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National Insurance plans structural changes

KOLKATA: Having halted the declining trend in its market share, National Insurance Company has announced its decision to restructure its operations and change its logo.

Addressing a pressmeet NIC Chairman-cum-Managing Director V. Ramasaamy said that by June 2010 the non-life insurer would be rolling out its core insurance solutions (somewhat akin to core banking solutions), under which about 10-12 designated centres would be able to handle any claim. NIC handles around five lakh claims annually.

He said the present four-tier operational structure would be replaced by a three-tier one, which would reduce the `chain of command besides increasing operational efficiency’.

However, he reiterated that all 900 offices of the company would remain.

As against a target of Rs. 4,500-crore business, NIC may close the year with a premium income of around Rs. 4,300 crore.

With slowdown in the auto industry, NIC had taken a hit since this business accounted for 50 per cent of its total business.

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