Axis Max Life Insurance has announced that Sumit Madan, currently serving as Chief Distribution Officer (CDO), will take over as Managing Director and CEO from October 1, 2025, subject to regulatory approvals. He will succeed Prashant Tripathy, who is stepping down after a long association with the company.
Tripathy joined the insurer in 2007, became its CEO in 2019 and has now opted for early retirement. Madan, who joined Axis Max Life in February 2024, has been credited internally with injecting fresh momentum into the company's growth path, particularly by focussing on distribution-led expansion and pushing Axis Max Life into the top three private life insurers in H2FY25
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In an conversation with Outlook Money at the "40 After 40" Retirement Expo earlier this year, Madan spoke candidly about the evolving expectations of insurance buyers and the importance of getting the basics right.
"Term insurance should always be the first step in financial planning," he had said. "In a market like India where underinsurance remains a problem, our job is not to just sell a policy, it is to protect financial goals." He also acknowledged the trust deficit that often clouds the life insurance sector and stressed customer-centric communication as a fix.
Talking about the low penetration of life insurance in India, Madan emphasised that insurance should not be an afterthought but rather the first financial product that people buy. Further, he also noted that a significant gap in insurance adoption exists in the corporate sector. "Only 15 per cent of companies offer term insurance as an employee benefit, despite its affordability and importance."
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Attending Outlook Money's recent 40After40 event, he urged businesses to make term insurance a critical and urgent part of their employee benefits.
Madan's appointment signals Axis Max Life's continued emphasis on internal talent development, as noted by Chairman Rajiv Anand in the official announcement. Anand credited Madan for his role in "scaling proprietary distribution and accelerating partner expansion."
"Our aim is to scale with speed but also with purpose," he (Madan) said at the Outlook Money event. "That means investing in people, building sharp execution discipline, and always keeping the customer at the centre of what we do."
"I am committed to building on the strong foundation laid by Prashant, with a sharp focus on driving profitable growth, accelerating innovation, and nurturing a people-first culture to create long-term value for our customers, partners and shareholders in an ever-evolving industry," the CDO and the CEO designate stated in an official release.
