Latest News on Royal Sundaram
Royal Sundaram appoints industry veteran Vedanarayanan Seshadri as Managing Director
Royal Sundaram General Insurance Co. Limited has announced the appointment of Vedanarayanan Seshadri as its new Managing Director, effective from May 28, 2025. Seshadri brings over 30 years of experience in the BFSI sector, with 15 years of senior leadership experience in the insurance domain. He has a strong background in insurance distribution, growth strategies, and leveraging digital transformation to enhance customer experiences.
Seshadri expressed his honor and commitment to leading Royal Sundaram, citing his dedication to the company’s core values, professionalism, and customer-oriented approach. He is optimistic about achieving significant growth by harnessing the strengths of the company’s dedicated team and the support of its board and stakeholders.
With a diverse academic background, including degrees in engineering, marketing, and finance, as well as an Advanced Management Programme from INSEAD, France, Seshadri possesses a comprehensive understanding of market dynamics and digital innovation. This positions him well to navigate Royal Sundaram through the evolving landscape of the insurance industry.
The appointment of Seshadri has been welcomed by Harsha Viji, Executive Vice-Chairman of Sundaram Finance, who expressed confidence in his capabilities. Viji highlighted Seshadri’s deep insight into insurance markets, customer preferences, and his proven leadership abilities, stating that his appointment will steer Royal Sundaram towards sustained growth in a digitally progressive market.
Overall, the appointment of Vedanarayanan Seshadri as Managing Director of Royal Sundaram General Insurance Co. Limited is seen as a positive move, bringing a wealth of experience and expertise to the company. With his strong background in insurance and digital transformation, Seshadri is well-placed to lead the company towards significant growth and success in the evolving insurance industry. His commitment to upholding the company’s core values and customer-oriented approach is expected to drive Royal Sundaram forward, leveraging the strengths of its dedicated team and the support of its stakeholders.
Royal Sundaram has appointed Vedanarayanan Seshadri as its new Managing Director.
Royal Sundaram General Insurance Company Limited has announced the appointment of Vedanarayanan Seshadri as its new Managing Director. Seshadri takes over the reins from M. S. Sreedhar, who has completed his tenure as the MD and CEO of the company.
Vedanarayanan Seshadri has over two decades of experience in the insurance industry and has held various leadership positions in his previous roles. Prior to joining Royal Sundaram, he was the Chief Distribution Officer at Tata AIG General Insurance Company.
Under his new role, Seshadri will be responsible for driving the company’s growth strategy, focusing on expanding its customer base, and strengthening its distribution network. He will also oversee the development of new products and services, as well as enhance the company’s digital capabilities.
Seshadri’s appointment is seen as a move to strengthen Royal Sundarium’s leadership team and drive business growth. The company has been focusing on expanding its presence in the Indian general insurance market, and Seshadri’s experience and expertise are expected to play a key role in achieving this goal.
Royal Sundaram is a leading general insurance company in India, offering a range of insurance products including motor, health, home, and travel insurance. The company has a strong distribution network and a customer base of over 2 million policyholders.
Seshadri’s appointment has been welcomed by the company’s promoters, who expressed confidence in his ability to lead the company to greater heights. The company’s Board of Directors has also hailed Seshadri’s appointment, stating that his experience and expertise will be invaluable in driving the company’s growth strategy.
As the new Managing Director, Seshadri will work closely with the company’s leadership team to drive business growth and expand its customer base. He will also focus on enhancing the company’s digital capabilities, developing new products and services, and strengthening its distribution network.
Overall, Vedanarayanan Seshadri’s appointment as the new Managing Director of Royal Sundaram General Insurance Company Limited is expected to drive business growth and expansion for the company. With his experience and expertise, Seshadri is well-equipped to lead the company to greater heights and strengthen its position in the Indian general insurance market.
Under the new leadership, Royal Sundaram aims to continue its growth trajectory, expanding its customer base and distribution network, while also enhancing its digital capabilities and developing new products and services. With Seshadri at the helm, the company is poised for greater success and growth in the Indian general insurance market.
