2 hrs ago
Finance Ministry Urges State Insurers to Prioritize Profitable Business
A senior finance official met with companies that provide general insurance and are owned by the state.
He asked them to concentrate on types of insurance that make money.
He also wanted the companies to use technology more often.
He said they should move faster on digital services.
At the same time, they should control how much they spend on technology projects.
These instructions were given at a meeting about how well the companies are performing.
The official’s goal was to help the insurers improve their business performance.
Department of Financial Services Secretary Sanjay Lohiya reviewed the performance of public sector general insurance companies.
Lohiya asked state-owned general insurers to focus on profitable lines of business.
He called for greater use of technology and faster digitalisation.
The insurers were asked to optimise spending on information technology and other digital initiatives.
The directions were issued during a performance review meeting.
- Who
- Department of Financial Services Secretary Sanjay Lohiya and public sector general insurance companies.
- What
- Lohiya asked state-owned general insurers to focus on profitable business lines, expand technology use and accelerate digitalisation.
- Where
- When
- During a performance review meeting.
- Why
- To improve business performance while optimising expenditure on information technology and other digital initiatives.
Key facts
- Official
- Sanjay Lohiya, Secretary of the Department of Financial Services
- Companies involved
- Public sector general insurance companies
- Primary instruction
- Focus on profitable lines of business
- Technology direction
- Increase technology use and accelerate digitalisation
- Spending direction
- Optimise expenditure on information technology and other digital initiatives
- Context
- Performance review meeting
Sources
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