The Hindu : Business : National Insurance to launch innovative products

Online edition of India's National Newspaper
Thursday, Jul 22, 2004

Business

Business

National Insurance to launch innovative products

By Our Special Correspondent

CHENNAI, JULY 21. National Insurance Company Ltd. will train its eyes more on personal lines of products in the coming years, asserts H. S. Wadhwa, its Chairman and Managing Director.

Addressing a press conference here today, Mr. Wadhwa said the changing life-style of people and consequent comfort factors had necessitated innovative policies, especially on the Mediclaim front, to satiate the demands of this growing segment of the populace.

Currently, just over a quarter of its Rs.3400-crore business came from this segment, he said. The objective was to take this to 40 per cent this year, he added.

Fielding a range of questions, Mr. Wadhwa said National Insurance Company would shortly put in place a simplified claims' settlement system. He hinted that the new system could enhance the financial powers across the organisational structure to facilitate speedy settlement of claims.

To a question, the CMD said the management expenses had been on a downhill course. Currently, it stood at 24 per cent. The objective was to bring it down to 20 per cent this year.

Mr.Wadhwa said the public sector general insurance companies were set to move towards a uniform promotional policy structure. In this context, he said renowned global consultant A.F. Fergusan was currently looking into the existing structure in the public sector insurance firms. The consultant, he said, was expected to submit its report by the end of this month. A standard structure would be set for all public sector firms.

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