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Private players in insurance need of the hour: V-C

Staff Reporter

TANUKU: Andhra University Vice-Chancellor L. Venugopal Reddy on Friday highlighted the need for a level-playing filed in the insurance business in the country. Speaking at a seminar on “Marketing of insurance services, emerging challenges and opportunities” held under the aegis of the Department of Commerce, SKSD Mahila Kalasala here, he observed that although many advanced countries had gone for a de-tariff regime, Indian General Insurance tariffs were still under Government tariff restrictions.

“The de-tariff regime enables the customer to benefit from a wider choice of products and get tailor-made policies based on actual risks”, he stated. Mr. Reddy said the regime would also facilitate reduction of premiums due to competition.

The Vice-Chancellor commented that flexibility and innovation were greatly missing in the insurance companies under the public sector, thanks to the deterioration in quality of service and the Government’s monopoly, he said, adding, “Therefore, entry of private industry in the insurance sector is the need of hour”.

He called for policy initiatives to ensure entry of foreign capital into insurance business on a large scale for a better quality of service and to meet the individual-specific requirements.

The move would also make it possible to bring more and more number of people under insurance coverage, he added. G.V. Rao, former Chief Managing Director, Oritental Insurance Company Limited, spoke. College principal P. Aruna was in the chair.

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