Nagaraju also stressed that high priority should be given to the timely resolution of public grievances and to ensuring seamless and prompt claims processing, in order to provide efficient services to customers.
New Delhi: Outlining the action plans for PSU insurers amidst intense competition in the domestic financial sector services, M. Nagaraju,secretary, Department of Fincial Services(DFS), has asked them, including Life Insurance Corporation, to focus on increasing profitable business and devise strategies to reduce loss ratios, maintaining market share and strengthen their retail portfolios consistently.
Nagaraju had met chiefs of PSU insurers on Tuesday to review their financial and business performance for FY 2024–25 and the first half of FY 2025–26.
He underscored the need for developing new and innovative customised products to meet the requirements of the younger generation and to provide coverage for emerging risks.Emphasis was also laid on adopting technology and moving towards full digitalisation, with the objective of achieving 100 per cent onboarding of retail products through digital channels.
Nagaraju also stressed that high priority should be given to the timely resolution of public grievances and to ensuring seamless and prompt claims processing, in order to provide efficient services to customers.
He also stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.
He also appreciated Agriculture Insurance Company for crossing Rs 10,000 crore premium milestone this year.
Nagaraju stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.
Appreciating the efforts of the LIC, Nagaraju noted its progress in its journey towards profitability and its success in expanding the Bima Sakhi initiative across the country, particularly in rural and semi-urban areas.
The meeting was attended by R. Doraiswamy, CEO & MD, LIC, Girija Subramanian, CMD, New India Assurance,. Rajeshwari Singh Muni, CMD, National Insurance Company, B.S. Rahul, CMD, United India Insurance, Sanjay Joshi, CMD, Oriental Insurance Company, Lavanya R Mundayur, CMD, Agriculture Insurance Company and Hitesh Joshi, acting CMD, GIC Re among others.