Transforming PSICs: Meeting Public Expectations through Innovation

Financial Services Secretary M Nagaraju emphasized the need for Public Sector Insurance Companies to resolve grievances efficiently, focus on profitable business, embrace digitalization, and develop innovative products. Leaders from major insurance companies attended a meeting to discuss strategies aimed at strengthening their retail portfolios and expanding brand visibility.

In a decisive move towards enhancing service quality, Financial Services Secretary M Nagaraju has called upon Public Sector Insurance Companies (PSICs) to prioritize timely grievance resolution and streamline claims processing.

During a meeting that reviewed the financial prospects of PSICs for FY25 and early FY26, Nagaraju emphasized the need for these firms to cultivate more profitable business avenues, reduce unnecessary losses, and broaden market reach. The meeting was attended by top executives from prominent insurance firms, each contributing to the discussion on how to improve fiscal performance and sustainability.

Nagaraju further highlighted the importance of adopting cutting-edge technologies and transitioning to full digital platforms to meet modern consumer expectations. In addition, companies were urged to increase outreach and brand recognition, leveraging social media and other channels effectively.

(With inputs from agencies.)