JOIN USNational Insurance Company (NIC), India’s oldest and largest non-life insurance firm has set its eyes on increasing profitability, and its digital presence with its newly-inducted chairman-managing director K Sanath Kumar at the helm of things.
The company head said in Kolkata on Tuesday that he is moving forward with a four-pronged approach to achieve his goals of making NIC a bigger brand.
Increasing retail business and distribution channels, besides augmenting profit and NIC’s digital capacity are the goals Kumar has set for the company since he took up in mid-February. The former Director and General Manager of GIC Re, with more than 36 years in the field, said that he is tasked with making the Kolkata-based insurance major one of India’s leading brands.
He pointed out that NIC will push forth with a “deliberate and planned move” to improve operational profits, taking up a “healthy mix of corporate and retail business”. Even though margins in the industry are thin, effort would be to optimise profitability from operations, he said. He added that his focus is also on “increasing distribution channels” with plans to “ride on emerging channels” besides “augmenting overall digital presence for customers”.
Easy-to-use interface
Kumar is looking at an “easy-to-use interface” and efforts are being taken to “increase internal efficiency”, he said. “Orienting the company to be a premium sought after brand would be the prime focus. Delivery channels will be molded towards this goal to increase reach and improve quality,” he explained. “Existing channels like employees, agents, dealers, and brokers would be invigorated,” he added.
Due emphasis is also being given to tone up the grievance redressal system and moves are being made to ensure “zero defect operations”, he said.