Cyber Crime
Bharat Panchal Appointed as Chief Risk, Security, and Stakeholder Management Officer at Bima Sugam
Bharat Panchal, a seasoned cybersecurity and risk management leader, has joined Bima Sugam India Federation as its Chief Risk, Security, and Stakeholder Management Officer. With more than three decades of experience in risk management and cybersecurity, Panchal is set to bolster Bima Sugam’s efforts in ensuring robust risk management, security protocols, and efficient stakeholder engagement.
A Career Built on Trust and Leadership
Panchal’s career trajectory has been nothing short of exceptional, marked by pivotal roles in renowned organizations across the fintech, banking, and telecommunications sectors. Prior to his appointment at Bima Sugam, Panchal served as the Chief Industry Relations and Regulatory Officer for Discover Financial Services. He also held the esteemed position of Chief Risk Officer for FIS in the India, Middle East, and Africa region. His earlier roles at Kotak Mahindra Bank and the National Payments Corporation of India (NPCI) further highlight his extensive expertise in shaping secure, risk-compliant financial ecosystems.
At NPCI, Panchal was instrumental in designing and overseeing risk management frameworks for key products such as RuPay, IMPS, FasTag, AEPS, and the globally recognized Unified Payments Interface (UPI). His leadership in cybersecurity and regulatory compliance has been pivotal in strengthening India’s digital payment infrastructure.
What Is Bima Sugam?
Bima Sugam, an online insurance marketplace, was launched by the Insurance Regulatory and Development Authority of India (IRDAI) in March 2023. It is part of IRDAI’s “Bima Trinity” initiative, which also includes Bima Vistaar and Bima Vahak. The platform aims to make insurance more accessible by allowing consumers to compare, purchase, and manage various insurance policies for life, health, and general insurance.
Bima Sugam stands out for its paperless claim settlement process, which enables customers to resolve health coverage and death claims efficiently. The platform simplifies the insurance-buying process for users, offering a one-stop solution to explore and secure policies from various providers.
Panchal’s Role at Bima Sugam
In his new role at Bima Sugam, Bharat Panchal is expected to play a critical role in the organization’s risk management strategies. As the Chief Risk, Security, and Stakeholder Management Officer, Panchal’s extensive background in cybersecurity and risk oversight will be vital in fortifying the platform’s security measures and ensuring compliance with regulatory requirements.
A Legacy of Cybersecurity Leadership
Bharat Panchal is globally recognized for his contributions to the cybersecurity landscape in India. His leadership in creating secure digital payment systems in India, especially through NPCI, has earned him widespread recognition. Panchal was a key figure in developing a culture of risk management across the Indian banking ecosystem. Notably, his work on the cybersecurity frameworks for India’s digital payment systems has helped modernize and secure the nation’s financial infrastructure.
Furthermore, Panchal’s vision in data localization and his collaboration with the Reserve Bank of India (RBI) in 2018 played a major role in securing Indian banking data within national borders, which set a global standard for data security.
Academic Background and Recognitions
Bharat Panchal a PhD holder is the architect of digital risk and cyber security for India’s digital banking ecosystem. He holds an MBA in Information Systems and has more than 30 years of experience in risk management across multiple industries. His professional journey includes senior roles at Kotak Mahindra Bank, Citibank, Reliance Communications, and Tata Telecom.
Panchal’s efforts have not gone unnoticed, earning him multiple prestigious awards. He was recognized as “Security Leader of the Year” by the Data Security Council of India (DSCI) in 2014 and 2017 and was named “Best CRO of the Year” by the Computer Society of India in 2016. In March 2023, he was honored with a special award for his contributions to cybersecurity by the United Nations and ITU.
His work extends beyond his professional roles, as he has been a prominent speaker at over 500 conferences worldwide. Panchal is also a visiting faculty member for cybersecurity at top educational institutes and serves as a chief mentor for cybersecurity startups at IIT Kanpur.
A Vision for the Future
As Bima Sugam continues to expand its offerings and streamline the insurance process in India, Bharat Panchal’s expertise will be crucial in managing risk and security, ensuring the platform remains a trusted and secure option for consumers. His leadership is expected to drive the federation’s efforts in meeting the evolving demands of the digital insurance landscape while maintaining robust risk management frameworks.
With Bima Sugam’s mission to make insurance accessible, paperless, and consumer-friendly, Panchal’s strategic vision will play a key role in shaping the future of the platform, driving security, regulatory compliance, and stakeholder engagement to new heights.