Amit Ganorkar Appointed as Managing Director and Chief Executive Officer of TATA AIG
TATA AIG General Insurance Company has announced the appointment of Amit Ganorkar as its new Managing Director and Chief Executive Officer, effective January 1, 2025. Ganorkar succeeds Neelesh Garg, who is stepping down from the position. The appointment was approved by the board of directors and followed by the receipt of all necessary regulatory clearances.
Amit Ganorkar, a seasoned insurance professional with over 20 years of experience, has previously held key positions at TATA AIG, including Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. In his new role, Ganorkar is committed to continuing the company’s legacy of excellence, built on the trust and confidence of its customers and stakeholders.
Ganorkar has clear priorities for his tenure, including strengthening the company’s customer-centric approach, enhancing digital transformation, and driving sustainable growth to meet the evolving needs of its clients. His appointment marks a transition in leadership aimed at ensuring continuity and operational stability for the company. Ganorkar’s extensive experience and knowledge of the industry position him well to lead TATA AIG into its next phase of growth and development.
Ganorkar expressed his gratitude for the responsibility and commitment to continuing the company’s success. He emphasized that he is committed to working with the talented team to build on the company’s strengths and drive future growth. The appointment of Ganorkar is a testament to TATA AIG’s commitment to maintaining high standards of leadership and ensuring the company’s continued success in the market.
TATA AIG General Insurance Company appoints Amit Ganorkar as its new Chief Executive Officer and Managing Director.
TATA AIG General Insurance Company has appointed Amit Ganorkar as its new Managing Director and Chief Executive Officer, succeeding Neelesh Garg. Ganorkar has over 20 years of experience in the general insurance industry, with a focus on sales, distribution, and product development. Prior to his new role, he served as the Managing Director of Royal Sundaram General Insurance and Chief Operating Officer at TATA AIG. Ganorkar expressed his commitment to continuing the company’s legacy of success, focusing on customer-centricity, digital transformation, and sustainable growth.
TATA AIG General Insurance Company is a joint venture between TATA Group and American International Group (AIG), which began its operations in India in 2001. The company has reported significant growth in its health business, with a growth rate of 44% over the past five years. The company expects to sustain this growth, aiming for at least 30% growth in the next two to three years. The health business currently accounts for around 21% of the company’s premium.
Ganorkar takes up his new role on January 1, 2025, after receiving approval from the Board of Directors. The company has secured all necessary regulatory approvals to ensure a smooth transition of responsibilities. The appointment is seen as a significant development in the company’s journey, and Ganorkar is expected to play a crucial role in shaping the company’s future growth and success.
The Insurance Regulatory and Development Authority of India (IRDAI) imposed a Rs 1 crore penalty on an insurance company for violating norms related to outsourcing.
The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a fine of Rs 1 crore on Royal Sundaram General Insurance (RSGI) for non-compliance with outsourcing regulations in the financial years 2018-19 and 2019-20. The penalty followed a remote inspection by IRDAI between September 14-25, 2020, which revealed several regulatory violations.
The inspection found that RSGI had made payments exceeding Rs 50 crore to vendors in FY 2019-20, but failed to disclose these in their outsourcing returns submitted to IRDAI. This lack of transparency and non-compliance with regulations raised concerns about the insurer’s governance and regulatory compliance.
The inspection also identified issues with claims management, including irregularities in RSGI’s claims handling processes, resulting in delays and lack of alignment with Health Regulations, 2016. The insurer had reopened 53,354 claims worth Rs 123.43 crore and closed 6,466 claims worth Rs 34.99 crore, but IRDAI criticized the delays and lack of transparency.
IRDAI also questioned RSGI’s claim of having a customer-centric approach, citing that a truly customer-centric approach requires timely resolution of claims and transparent communication throughout the process. The regulator warned RSGI against further lapses in claims handling and regulatory compliance, emphasizing the importance of transparency, adherence to regulations, and robust governance systems in the insurance sector to ensure policyholder confidence and regulatory integrity.
The penalty and warning serve as a reminder to insurance companies to prioritize compliance with regulations and transparency in their business practices to maintain trust and confidence from policyholders and regulatory bodies alike.
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