The Hindu Business Line : NICL to focus more on product quality, services

QUALITY, quantity, cost and time would be the four main factors that would be closely monitored by the management of National Insurance Company Ltd (NICL) from the next calendar year.

This was announced by Mr Bimalendu Chakraborty, General Manager on Special Duty at NICL, who is slated to become the Chairman and Managing Director of the nationalised public sector general insurance company on January 1.

Mr H.S. Wadhwa, present Chairman and Managing Director of NICL, will be retiring on December 31, 2004. Both Mr Wadhwa and Mr Chakraborty were present at a function to mark the inauguration of the Kolkata chapter of the Insurance Brokers Association of India. Mr Chakraborty said NICL would focus on offering better quality of products and services to its clients. He added that an effort would be made to reduce managerial and operational cost of NICL. "Several tie-ups with banks and other organisations have also helped us to cut down on our costs," he said. He added the organisation would try to reduce the time for settlement of claims.

Mr Chakraborty advocated de-tariffing of the general insurance business in the country. As he saw it, in a de-tariffed business regime, prices of profitable products of all insurance companies were likely to come down.