Ad Here  
June
July
August
September
October
November
 
 
Why are we NOT IN THE RACE? Crafting the big Plan Dr Stefan Weckbach: FTA will help step up investments, trade... Sustainable development need of the hour A big bite Meet Prof. Hot Chips Software to assess risk Tasks for the new government Crafting the big Plan The Brit connection continues Why this gross under-performance? Crafting the big Plan Mobility solutions will drive the auto industry Focus on increased penetration A strong diversified base to build Shift industries to the sea! Health for all... Fighting financial frauds Not many keen to pursue research... Reviving growth... Groupon kicks in... Insure your way forward Welcome Walmart NIA targets premium income of Rs 12,000 crore Proof of identity to millions… Crafting the big Plan Crafting the big Plan Bali in UN nutrition panel Ban gold imports Coming up: a BRICS currency? A good idea. It can turn sour if disruption continues to linger on... Light at the end of the tunnel No deficit financing here! The two levels of reforms
 
NIA targets premium income of Rs 12,000 crore
The general insurance industry has been incurring underwriting losses. Motor Third Party (MTP) and the health segments are accounting for the bulk of these. The focus for the next three years is to bring down underwriting losses and reach a break-even - GS.
AFTER A SUCCESSFUL stint as the head of the Chennai head - quartered, United India Insurance Co., G
Srinivasan (GS) assumed charge as Chairman cum Managing Director of the New India Assurance Co Ltd (NIA), the leader in the general insurance sector. In the current year, NIA targets to achieve Rs 12,000 crore premium income- Rs 10,000 crore in India and the balance from abroad.  

Today, NIA operates in 22 countries and is looking for enhancing its market presence in these countries and for expanding into new territories including Canada, Qatar, the Middle East and Latin America. 

New products in health and motor segments

Talking on focus areas, GS said: “we will be introducing new products in the health and motor segments. We will streamline the operations across the company and strive towards speedier settlement of claims through efficient claims processing systems and simplified procedures.” 

GS pointed to the low penetration of general insurance; just 0.67 per cent of GDP. “We are strong in the corporate segment. Large and medium sized companies are already with us. We plan to be active on the fast developing retail segment. We are strengthening the agency force and training them. 

“Bancassurance is another focus area. IRDA is fine-tuning the regulations. Once these are in place, we will expand our tie-ups with banks that have large number of branches.  

Focus on micro offices

“We are also focusing on micro offices. We plan to open around 300 micro offices in small towns.

There are an estimated 70,000 business correspondents present in villages across country. They arefocusing on bank products also. We have put a system in place and are training them to sell insurance products also. We are developing several micro insurance products that can be sold by these. These are simple, vanilla products of use to the common man,” said GS. 

1 2
Author :
Reported On :
Sector :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com