Interview

"NIA is planning to establish a centre of excellence with some of the key subject areas of the insurance industry, like Pension, Risk Management, Actuarial Science, Artificial Intelligence, Cyber Security, and Underwriting."

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Shri B. C. Patnaik Director National Insurance Academy

About Shri B. C. Patnaik

Shri B. C. Patnaik has taken over charge as Director of the National Insurance Academy with effect from 26th December’2024.

Prior to this he was Member (Life) - IRDAI. Along with the Dept of Life, he was also in charge of Department of Health, Legal and Customer Grievances including Communication wing. He also represented IRDAI in meetings of the National Health Authority and Organisation for Economic Cooperation and Development (OECD).

As a whole-time member of IRDAI, he contributed well for the ease of doing business wherein the number of regulations were reduced. He also contributed to many customer centric initiatives in all forms of insurance.

He was also the Managing Director of LIC of India. He was in charge of Department of Personnel, Investment Monitoring, HRD, Bancassurance, New Business Underwriting & Reinsurance, and Inspection. He played an important role in the success of LIC’s IPO.

As MD, he was on the boards of LIC Nepal, LIC credit cards, and LIC Mutual Fund Trustee Company, where he chaired the Trustee Board.

He also represented LIC on the boards of National Stock Exchange and Indiabulls Housing Company. During his tenure in NSE, he played an important role in supporting the formation of NSE IFSC International Exchange. The initiatives for the transition of Indiabulls Housing to an NBFC were taken during his tenure.

He was also the Secretary General of Council for Insurance Ombudsman and the digital initiatives were established under his leadership leading to speedy settlements and cost effective transactions for all concerned.