The Hindu Business Line : National Insurance sees big scope in medical cover biz

NATIONAL Insurance Company plans to concentrate on business opportunities in personal insurance, especially medical insurance, said its Chairman-cum-Managing Director, Mr H.S. Wadhwa.

At a press conference on Wednesday, Mr Wadhwa said that personal insurance brought in 25-30 per cent of National Insurance's business at present. He added that the company aimed to increase this to 40 per cent soon.

Mr Wadhwa singled out medical insurance as an area that has good potential. In this context, he mentioned the company is in talks with Apollo Hospitals to work out an insurance package.

National Insurance's stress on personal insurance was set in the backdrop of the company's goal of increasing its growth rate.

According to Mr Wadhwa, National Insurance is the fastest growing public sector general insurance company today.

The company has grown over 20 per cent in the last two years, faster than the average growth registered by the other public sector companies. In the last financial year, the gross turnover was about Rs 3,400 crore (the accounts have not yet been finalised).

National Insurance, which has a 27 per cent market share today, plans to recruit 20,000 agents this year, said Mr Wadhwa.

Another change on National Insurance's agenda is related to the employees' pay structure. A F Ferguson, a management consultancy that had been commissioned to recommend a structural policy for manpower planning for public sector general insurance companies, would submit its report by the end of the month.

Mr Wadhwa said a decision on pay packages would be taken after studying the report.