A FORCE FOR TRANSFORMATION

From laying the foundation of transparency through ICICI Lombard's listing to positioning it as a digital leader, Bhargav Dasgupta has spearheaded many changes

- Teena Jain Kaushal

IN SEPTEMBER 2023, Bhargav Dasgupta stepped down from his role as CEO and MD at ICICI Lombard General Insurance Company after 14 long years. During that tenure, he achieved significant milestones that laid the foundation for increased transparency and accountability in the industry. Under his leadership, ICICI Lombard became the first general insurance company to be listed on the bourses in 2017.

"We are a listed company, very focussed on transparency and disclosure. The challenge was that most of our competitors were unlisted, and they didn't have the same demands on them in terms of disclosure and transparency. I strongly believe that companies should list after 10 years because the discipline of listing is good for the industry," says Dasgupta.

For the insurance veteran, the listing was just one of the many highlights. His easy-going demeanour helped in the seamless merger of Bharti AXA General Insurance with ICICI Lombard, a feat accomplished swiftly after receiving final approval from the Insurance Regulatory and Development Authority of India (Irdai) in September 2021. After the merger, ICICI Lombard quickly rose to become the second-largest general insurer in terms of gross direct premium underwritten. By December 2023, it had captured an impressive 8.76% of the market, coming in second behind the state-owned The New India Assurance Co., which held 13.33% market share.