A renowned insurance company of our country, one of the largest insurers, is working on a significant makeover that will include an overhaul of its lending operations, stronger corporate governance framework and a more modern sales force equipped to receive digital payments. A senior government official said that the insurer would soon appoint a banker to oversee its lending operations.
A standard operating procedure worked out for repayment through One-time Settlement Scheme(OTS).
At the end of March 2016, the renowned insurance company had a debt of around Rs. 3 lakh crore greater than the previous financial year. The finance ministry has also nudged the insurer to give POS machines to its 20-lakh agents for premium collection. To start with, the insurance company is expected to give the machines to about two lakh agents.
This is in accord with the government’s aim of strengthening digital payment infrastructure. The insurer will also set up a cyber security cell to monitor any deviation stated by an official. Around 90% of the insurance company’s premium is collected through its agents. An email sent to the company did not elicit any response until the time of filing this story.
The company on Monday reported 12.81% year on year growth in its total assets at Rs 24.41 lakh crore at the end of December 2016. It recorded 12.43% rise in total premium income at Rs 1.45 lakh crore during the nine months ended December 2016.
In the past year, corporate governance issues have haunted India’s largest insurer. The finance ministry had initiated a departmental enquiry against its former chairperson, allegedly over investments made by the company in real estate firm in 2008-09.
The chairperson unexpectedly resigned in June, two years before the end of his term. He later requested the government to relieve him under the voluntary retirement scheme after realising that he stands to lose benefits including pension and other emoluments if he quit.
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