Business Standard

Five senior execs quit Tata AIA Life Insurance

Related News

Co Ltd (formerly Tata AIG Life Insurance) is seeing attrition at senior management levels. According to sources, five senior management executives are in the process of leaving the organisation.

The five, according to industry sources, are Mitali Dalal, senior vice-president; Vikas Bagga, senior vice-president & head of north zone; Natasha Joshi, senior vice-president & head of south zone; S Bharat, vice-president & head of strategy; and M Anand, vice-president.

Tata AIA Life Insurance has 13 people at the senior vice-president level.

However, the company downplayed the development. “Like every growing organisation, people movement is a regular part of Tata AIA Life Insurance,” the company said in reply to a questionnaire sent by Business Standard.

Tata AIA Life Insurance has about 4,000 employees on its rolls. It recently appointed as deputy CEO and chief distribution officer. Dhawan is responsible for creating and implementing new strategies in marketing, product development and distribution.

In 2010, the private life insurer had reduced headcount by 27 per cent to achieve profitability. It saw a 33 per cent reduction in headcount in 2010-11, too, compared to 2009-10. The company had, then, said this was because it was reworking its business model to suit the regulations which came into force in September 2010. As part of this strategy, the company did not fill all the positions that became vacant mostly due to natural attrition.

In September 2010, the Insurance Regulatory and Development Authority capped the charges and commissions on unit-linked products (Ulips), and as a result of which, the average commission in as a percentage to premiums collected fell to four per cent in 2011-12, from 10 per cent in 2009-10.

The company has also seen a drop in premium collection by 44.3 per cent during April- September 2012, compared to the premiums collected during the same period in 2011. According to Irda data, the company collected Rs 261.8 crore premium for the April- September 2012 period. The private life insurance industry also saw a drop in new premium collection by 5.7 per cent in April-September 2012, compared to the same period in 2011.

Read more on:   
|
|
|
|
|
|
|

Read More

Pension products to throng insurance market

Pension products, which were absent from the life insurance sector for the past few quarters, are back to the market. HDFC Standard Life Insurance is ...

Quick Links

More news from Finance Rss icon

Insurance for e-rickshaws to be offered as per RTO norms

E-rickshaws are likely to come under the auto-rickshaw category, where there was a 10% hike in TP premiums for this fiscal

RBI's new rules fall short of making White Label ATMs viable

WLA players want interchange fees to be hiked

ICICI Bank out of Russia, trims foreign operations

Lender repatriates capital from its UK, Canada arms over macroeconomic uncertainties, strict regulations and tepid growth opportunities

Back to Top