Merging of the three PSU Insurers National, United and Oriental as decided by the Central Govt. is still under preparatory stage . However, the merger process is not clear as to how it is going to happen. What would be the valuation of each unit and so on. One of the major challenges would be to integrate their IT infrastructure as all companies have different software and systems. Relocation of Manpower, merging of offices would also be of prime concern.
Ayushman Bharat the flagship Central Cum State Govt. The Health Scheme is spreading gradually. However it will take some more time to expand all over the country and to cover the whole population of 50 Crores. The health infrastructure needs to be improved to reach out to the masses. The claim ratio needs to be monitored carefully as in case of earlier Pradhan Mantri Insurance schemes the claims ratio has been very high.
As per IRDAI Chairman Dr Subhash Chandra Khuntia, Insurers must focus on customer satisfaction and value addition to products, redesign products based on the requirements of the customers in order to ensure sustainable growth of the Industry.
Risk Management Association of India an NGO is expanding its area of activity and operations very fast all over the Country. The prime role of this Body is to spread awareness among the stakeholders and create a vibrant risk management platform to manage risks effectively.
