The board of directors of Bajaj General Insurance, a subsidiary of Bajaj Finserv Limited, on Friday approved the appointment of Deepak Reddy as chief executive officer (CEO)-designate of the company, effective January 1, 2027.
He will take charge as MD & CEO on April 1, 2027, subject to approval from the IRDAI.
Tapan Singhel, who has been a part of Bajaj General Insurance since 2007, will continue as MD & CEO until March 31, 2027.
Reddy has over three decades of experience in financial services, having held senior leadership positions at Bajaj Finserv, American Express, Standard Chartered Bank and MIRC Electronics. During his 17-year association with Bajaj Finserv, he played a key role in building and scaling several businesses and, in his most recent role within the group, led the rural, insurance and gold loan businesses at Bajaj Finance.
Reddy was also Bajaj Finserv’s first group head of human resources. Most recently, he served as chief executive officer of Manappuram Finance.
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“The planned transition reflects a structured approach to leadership succession, ensuring continuity of strategy as Bajaj General Insurance builds on its market positioning and pursues its long-term growth priorities,” the insurance company said in a statement.
Singhel, who took over as MD & CEO in 2012, is approaching the regulatory limit of 15 years at the helm of an insurance company, prompting the company to plan for succession.
Singhel has played a key role in building Bajaj General Insurance into one of India’s largest private-sector general insurers. Under his leadership, the company expanded its distribution network, digitised sales and customer engagement, and introduced initiatives such as virtual sales offices and faster motor claims settlement. He also led product innovation, including individual cyber insurance and pet insurance. Singhel has been one of the major voices in the industry, serving as chairman of the General Insurance Council and the CII National Committee on Insurance and Pensions.
Sanjiv Bajaj, chairman & managing director, Bajaj Finserv, said, “As India’s insurance sector enters its next phase of growth, the opportunity to protect more lives, livelihoods and businesses, is immense. We are delighted to welcome Deepak to lead Bajaj General Insurance into its next chapter. I am confident that Deepak will build on the strong foundation laid by Tapan and his team, unlock new opportunities and take the company to greater heights.”
“As Bajaj General Insurance enters its next chapter, I am confident that the new team will continue to push boundaries, find better solutions to customer concerns and stay true to our purpose of ensuring that our citizens can live a life of dignity,” Singhel said.