Prasun Sikdar appointed as MD, CEO of Bima Sugam India Federation for 3 yrs

Bima Sugam India Federation on Tuesday announced the appointment of Prasun Sikdar as its managing director (MD) and chief executive officer (CEO) for a period of three years. Sikdar is currently the MD and CEO of ManipalCigna Health Insurance.

“The nomination and remuneration committee of Bima Sugam India Federation, over the past few months, conducted an extensive search process and shortlisted various candidates for this critical position. Upon completing the selection process, the board of Bima Sugam India Federation unanimously chose Sikdar as the ideal fit for this role,” according to a press release.

Sikdar’s appointment as MD and CEO was approved by the Insurance Regulatory and Development Authority of India (Irdai). Before joining ManipalCigna, Sikdar served as group president and global head at Yes Bank. He has also held the position of senior general manager – chief sales and distribution at ICICI Prudential Life Insurance. Prior to his time at ICICI Prudential Life, he was associated with GE Capital (SBI Cards) and Citicorp.

 

He holds a master's degree in economics from Calcutta University and brings extensive experience in the financial services and insurance industries, along with cross-functional and cross-industry expertise.

Bima Sugam is a platform aimed at democratising insurance in India, potentially becoming the first of its kind globally. This single-window digital platform will serve as a comprehensive marketplace where consumers can compare, purchase, and manage insurance policies across the life, health, and general insurance sectors.

Bima Sugam’s core objective is to bring inclusivity to the insurance ecosystem by leveraging technology to reduce complexities, streamline processes, and make insurance accessible to all, particularly in underserved regions.

Additionally, the platform is expected to offer a seamless experience for policyholders, providing real-time claim settlements, grievance redressal, and other value-added services.

“Bima Sugam will enable and empower all its stakeholders – customers, distributors, and insurers. This progressive platform will likely be one of the first initiatives of its kind globally,” said Sikdar following his appointment as MD and CEO.

Commenting on the appointment, Tapan Singhel, founding director and chairman of the nomination and remuneration committee of Bima Sugam India Federation, said, “Sikdar’s deep industry knowledge and leadership skills will be instrumental in driving this revolutionary initiative to success. I am confident that under his guidance, Bima Sugam will pave the way for a more inclusive and secure future for all Indians.”

“Bima Sugam is poised to revolutionise the Indian insurance sector. It promises to reshape how insurance is perceived and consumed in the country, making protection and financial security available at the fingertips of every Indian. The initiative aims to transform the insurance landscape by enhancing the accessibility, affordability, and availability of insurance products for every Indian citizen,” he added.