Federal towards achieving its goals.”

Speaking about his new role, Vighnesh said, “IDBI Federal is a young company that has embarked on a journey to change the way life insurance is sold and bought in the country. It is this approach that has helped us withstand the challenge of the times and emerge as a growing company despite these challenges. It is my honour to lead this dynamic company through its next phase of growth.” Having represented Mumbai in the prestigious Ranji Trophy, Vighnesh has modelled his leadership style on team work and collective contribution.

In his career spanning over 20 years, Vighnesh has worked with leading financial organisations across geographies. He brings with him, a rich experience in various facets of business like sales management, strategy and new business development.