With over two decades of experience in the insurance industry, Joydeep brings a wealth of expertise in actuarial science, product development, and business strategy. He has been associated with the company for over seven years, having previously served as Appointed Actuary and Chief Officer – Actuarial, Product, Reinsurance, Group Underwriting & Analytics. Joydeep holds a Master’s in Applied Statistics and Informatics from the Indian Institute of Technology, Bombay.

Jérôme Droesch, CEO International Organizations, Domestic Health and Health Services, Cigna Healthcare International Health, said, “Joydeep’s deep understanding of the organization and the broader health insurance means that he is well-equipped to lead the company into its next phase of strategic growth. We are confident that under his leadership, the organization will continue to strengthen its market position and deliver sustainable growth in a dynamic and evolving industry.”

“Joydeep’s appointment to the role of MD & CEO at ManipalCigna Health Insurance is a testament to his experience and commitment. His extensive tenure and comprehensive institutional knowledge make him perfectly positioned to lead the business into the future. I have every confidence he’ll succeed in this next chapter,” said S Vaitheeswaran, Vice Chairman, Manipal Education & Medical Group (MEMG).

Joydeep will continue to work closely with the leadership team to expand the company’s distribution channels, strengthen the brand, and create long-term value for the organization and its customers. His appointment underscores ManipalCigna’s commitment to building a leadership team with a deep understanding of the industry and a passion for delivering customer value.

Commenting on his appointment, Joydeep Saha said, “The health insurance industry is undergoing rapid transformation, and ManipalCigna is strongly positioned to lead this change. With the strong foundation and a talented team, I look forward to expanding our reach, leveraging technology to enhance customer experience and further strengthen our market leadership.”

ManipalCigna has created a niche in the health and wellness sector by offering its customers innovative products and services.

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The top post at IRDAI had been vacant since March 14, 2025, following the end of the term of former Chairperson Debasish Panda.

A 1987-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, Seth retired on June 30 this year after completing a distinguished 38-year-long career. His tenure at the Ministry of Finance, particularly as Economic Affairs Secretary from April 2021 to June 2025 positioned him as one of the key architects of India’s fiscal revival post the pandemic.

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Mr. Kher brings over four decades of distinguished service across international trade, industrial development, sustainable policy, and regulatory governance. A former Commerce Secretary to the Government of India and a senior officer of the Indian Administrative Service, Mr. Kher has held key leadership roles in the Ministries of Environment and Commerce, and served as a Member of the Competition Appellate Tribunal. He is widely regarded for shaping India’s Foreign Trade Policy (2015–2020), leading international trade negotiations, and championing regulatory frameworks that align with global standards. His expertise continues to be sought by government bodies, global corporations, and policy think tanks across domains.

Commenting on his appointment, Mr. Rajeev Kher said, “I am deeply honoured to take on this responsibility at a time when health insurance is becoming central to India’s social and economic resilience. Star Health has been a pioneer in this space, with a strong reputation for customer focus, innovation, and execution. I look forward to working closely with the Board and management to strengthen governance, drive long-term value, and steer the company through the evolving landscape of healthcare and insurance. Our focus will remain firmly on inclusive growth, ethical leadership, and institutional excellence.”

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Bengaluru, January 28, 2025 – ManipalCigna Health Insurance in collaboration with the local government authorities, successfully organized a preventive healthcare camp in Bengaluru Urban this week with the broader vision of spreading health insurance awareness to the grassroots of India. The initiative provided health screening services including Blood Pressure, Eye check-ups and Blood Sugar tests to over 100 residents of Channenahalli Gram Panchayat, located in Bengaluru Urban district.

ManipalCigna Health Insurance in alignment with IRDAI’s mission of ‘Insurance for All’ by 2047, is focused on educating Indians about the importance of managing health as well as addressing the need for having adequate health coverage.

The camp was inaugurated by Panchayat Development Officer, Naranaswamy and Panchayat Member, Kaalayya, along with Sapna Desai, Chief Marketing Officer and India Project Lead – State Insurance Plan for ManipalCigna Health Insurance, Sapna Desai.

Speaking about the camp, Sapna Desai, Chief Marketing Officer and India Project Lead, ManipalCigna Health Insurance shared, “As an organization, we are committed to fostering healthier communities by making healthcare and health insurance accessible to everyone. We are glad to see the positive participation by the residents of Channenahalli today. Initiatives like these bring us closer to the vision of ‘Insurance for All’ by 2047.”

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This license strengthens Muthoot Microfin’s commitment to financial inclusion by providing insurance coverage that addresses the risks faced by the most vulnerable segments of society. By offering cover for natural calamities and medical emergencies in addition to life insurance, Muthoot Microfin ensures a holistic approach to its customers’ financial security. This initiative stems from Muthoot Microfin’s customer-first approach, which allows the company to offer both financial and insurance solutions under one roof to its 3.35 million customers.

The corporate agent license will help Muthoot Microfin negotiate better with insurance partners and customize products to suit the needs of its BOP (Bottom of the Pyramid) customers in rural and semi-urban areas across India. With this new license, Muthoot Microfin can offer the right insurance products to its customers while augmenting its sources of revenue and earnings.

Commenting on this strategic move, Mr. Sadaf Sayeed, CEO, Muthoot Microfin, said, “At Muthoot Microfin, we are always seeking new avenues to better serve our microfinance customers. This development with IRDAI empowers us to bridge the protection gap for our microfinance customers. We can utilize our network of 1,508 branches spread across 19 states to reach out to 3.35 million customers. This extensive reach can be achieved without any additional expenditure. It also provides us with the opportunity to earn additional revenue in the form of commissions, which will directly contribute to our bottom line and improve our ROAs.”

This development will provide Muthoot Microfin’s customers with access to affordable insurance coverage, encompassing health, life, and general insurance. It reinforces the NBFC-MFI’s dedication to financial inclusion by delivering a broad range of financial products that protect our customers’ well-being and enable them to reach their long-term objectives.

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