Financial Secretary Directs Public Insurers on Grievance Redressal, Digitalization, and Product Innovation

Financial Services Secretary M Nagaraju urged Public Sector Insurance Companies (PSICs) to expedite grievance redressal and claims processing for efficient customer service. During a performance review, he emphasized profitable growth, reduced loss ratios, and maintaining market share. Nagaraju also called for developing innovative, youth-focused products for emerging risks, increasing technology adoption, and achieving full digitalization of retail onboarding and outreach.