Sanjay Lohiya, secretary,DFS advised the PSGICs to strengthen their focus on profitable lines of business and adopt suitable measures to bring down the Incurred Claim Ratio (ICR).
New Delhi:Sanjay Lohiya, secretary,Department of Financial Services (DFS), Ministry of Finance has asked public sector general insurance companies (PSGICs) to strengthen their performance monitoring through a robust and standardised Key Performance Indicator(KPI framework that should be reviewed on a quarterly basis.
The Secretary advised the PSGICs to strengthen their focus on profitable lines of business and adopt suitable measures to bring down the Incurred Claim Ratio (ICR).
Greater use of technology and accelerated digitalisation were also emphasised, while optimising expenditure on Information Technology and other digital initiatives.
Lohiya along with Debasish Prusty, additional secretary, and other senior officers of the Department,was holding a review meeting of the PSGICs on Wednesday and advised that the KPIs should enable consistent and comparable assessment of financial as well as non-financial performance across companies,
The review meeting, on the basis of the financial and business performance of the PSGICs in FY 2025–26,covered underwriting performance across all Lines of Business (LoBs), KPIs, digital initiatives and other operational issues of the companies, .
The Secretary further emphasised the need to improve communication, publicity and customer outreach, including through social media and other platforms, to enhance awareness about various insurance products and the outreach of the PSGICs in underserved segments and areas.
He also advised the companies to improve insurance penetration and density while reducing protection gaps.
He wanted the PSGICs to ensure expeditious redressal of customer grievances and also focus on the quality of redressal.
The meeting was also attended Rajeshwari Singh Muni, CMD, National Insurance Company (NICL), Bhupesh S. Rahul, CMD United India Insurance,Sanjay Joshi, CMD, Oriental Insurance Company (OICL), Lavanya R. Mundayur, CMD, Agriculture Insurance Company, Mr. S. Sivasankar, executive director, Natioal Insurance Company NIACL) and other senior officials from PSGICs.