Mumbai,Mr. Pankaj Desai has taken over as the Managing Director of Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance). He succeeds Mr. Gaurang Shah who has moved to the parent Kotak Mahindra Group as the head of its Domestic and International Asset Management and Life Insurance businesses. Mr. Desai, a Chartered Accountant, has been part of Kotak Mahindra Group in varying capacities for over a decade. He joined Kotak Life Insurance in 2006 in the capacity of Executive Director.

In this assignment, he was responsible for Sales, Training, Distribution and Channel Marketing functions of the company. Under his stewardship, the company achieved significant reduction in distribution costs while enhancing distribution and sales efficiencies. Under his supervision the company also made significant progress in improving self service capabilities of its customers, Life Advisors and employees; factors which together played a crucial role in ensuring that the company turned profitable for the first time ever in 2009, joining ranks of the select first few private Indian life insurers to book profit.

Speaking of his priorities in the new role, Mr. Pankaj Desai, said My focus would be to build on the strong business franchise and goodwill we have created over the last ten years. We will work towards sustained value creation and efficient use of capital. Special emphasis will be placed on bettering the customer proposition, further cost reduction and better cost management, factors which in the past have stood us in good stead

Speaking on the appointment, Mr. Gaurang Shah, Head - Domestic and International Asset Management and Life Insurance Business, Kotak Mahindra Group said, The Life Insurance Industry in India is undergoing rapid changes influenced by the dynamic economic environment, pro-active regulation, increasing competition and increasingly financially literate and discerning customers. Pankaj played a stellar role in ensuring that Kotak Life attained profitability in the last year and enhancing profits this year. His demonstrated business acumen combined with his in depth understanding of the sector and his pulse on the future makes him best suited to steer the company to greater heights