NIC eyeing 7% growth in premium
National Insurance Company (NIC) is eyeing a marginal growth of 7 per cent in premium collection this fiscal, despite the fact that it may fall short of achieving its target of Rs 4,500 crore in premium collection.
On the sidelines of a press conference to announce the company’s new corporate identity, V Ramasaamy, NIC’s chairman and managing director, said, “We may fall short of the premium collection target by Rs 150-200 crore. Our premium collection could be around Rs 4,300 crore this fiscal.”
While unveiling a new corporate logo, the company also announced a revamp of its organisational set-up, and added that it has entered into a deal with HCL Technologies, which will be responsible for setting up and managing a new enterprise solution. NIC has earmarked about Rs 394 crore for rolling out core insurance solutions and business process engineering.
The money will be spent over the next seven years.