Ensure faster grievance redressal, claims settlement: FinMin to insurers

Financial Services Secretary M Nagaraju on Tuesday asked Public Sector Insurance Companies (PSICs) to ensure timely resolution of public grievances and to provide seamless, prompt claims processing, in order to provide efficient services to customers.

Chairing a meeting to review the financial performance of PSICs for FY25 and the first half of FY26, Nagaraju emphasized that PSICs should focus on increasing profitable business and devise strategies to reduce loss ratios, while maintaining market share and consistently strengthening their retail portfolios.

The meeting was attended by Life Insurance Corporation of India (LIC) CEO and MD R Doraiswamy, General Insurance Corporation of India (GIC) ED Hitesh Joshi, New India Assurance Co. Ltd (NIACL) CMD Girija Subramanian, National Insurance Co. Ltd (NICL) CMD Rajeshwari Singh Muni and United India Insurance Co Ltd (UIICL) CMD B S Rahul.

 

Besides, Oriental Insurance Co Ltd (OICL) CMD Sanjay Joshi and Agriculture Insurance Company of India Ltd (AICIL) CMD Lavanya R Mundayur were also present.

During the meeting, Nagaraju underscored the need to develop new, 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, with the objective of achieving 100 per cent onboarding of retail products through digital channels.

The Secretary stressed the importance of enhancing communication, publicity and outreach to improve brand visibility through various platforms, including social media.

Appreciating the efforts of the LIC, Nagaraju said it has made progress on its journey towards profitability and has succeeded in expanding the Bima Sakhi initiative across the country, particularly in rural and semi-urban areas.

He also appreciated AICIL for crossing the Rs 10,000 crore premium milestone this year.