The ministry of finance(MoF) has convened a two- day strategic meeting of all senior officials of public sector general insurers in New Delhi during Oct-5-6 termed as `Manthan’ to develop comprehensive reform agenda to modernise these companies.
The MoF has roped in two consultants McKinsey and Boston Consulting Group(BCG) along with other private sector professionals who will be addressing for the event. The gathering will be addressed by the finance ministrer Arun Jaitley and at the end of the gathering, MoF will list out a detailed action for its implementation by the psu general insurers.
The six-point agenda under discussion include fully-insured society, customer orientation, digital and analytics for future, sustainable and prudent business, reach for everyone and talent management, said Rajeev Kumar, secretary, department of financial services, said in a tweet.
“Committed to work towards safety net for all citizens,” said Kumar in a tweet. The two-day event began today in Delhi.
The convention will also be addressed by Arundhati Bhattacharya, former chairman of State Bank of India (SBI), who will be giving a speech on `Performance Driven Organisation', Pushan Mahapatra, MD & CEO , SBI General Insurance, who will be speaking on `Digitisation of Customer Jouneys’, Vikas Agnihotri, director, Google India, who will be talking about `The New Internet Users’.
While the officials of the from Boston Consulting Group(BCG) will be discussing on Leadership McKinsey will give presentaion on `Technology &Digitisation'..
Senior officials including CMDs and directors, general mangers, senior deputy general managers of state-owned insurers, New India Assurance, United India Insurance, Oriental Insurance, National Insurance, Agriculture Insurance Company and General Insurance Corporation of India are attending the event.
Though the merger of three companies, UII, NIC and OIC have been announced,, the issue is not a part of the agenda at the convention.
The entire convention has been broken into six working groups consisting of senior official of the PSU companies on the issues of Product & Risk Management, HR Practices * Talent, Distribution, Technology & Digital , Customer Experience & Operation and Inclusive Growth,
In the public sector general insurance industry, there are burning issues like loss of market share,high underwriting losses, low solvency ratio of UII and NIC.
Earlier, the meeting was supposed to be in Pune and the Life Insurance Corporation(LIC) was supposed to be a part of it, but afterwards, the MoF decided to focus only on PSU general insurers.