Focus on Profitability and Innovation
Shri Nagaraju emphasized that PSICs must concentrate on increasing profitable business while reducing loss ratios and maintaining market share. The Secretary urged insurers to develop innovative, customised products tailored to younger generations and emerging risk sectors, stressing that technology adoption and complete digitalisation are essential to achieve 100% retail product onboarding through digital platforms.
Enhancing Customer Engagement
The DFS Secretary highlighted the importance of effective communication, publicity, and outreach to improve brand visibility across multiple platforms, including social media. He underscored the need for timely resolution of public grievances and seamless claims processing to ensure efficient, customer-centric services.
Recognizing Achievements
The Secretary commended LIC for its progress toward profitability and the successful nationwide expansion of its Bima Sakhi initiative, particularly in rural and semi-urban areas. He also lauded AICIL for surpassing the Rs 10,000 crore premium milestone during the year.
Participation of Senior Officials
The meeting included the participation of top executives from PSICs, including Mr. R. Doraiswamy, CEO & MD, LIC; Ms. Girija Subramanian, CMD, NIACL; Ms. Rajeshwari Singh Muni, CMD, NICL; Mr. B.S. Rahul, CMD, UIICL; Mr. Sanjay Joshi, CMD, OICL; Dr. Lavanya R Mundayur, CMD, AICIL; and Mr. Hitesh Joshi, ED, GIC. Discussions focused on strategies to strengthen retail portfolios, enhance customer service, and implement technology-driven reforms.
Way Forward
The meeting concluded with an emphasis on consolidating PSICs’ financial performance, driving digital transformation, and prioritizing customer satisfaction. The DFS Secretary reiterated that customer-centric reforms, timely grievance resolution, and efficient claims processing remain paramount in enhancing trust and ensuring sustainable growth across public sector insurance companies.
