M.Nagaraju, Secretary, DFS
Nagaraju underscored the need to expand insurance coverage to a wider segment of the population,advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies. The companies were advised to devise investment and underwriting strategies to reduce loss ratios.
New Delhi:In its second round of meeting with PSU /reinsurers, M.Nagaraju, Secretary, Department of Financial Services (DFS), emphasised that the policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share.
The meeting was attended by Sanjay Lohiya (Special Secretary, DFS), Debasish Prusty, additional secretary, DFS, R. Doraiswamy,CEO & MD, Life Insurance Corporation(LIC), Hitesh Joshi,executive director GIC Re, Sanjay Joshi,CMD of Oriental Insurance Co and other senior officers of the department to undertake a comprehensive review of the Vision Strategy documents.
Nagaraju underscored the need to expand insurance coverage to a wider segment of the population,advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies. The companies were advised to devise investment and underwriting strategies to reduce loss ratios.
The Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons were examined. Throughout the discussions, Nagaraju offered strategic direction aimed at boosting operational efficiency and reinforcing financial stability, while underscoring the importance of fostering sustainable growth.
Instructions were also issued to further develop Human Resource and Information Technology strategies to enhance overall service delivery.
Other key areas that were deliberated upon are as below :
-developing new and innovative customized products,
-augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks,
-expansion of insurance services through online platforms,timely resolution of public grievances,
-expanding distribution networks and enhancing communication & publicity through various platforms, including social media.