At a high-level performance review on Wednesday, which was chaired by Sanjay Lohiya, Secretary of the Department of Financial Services (DFS), public sector general insurance companies were advised to increase their focus on profitable lines of business and implement appropriate measures to lower the incurred claim ratio (ICR).
The government-owned insurance companies, National Insurance, United India Insurance, Oriental Insurance, and Agriculture Insurance, were urged by the DFS Secretary to maximise spending on information technology and other digital initiatives while utilising technology more and accelerating digitalisation.
According to an official statement released following the meeting, he also counselled them to make sure that consumer complaints are resolved quickly while placing sufficient focus on the quality of such resolutions, reported IANS.
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For FY 2025–2026, the public sector general insurance companies' financial and commercial performance was examined. This included underwriting performance in all business lines, key performance indicators, digital efforts, and other operational concerns.
In order to raise awareness about different insurance products and the companies' outreach in underserved groups and places, the Secretary also emphasised the necessity of improving communication, publicity, and customer outreach, especially through social media and other platforms.
In addition, he recommended that government-owned companies increase insurance density and penetration while closing protection gaps. He also emphasised how important it is to improve performance monitoring by implementing a strong, uniform KPI framework for all insurance businesses.
He suggested that the KPIs be evaluated on a quarterly basis and should allow for the consistent and comparable evaluation of both financial and non-financial performance across businesses.
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CMDs Rajeshwari Singh Muni of National Insurance Company Ltd., Bhupesh S. Rahul of United India Insurance Company Ltd., Sanjay Joshi of The Oriental Insurance Company Ltd., and Lavanya R. Mundayur of Agriculture Insurance Company of India Ltd. attended the meeting.
Additionally, Additional Secretary Debasish Prusty and other senior Department of Financial Services officials took part in the talks.
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