NIC looks to build on its strength
Kathmandu, April 20:
A clear focus to settle speedy claims and expansion of the agent network is likely to give National Insurance Company Ltd an edge over other insurance companies in Nepal. This vision is shared not just by the chairman-cum-managing director of NIC, India but the management and employees of the company in Nepal.
On his maiden visit to Nepal to review the working of the six branches and two sewa kendras of the company, NIC chairman V Ramasaamy hoped to infuse the company with the determination to serve its clients better and earn greater credibility than others.
Citing the recent case of an accident victim whose group insurance claim for personal accident for Rs 200,000
was settled in three days and would be delivered to the nominee today, the official said, “We are targetting to achieve 90 per cent as our claim settlement ratio.”
The total premium of about three billion rupees in the non-life insurance segment in Nepal is currently shared by about 17 players with NIC being number four.
“With our focus to improve our market penetration substantially, we are targetting for the number one slot. But we certainly hope to become number two by the end of this fiscal,” promised Ramasaamy in an exclusive interaction with The Himalayan Times following a review meeting with various branch heads of the company across the country.
The CMD appeared buyoant over the performance of branches which he claimed had met their business targets despite facing difficult circumstances. The company had collected a premium of Rs 207 million in the last fiscal and was targetting for Rs 240 million this year, he informed.
The general insurance company with a presence in Nepal for over three decades, provides insurance cover for fire, marine, automobile, health and property. It claims to have about 14,320 policy holders in the country.
“We started aviation insurance for helicopters and aircraft in 2006 and plan three exclusive policies for the security of the family, students and a comprehensive household. These are awaiting the approval of the regulatory board,” said the CMD.
Most importantly, the company intends to appoint at least 100 insurance agents in the coming financial year which is aimed at addressing the issue of unemployment in the country.