DFS Reviews Vision Strategy Of LIC GIC Re And Oriental Insurance

07 May 2026 CW Team

The secretary advised that company policies should focus on increasing insurance penetration and density and on retaining market share. He stressed the need to expand coverage to a wider segment of the population and recommended prioritising inclusion of more individuals under insurance rather than concentrating predominantly on large-value policies. Companies were instructed to develop investment and underwriting strategies to reduce loss ratios.

Officials were also directed to further develop human resource and information technology strategies to enhance service delivery and customer experience. Emphasis was placed on augmenting digital and technological capabilities within prescribed cybersecurity frameworks and on expanding services through online platforms. Timely resolution of public grievances and strengthening distribution networks were identified as operational priorities.

The meeting urged innovation in product design to deliver customised solutions that address diverse customer needs and channels for outreach. Communication and publicity efforts were encouraged to leverage various platforms, including social media, to improve awareness and uptake. The discussion underscored coordination between regulators and companies to ensure policy objectives translate into measurable outcomes.

The meeting was attended by senior officials, including the special secretary and additional secretary of the department and chief executives and directors of the three companies, along with other senior officers. The review will inform the company's strategic plans and implementation roadmaps for the stated horizons.

The Department of Financial Services convened a review meeting chaired by Sh. M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, to examine the vision strategy documents of three public sector insurance and reinsurance companies: Life Insurance Corporation of India, General Insurance Corporation of India and Oriental Insurance Company Limited. The documents covered medium-term three-year and long-term five-year horizons and were assessed for alignment with strategic priorities. The secretary provided direction to improve operational efficiency and strengthen financial stability while emphasising sustainable growth. The secretary advised that company policies should focus on increasing insurance penetration and density and on retaining market share. He stressed the need to expand coverage to a wider segment of the population and recommended prioritising inclusion of more individuals under insurance rather than concentrating predominantly on large-value policies. Companies were instructed to develop investment and underwriting strategies to reduce loss ratios. Officials were also directed to further develop human resource and information technology strategies to enhance service delivery and customer experience. Emphasis was placed on augmenting digital and technological capabilities within prescribed cybersecurity frameworks and on expanding services through online platforms. Timely resolution of public grievances and strengthening distribution networks were identified as operational priorities. The meeting urged innovation in product design to deliver customised solutions that address diverse customer needs and channels for outreach. Communication and publicity efforts were encouraged to leverage various platforms, including social media, to improve awareness and uptake. The discussion underscored coordination between regulators and companies to ensure policy objectives translate into measurable outcomes. The meeting was attended by senior officials, including the special secretary and additional secretary of the department and chief executives and directors of the three companies, along with other senior officers. The review will inform the company's strategic plans and implementation roadmaps for the stated horizons.

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