PSU general insurers will hire an external consultant to advise them on organisational restructuring and performance management. This comes as the government is moving ahead with its plans to privatise one insurer in this fiscal.
“The government has recently infused capital in three insurers and this is the next step to improve on their operational efficiencies,” said an executive aware of the matter, adding this may also help to increase the valuation of the firms which may be privatised.
GIPSA have floated a request for proposal or RFP to restructure the insurers, achieve profitability and employee development.
“There is a proposal for restructuring the organisation to bring in profitable growth and employee development through performance management and capability management, in alignment with the KPIs devised by the PSGICs,” the RFP noted, adding that the last date for submission of bids is June 2, 2022.
