The Election fever has already set in India and the results will be declared on 23rd May, 2019. Due to the election , the merger of 3 PSU companies has been put on the backburner. The final decision will be taken by the new government only.
The government has gone ahead with the merger of Bank of Baroda, Dena Bank and Vijaya Bank and it has been effective from 1.4.2019. However merger of PSU insurers is a little complicated as the products, system, liability, and pending insurance covers need to be synchronized and aligned.
Due to stiff competition among the Insurance Companies the prime focus has been pricing of products. The awareness drive about Safety and loss prevention has taken a back seat. The Insurance Companies can save huge amounts in claims if customers are made aware about the need for better safety management practices. Risk Management needs a big impetus from Insurers, Regulators, and Intermediaries for profitable growth of the industry.
The Ayushman Bharat Scheme is being implemented vigorously among the poor section of the society. The government must also simultaneously focus on development of health infrastructure so that its benefit reaches out to the masses. Health Insurance would be the most promising segment in the general insurance space.
The Insurance Industry in India has become matured enough to fulfill the aspirations and needs of the Indian population as well as Indian Economy. The only need is to spread the message of Insurance among the Indian population and reach out to the people, trade, commerce and industry.
