New Delhi: The Department of Financial Services Secretary M Nagaraju on Monday reviewed the Vision Strategy documents of three public sector insurance/ reinsurance companies.
The Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons for Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and Oriental Insurance Co Ltd. (OICL) were examined during the meeting, the finance ministry said in a statement.
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Nagaraju emphasised that the policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share.
He further underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritise inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies.
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The companies were advised to devise investment and underwriting strategies to reduce loss ratios, the ministry added.
Other key areas that were deliberated upon included developing innovative customised products, augmenting digital and technological capabilities, and expanding insurance services through online platforms.
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