The Finance Ministry on Wednesday asked public sector general insurance companies to strengthen their focus on profitable lines of business and adopt suitable measures to bring down the incurred claim ratio.
During the performance review meeting held here, Department of Financial Services Secretary Sanjay Lohiya asked public sector general insurance companies (PSGICs) for greater use of technology and accelerated digitalisation while optimising expenditure on information technology and other digital initiatives.
The secretary further emphasised the need to improve communication, publicity and customer outreach, including through social media and other platforms, to enhance awareness about various insurance products and the outreach of the PSGICs in underserved segments and areas.
Lohiya also advised the companies to improve insurance penetration and density while reducing protection gaps.
He further stressed the need to strengthen performance monitoring through a robust and standardised KPI framework across PSGICs, the ministry said in a statement.
He advised that the KPIs should enable consistent and comparable assessment of financial, as well as non-financial performance across companies and should be reviewed on a quarterly basis.
The DFS secretary also advised PSGICs to ensure expeditious and quality redressal of customer grievances.
During the meeting, the secretary reviewed the financial and business performance of the PSGICs for FY2025-26, covering underwriting performance across all Lines of Business (LoBs), Key Performance Indicators (KPIs), digital initiatives and other operational issues.
The meeting was attended by Rajeshwari Singh Muni, CMD (NICL), Bhupesh S Rahul, CMD (UIICL), Sanjay Joshi, CMD (OICL), Lavanya R Mundayur, CMD (AICIL), S Sivasankar, ED (NIACL) and other senior officials from PSGICs, the statement said.
From DFS, the meeting was attended by Debasish Prusty, Additional Secretary, and other senior officers of the department, it added. PTI DP BAL BAL
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