Public sector insurers told to resolve grievances quickly and process claims promptly

Economic Times
Economic Times
4h ago
Financial Services Secretary M Nagaraju told public sector insurance companies to ensure timely resolution of public grievances and seamless, prompt claims processing for customers.
Public sector insurers told to resolve grievances quickly and process claims promptly
A What happened
Financial Services Secretary M Nagaraju asked public sector insurance companies to ensure timely resolution of public grievances and seamless, prompt claims processing. He said PSICs should increase profitable business and devise strategies to reduce loss ratios while maintaining market share and strengthening retail portfolios. He underscored developing new customised products for younger customers and coverage for emerging risks, and moving toward full digitalisation with a goal of 100% retail product onboarding through digital channels. He also stressed communication, publicity and outreach to improve brand visibility, including on social media.
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Key insights

  • 1

    Digital onboarding target set for retail products: The stated objective is 100% onboarding of retail products through digital channels as part of a move toward full digitalisation.

  • 2

    Product development focus includes younger customers and emerging risks: PSICs were told to develop new, innovative, customised products to meet younger-generation requirements and provide coverage for emerging risks.

  • 3

    Brand visibility to be improved through outreach and social media: PSICs were told to enhance communication, publicity and outreach to improve brand visibility across platforms including social media.

Takeaways

The finance ministry’s financial services secretary directed public sector insurers to improve customer service through faster grievance resolution, prompt claims processing, digital onboarding, and stronger retail and profitability strategies.

Topics

World & Politics Policy & Regulation

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