Financial Services Secretary Urges PSU Insurers to Enhance Profitability, Innovation, and Digitalization

Financial Services Secretary M Nagaraju directed Public Sector Insurance Companies (PSICs) to ensure timely grievance resolution and prompt claims processing while focusing on profitable growth and reducing loss ratios. He emphasized developing innovative, customized products for younger customers and emerging risks, strengthening retail portfolios, and achieving full digitalization of retail onboarding. The meeting reviewed PSICs' financial performance for FY25 and H1 FY26, with leaders from major insurers present to discuss strategies for market share retention and enhanced customer service.