Digital payments major Paytm on Wednesday said it has named Vineet Arora as the Managing Director and Chief Executive Officer of Paytm General Insurance Ltd.
The appointment, which is subject to regulatory approvals, is a step for Paytm to further its journey into the insurance sector with an immediate focus on general insurance, the company said in a statement.
Arora will lead the efforts to provide industry-leading solutions in the general insurance space, where Paytm continues to explore options to enter the sector, it added.
"The financial service solutions that Paytm is building for millions in India are relevant globally as well. With Paytm leading the way, I believe just like payments, the general insurance industry would also go through a major transformation going forward," Arora said.
Previously, Arora served as the Managing Director and Chief Executive Officer of Aegon Life Insurance Company and was part of the India Leadership team.
Before that, he was a Senior General Manager and Head Product, Distribution, Marketing, and Wealth Management at ICICI Securities Ltd where he built a profitable distribution business across various delivery channels.
During this lockdown period, Paytm has stepped forward to combat the pandemic situation. It's Founder and CEO Vijay Shekhar Sharma has committed Rs 5 crore for Indian innovators developing medical solutions related to coronavirus.
Earlier this month, Paytm has partnered with fast-food chain McDonald’s to distribute burgers, chilli paneer pockets, and other food items to frontline workers, who are tirelessly working to contain the spread of COVID-19 across India.
This is part of Paytm’s ‘India Fights Corona’ campaign to distribute hygiene products and masks to police officials, municipal workers, and healthcare professionals, launched earlier in association with Unilever and YouWeCan.
(Disclaimer: Additional background information has been added to this PTI copy for context)
(Edited by Suman Singh)
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