Mumbai:
Even as the government is getting ready to privatise one of the state owned general insurers, Debasish Panda,secretary, department of financial services, ministry of finance has outlined government's expections from the public sector insurers.
Panda clearly said that the government as a stakeholder wants returns from its investment in these companies.
“These companies should be able to generate profit so that they can give some return to their stakeholder- government,’’ said Panda while addressing employees of New India Assurance(NIA) recently on the occasion of the company's 103rd foundation day.
Identifying four pillars on which these companies should build their business, Panda said these companies should adopt technologies to keep up with the times, be customer centric as a matter of best practices, taking care of the population who are at the bottom of the pyramid and above all design products for social security in the matter of property, health and natural catastrophes.
“I would also advise these companies should not only take care of their employees who also should spend quality time with their families but also give them freedom for innovative thinking,'' he suggested.
Describing the current situation of Covid-19 Pandemic as ` unforeseen tough times’, Panda said he expected mounting claims for the general insurers in coming days..
He had a word of advise for the NIA, the largest general insurer in the country, which has not only seen a positive growth both in top line and bottom line amidst Covid -19 Pandemic, that has pushed many insurers into red,“Don’t rest on your laurels and plan for the future,’’
Atul Sahay, CMD, NIA said that though the company is expecting Rs 5000 crore of claims on acount of Covid-19 Pandemic, overall it would remain profitable.
“Profitability of the company may fall but there will be profit,'' he said.