M Nagaraju,secretary,DFS
Nagaraju emphasized that PSICs should focus on increasing investment opportunities and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios and presence across rural and semi urban areas.
The top officials of DFS will also meet R. Doraiswamy, CEO&MD, LIC, Sanjay Joshi, CMD, Oriental Insurance Company and senior GIC Re officials on Thursday.
New Delhi:The Department of Financial Services(DFS), on Wednesday, has kickstarted 2-day parleys with the PSU insurance companies including , four multiline general insurance companies, Life Insurance Corporation(LIC), GIC Re and Agriculture Insurance Comapny, for undertaking a comprehensive review of the Vision Strategy documents of these companies.
On day one, the meeting was addressed by outgoing DFS secretary M Nagaraju(retiring in May end) and attended by DFS secretary-designate Sanjay Lohiya and Debasish Prusty, additional secretary, DFS,
Nagaraju emphasized that PSICs should focus on increasing investment opportunities and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios and presence across rural and semi urban areas.
He provided strategic guidance with a view to enhance operational efficiency, strengthen financial soundness, promote sustainable growth, refine Human Resource and IT strategies while improving service delivery.
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 of the process.
Among other issues,the deliberations focused on the augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks, adoption of digital innovations, and the expansion of insurance services through online platforms as well as on timely resolution of public grievances and to ensuring seamless and prompt claims processing, in order to provide efficient services to customers.
He further advised PSICs to expand their distribution networks to procure business from underserved locations and segments by enhancing communication, publicity and outreach through various platforms, including social media.
The Vision Strategy documents, encompassing both the medium-term (three-year) and long-term (five-year) perspectives, were reviewed.
The meeting was attended by Girija Subramanian, CMD, New India Assurance, Rajeshwari Singh Muni, CMD, National Insurance Company, B.S. Rahul, CMD, Unitecd India Insurance (UIICL), Lavanya R. Mundayur, CMD, AICIL and other senior officers.
The top officials of DFS will also meet R. Doraiswamy, CEO&MD, LIC, Sanjay Joshi, CMD, Oriental Insurance Company and senior GIC Re officials on Thursday.