R Doraiswamy on Monday took charge as chief executive officer (CEO) and managing director (MD) of Life Insurance Corporation (LIC), with effect from the same day. His appointment is for a period of three years or till he attains the age of 62 years, or until further orders, whichever is the earliest.

According to an official notification, Doraiswamy was appointed as the CEO and MD of the life insurance behemoth. 

His appointment is at Level 17 of the Pay Matrix (a fixed pay of Rs 2,25,000 per month).

With Doraiswamy taking charge at the role, Managing Director Sat Pal Bhanoo ceased to hold the financial and administrative powers and functions of the CEO and MD.

Earlier on Monday, LIC shares ended 0.7 per cent lower at Rs 916.1 apiece on BSE.

Doraiswamy is a Direct Recruit officer of the 17th batch with more than 39 years of experience across operations, marketing, technology and academics.

As Managing Director, Doraiswamy headed marketing through bancassurance, group business, customer relations, finance, and compliance functions.

Doraiswamy has held various leadership positions within the Organisation as Executive Director (Information Technology/Software Development), Regional Manager (Marketing/Chief Life Insurance Advisor), Regional Manager (Pension and Group Schemes) at Southern Zonal Office, Chennai, Senior Divisional Manager of Kottayam Division and Marketing Manager of the Chennai-I, Thanjavur and Pune divisions.

He has spearheaded the modernisation of IT infrastructure and Business Applications of LIC’s Individual Business as Chief and Executive Director.

During his stint as Regional Manager, Doraiswamy achieved tremendous growth and productivity improvement in the areas of Group Insurance Marketing in Southern Zone.  

As Research Associate at National Insurance Academy, Pune, Doraiswamy worked on multiple projects on micro insurance, insurance law and regulations, product development, and content
development for post graduate programmes in insurance Management and chartered financial planning (CFP).

A graduate in mathematics from Madurai Kamaraj University, Doraiswamy is Fellow Member of the Insurance Institute of India and a student member of the Institute of Actuaries of India.