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Of the four, The New India Assurance is listed in the stock exchanges.
Is the central government moving towards combining its four general insurance agency into one? The inquiry pops up as the four general back up plans have chosen to rebuild the organisation towards productive development and have called for Request for Proposal (RFP) from consultancy firms. The task is classified “Organisational Efficiencies and Performance Management in Public Sector General Insurance Companies.” The four guarantors are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.
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As per the tender, the companies are calling for one consultant for the assignment which is logical as the process, human resource policies and procedures are uniform in the four companies, a senior industry official told IANS.
Though the central government did not proceed further on its earlier announcement to merge the three unlisted non-life insurers- The Oriental Insurance, National Insurance and United India Insurance- or to privatise one of the three.
Given this, the current move seems to be the logical step towards that, say senior industry officials.
Further, the employees in the four companies also demand the same.
According to a senior industry official, the privatisation move is still on the cards and merger is not in consideration of the government.
Be that as it may, as per the RFP, the four companies are undergoing a transformative journey for the last two years with successfully running on the path to profitable growth and efficiencies, optimisation.
“This, being the third year, is earmarked for Organisational Efficiencies.” Accordingly, there is a proposal for restructuring the organisation to bring in profitable growth and employee development through Performance Management and Capability
Management, in alignment with the key performance indicators (KPI) devised the public sector general insurance companies. The four companies have found a need for a consultant who could quickly absorb itself into this journey of ongoing reforms and permeate them into each and every branch and staff by designing, handholding and successfully implementing the process of such transition through organisational restructuring, performance management and its real-time measurement, allocation of specific roles and responsibilities as well as performance indicators for sales, non-sales and support staff, capacity and capability building and carefully crafted change management approach.
As on 31.03.2022, the four insurers together have procured a total premium of Rs.75,116 crore with a market share of around 34 per cent. The total employees’ strength is around 44,743 spread over 6,759 offices.
The expected duration of the proposed assignment for the selected consultants is 10 months, with a provision for extension, if required on existing terms. As per the RFP, the scope of work involves organisational restructuring that is irreversible providing for digitally enabled workflows to convert operating offices into customer experience and business development centres while centralising underwriting/claims/accounts and others into the Regional Hubs;
– activate all three key channels for retail business growth namely, Agency, Bancassurance and Alternative channels through suitable sales management, incentives and rewards processes; – create/shift large corporate businesses (both direct and broker-driven) at select6-8 locations, directly reporting to the Head Office.
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