During the held here, Department of Financial Services Secretary asked public sector general insurance companies (PSGICs) for greater use of technology and accelerated while optimising expenditure on information technology and other digital initiatives.
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The secretary further emphasised the need to improve communication, publicity and customer outreach, including through social media and other platforms, to enhance awareness about various insurance products and the outreach of the PSGICs in underserved segments and areas.
Lohiya also advised the companies to improve and density while reducing protection gaps.
He further stressed the need to strengthen performance monitoring through a robust and standardised KPI framework across PSGICs, the ministry said in a statement.
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He advised that the KPIs should enable consistent and comparable assessment of financial, as well as non-financial performance across companies and should be reviewed on a quarterly basis.
The DFS secretary also advised PSGICs to ensure expeditious and quality redressal of .
During the meeting, the secretary reviewed the financial and business performance of the PSGICs for FY2025-26, covering underwriting performance across all Lines of Business (LoBs), (KPIs), digital initiatives and other operational issues.
The meeting was attended by Rajeshwari Singh Muni, CMD (NICL), Bhupesh S Rahul, CMD (UIICL), Sanjay Joshi, CMD (OICL), Lavanya R Mundayur, CMD (AICIL), S Sivasankar, ED (NIACL) and other senior officials from PSGICs, the statement said.
From DFS, the meeting was attended by Debasish Prusty, Additional Secretary, and other senior officers of the department, it added.
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