India-based Life Insurance Corporation of India (LIC) has named Pradeep Pandey as its chief digital officer (CDO) to drive digital innovation, according to the Economic Times.
In the new role, Pandey will be responsible for reforming the digital landscape of the insurance company.
The latest development is part of LIC’s strategy to bolster its digital presence and innovation works.
It also aligns with the wider trend of financial groups utilising technology to enhance customer services and optimise operations.
A financial services industry specialist, Pandey previously held a senior vice-president (SVP) role for Axis Bank’s digital banking segment.
During his stint at Axis, he introduced concepts namely “protection and digital insurance” in various regions worldwide.
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Pandey also brought about substantial advances by leading the liabilities segment of the company’s digital banking sector and spearheaded projects such as ONDC, Bill Pay, and ‘Grab Deals’, an e-commerce platform.
He previously also served as SVP at Union Dai-ichi Life Insurance and led digital operations at Tata AIA Life Insurance.
As part of leadership changes, LIC also appointed Tablesh Pandey and M Jagannath to the role of additional managing directors.
In June 2023, LIC appointed Siddhartha Mohanty as its chairman. Following this, he will serve as the managing director and CEO until June 2025.
LIC recently reported a net profit after tax (PAT) of Rs95.43bn ($1.15bn) for Q1 FY2024.