24-07-2020
Mr. Vighnesh Shahane, Managing Director & Chief Executive Officer, IDBI Federal Life Insurance Limited and 3 Year Ranji Trophy Player.
Insurance AlertssMr. Vighnesh Shahane, Managing Director & Chief Executive Officer, IDBI Federal Life Insurance Limited and 3 Year Ranji Trophy Player.
Mr. Vighnesh Shahane, post-graduate from Narsee Monjee Institute of Management Studies, Mumbai, Mr. Vighnesh Shahane brings with him over 25 years of experience in consumer banking and life insurance, across diverse geographies, varied markets and multiple customer segments. He has worked with well-known financial services organisations like ANZ Grindlays and Standard Chartered Bank in India, and Mashreq Bank in the UAE.
After a successful stint as President – Bancassurance, Mr. Vighnesh Shahane assumed leadership of IDBI Federal Life Insurance as CEO in 2014. During this period, he has been instrumental in setting clear goals for the organisation and driving performance towards their attainment. Under his leadership, the Company has attained numerous milestones and awards, notably the recording of eight consecutive years of net profit, wiping out of all accumulated losses, declaring maiden dividend and being recognized as one of the Top 10 Most Trusted Life Insurance Brands in the country by ET Brand equity. The Company recorded a Total Premium CAGR of 14.3% from FY14 to FY20.
Mr. Vighnesh Shahane believes that sports help inculcate core values like integrity, dedication and accountability, in addition to positively influencing physical and mental fitness. This has led IDBI Federal to adopt the path of sports and fitness as an unconventional approach to build a deeper connect with our audiences, create awareness and change behaviour. This conviction has also led him to steer the Company’s corporate social responsibility programme to contribute immensely towards the country’s sports framework. However, his philanthropic vision also extends to areas of healthcare and urban development.
Mr. Vighnesh Shahane is committed to the growth and advancement of the life insurance industry and works tirelessly with other life insurance players and the regulator in their deliberations on the implementation of various guidelines and regulations. He is also a key member and speaker at prominent industry platforms like CII, ASSOCHAM and FICCI.
Q&A
When did you start your career and in which company?
I started my career 24 years ago in ANZ Grindlays bank.
How did you start your career?
Before entering into the world of business, I played Ranji-level cricket for 3 years as a part of the Mumbai team. But injuries cut short my cricketing career, which forced me to step back and think about what I wanted to do with my life. That’s when I decided to pursue an MBA from Narsee Monjee Institute of Management Studies (NMIMS) which eventually led me into banking and insurance.
What were your stepping stones in your career?
The diversity of experience and some great bosses.
Who influenced you the most in your career and why?
No one in particular
Your first day at work?
It was too long ago to remember, guess it was quite staid.
When you wanted to quit?
There have been many times when I wanted to quit. But they were only momentary phases based on a bad experience, performance or interaction with a boss.
Why you choose Insurance?
I chose insurance because it is the only financial product where you can positively impact your customer’s life.
Your adult life inspiration?
What I learned on the cricket field during my playing days, is probably far more than what I learned in the classroom or in the boardroom. Even today, whenever I face any crisis or situation at work, I don’t think about what I learned in business school. Rather I think about how a captain handles a tough situation on the field and that helps me to take difficult decisions and work through a crisis.
Your Best Movies?
I am a big fan of Amitabh Bachchan and Al Pacino and absolutely love their movies. I also enjoy movies which have a strong message. Some of my favourites are:
1. Hindi - 3 Idiots
2. English – The Rocky series, Bodyline, The Shawshank Redemption
Your Best Book?
I love to read autobiographies, especially those of sportspersons. My two favourites would be ‘Playing with Fire’ by Nasser Hussain and ‘It’s Not About the Bike’ by Lance Armstrong
Your favourite food?
I love everything prepared by my wife, especially her mutton frankies and excellent crab curry. I also enjoy authentic Thai cuisine.
Your favourite pastime?
Reading and playing Sudoku
Your passion?
Making a difference to people’s lives
Dream that didn’t happen?
One of my dreams early on was to play cricket for my country. But injuries forced me to give up on this dream. But when one door closes, another opens. And I believe this is true in my life.
Do you believe in retirement?
No, I believe in financial independence and having options.
What would life be post retirement?
Never thought of it
Your Career advice to youngsters?
There is no substitute for hard work and you need to be passionate about what you do.
