India’s Paytm General Insurance recruits Aegon Life CEO

April 17 2020 by Yvonne Lau

India’s Paytm General Insurance has named Vineet Arora, former Aegon Life chief executive, as their new managing director and chief executive. He will remain based in Mumbai.

In Arora’s (pictured) new role, he will spearhead Paytm’s strategy and development for general sector solutions.

Arora commented: “The financial service solutions that Paytm is building for millions in India are relevant globally as well. With Paytm leading the way [in payments], just like payments, the general insurance industry would also go through a major transformation going forward.”

Prior to Paytm, Arora served as Aegon Life’s managing director and chief executive for India starting in December 2017. He was also part of the company’s India leadership team.

Arora had a long tenure with ICICI – first serving as senior vice president of bancassurance and alliances, and other sales related roles at ICICI Prudential Life from 2002 to 2007.

More recently, he was ICICI Securities’ senior general manager and head of product, distribution and wealth management from 2008 to 2017. In this role, he developed the firm’s distribution business across varied delivery channels; and helped expand their direct online portfolios and outreach to customers. This network covered 65 cities, 200 branches and 2000 employees.

He holds more than two decades of market experience. According to Arora’s LinkedIn profile, he also held roles at Godrej Group, Marico Industries and SBI Cards.

The appointment of Arora reaffirms Paytm’s commitment to its foray into insurance, with an initial focus on the general sector — they received their insurance broking license from Insurance Regulatory and Development Authority of India (Irdai) in March this year.

In 2018, Paytm incorporated two entities Paytm Life Insurance and Paytm General Insurance – in a bid to accelerate its non-payments business. At the time, Amit Nayyar, president of Paytm, said: “Our entry into insurance broking is in line with our commitment to broaden our footprint into financial services and offering numerous and customised choices to millions of our customers.”

Just last month, Paytm hired Premanshu Singh as head of its insurance business and senior vice president, after failed negotiations to acquire Indian insurtech Coverfox. Singh was Coverfox’s previous chief executive.

India-based Paytm is backed by Japan’s SoftBank. The digital payments player recently launched Covid-19 initiatives, including committing US$650,000 to fund innovative solutions tackling coronavirus, and launching a campaign to distribute face masks and hygienic products to healthcare and municipal workers, and police officers in India.