bahrainthismonth.com | AUGUST 2026 INDIA IN BAHRAIN 30 A Legacy of Trust CEO and Executive Director Debashis Prasad Pattanaik reflects on transforming LIC International in Bahrain, serving the community and the enduring importance of integrity and trust. After nearly four decades of service, Mr. Pattanaik is preparing to conclude a career shaped by responsibility, transformation and a deep commitment to the people and institutions he has served. He describes his four years in Bahrain as among the most fulfilling of his professional life. When he assumed charge, his objective was to leave behind a stronger organisation supported by better systems, improved processes and a firm foundation for future growth. During his tenure, LIC International moved from a long-standing outsourcing arrangement to independent operations in Bahrain. The company also migrated its Oman portfolio, restructured its Qatar operations, strengthened investment management, implemented IFRS 17 and expanded its use of technology. Mr. Pattanaik says: “Each of these initiatives presented its own challenges and required careful planning, teamwork and sustained follow-up.” The transition to independent operations included recruiting and transferring employees, aligning teams with company policies and establishing administrative systems without interrupting customer service. Its smooth completion strengthened LIC International’s independent identity. Among the initiatives closest to Mr. Pattanaik’s heart was Micro Life Protect, a life insurance solution designed to provide affordable financial protection to vulnerable and underserved sections of society. He says: “Insurance, in my view, is not merely a financial product. It is a means of providing security and dignity to families.” His time in Bahrain also gave him the opportunity to work with regulators, government authorities, advisers and business partners across Bahrain, the UAE, Oman, Qatar and Kuwait. These relationships broadened his understanding of international business, corporate governance and regulation. He credits LIC International’s progress to its young and enthusiastic team, whose members embraced new responsibilities while navigating regulatory change, restructuring and technological transformation. Mr. Pattanaik says: “Whatever has been achieved during this period has been the result of collective effort.” The insurance market itself has changed considerably. Customers are more informed, expect faster responses and increasingly use digital channels for onboarding, payments and policy servicing. Governance, cyber security, consumer protection and financial reporting have also become more prominent. Despite these developments, Mr. Pattanaik believes trust remains the foundation of life insurance. He explains: “Digital technology can make transactions faster and more convenient, but it cannot replace the confidence that people place in an institution.” That confidence has underpinned LIC’s relationship with generations of Indian expatriates in Bahrain. Families have relied on the organisation to protect loved ones, fund education, prepare for retirement and establish long-term financial security. Mr. Pattanaik says: “Trust cannot be built through advertising or marketing alone. It is earned over many years by consistently honouring commitments.” Looking ahead, he sees opportunities arising from the strengthening relationship between Bahrain and India, greater financial awareness and demand for long-term protection. However, insurers must also confront increasing competition, evolving regulations, cyber risks and growing customer expectations. As he enters retirement, Mr. Pattanaik believes institutions must always remain larger than the individuals who lead them. Executives are temporary custodians whose responsibility is to leave stronger systems and a culture of integrity for those who follow. His advice to younger colleagues is to embrace hard work, honesty and continuous learning without neglecting health, family or personal contentment. Mr. Pattanaik says: “Do not measure your career only by promotions or positions. Measure it by the confidence people place in you, the relationships you build and the reputation you leave behind.”
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