The meeting, chaired by DFS Secretary M. Nagaraju, covered the performance of the Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance Co. Ltd (NIACL), National Insurance Co. Ltd (NICL), United India Insurance Co. Ltd (UIICL), Oriental Insurance Co. Ltd (OICL) and Agriculture Insurance Company of India Ltd (AICIL).
During the review, the Secretary stressed that public sector insurance companies must increase profitable business and work towards lowering loss ratios, while protecting market share and steadily strengthening their retail portfolios. He underlined the need to design innovative, customised products to cater to younger customers and address emerging risks.
A strong push towards technology adoption and full digitalisation was also highlighted, with an objective of achieving 100% digital onboarding for retail insurance products. The Secretary further called for improved communication, publicity and outreach to enhance brand visibility across platforms, including social media.
The Secretary acknowledged LIC’s progress on its path to profitability and praised the nationwide expansion of the Bima Sakhi initiative, especially in rural and semi-urban areas. AICIL was also commended for crossing the ₹10,000 crore premium milestone during the year.
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Emphasis was placed on giving top priority to the timely resolution of public grievances and ensuring seamless, prompt claims processing to deliver efficient services to customers.
The meeting was attended by senior executives, including LIC CEO and MD R. Doraiswamy; NIACL CMD Girija Subramanian; NICL CMD Rajeshwari Singh Muni; UIICL CMD B.S. Rahul; OICL CMD Sanjay Joshi; AICIL CMD Dr Lavanya R. Mundayur; and GIC ED Hitesh Joshi, among others.
