Mr. J. Hari Narayan, qua chairman of insurance regulatory and development authority (IRDA), said that the various insurance companies should strive to improve the products and the post- sale services to make sure that they will satisfy the needs of the demand.
On Tuesday, i.e. 15/05/2012, a paper on the financial inclusion was released by him at the national conference on “Financial inclusion: integrating insurance in to total package”, which is being organized by the Associated chamber of commerce and industry ofIndia(Assocham). This white paper was prepared by Ernst and young. And Mr. J. Hari Narayan, also said that all the existing insurance companies should put forth their efforts to make the people understand the importance and usefulness of the insurance and to create insurance as the one which can be acceptable to every one.
Talking about the micro-insurances, he explained the difference between the micro and the macro insurance as the amount of premium and the coverage amount. He also said that there is a need which the insurance companies should meet, is that they should design the policies, keeping in view of the rural people also. And the claims of the people regarding various issues should be responded.
When analyzed the claims of rural and the urban people, the claims of the rural people are quite less in number when compared to the urban people claims. This clearly shows that these insurance companies did not go in to the rural communities as much as they did for urban communities. So he said, it is an alarming situation for the insurance companies where there need to design the insurance strategies to satisfy even the rural people.
The people of the rural communities has lost their hope and trust in these insurance companies, and so there is an urgent need for the insurance companies to redesign or modify the insurance policies so that these can go in to the rural people. Mr. Hari Narayan also suggested a new concept of lead banks and lead insurer for the improvisation.
In rural communities, it is the group insurance which is in more number. And it is to be noted that the one who have taken this kind of insurance are not appearing in the next premium period. So it is to be taken in to consideration that measures should be taken to have the continuity and he suggested that it is the best way to enforce the marketing of the product. Chairman of Assocham Insurance Council and MD and CEO of India First Life Insurance Co p. Nandagopal, warmly accepted the suggestions of Mr. J. Hari Narayan.