In a review meeting which was held on the performance of the public sector insurance companies and the Insurance sector in general it was observed that the department of financial services, Government of India and IRDA have asked the insurers to devise simple low cost products inorder to utilize the Pradhan Mantri Jan Dhan Yojana (PMJDY)extension network to distribute insurance products to reach the common man.
The Meeting was chaired by Hasmukh Adhia, Secretary (Financial Services) and T. S. Vijayan, Chairman (IRDA) and was attended by senior executives of public sector insurance companies.
The insurance sector had come a long way since its opening up in 1999/2000 and the public sector insurance companies had played a notable role and faced up to competition admirably.
The meeting stressed on the need to improve the underwriting performance of the public sector non-life insurers was also stressed along with the need for transparency and the role of information technology in improving customer service.
