From the CEO's Desk
The non-life insurance industry has entered into an era of completely tariff-free regime. The advent of 2008 has brought about significant and far-reaching changes in the non-life insurance sector with the result that the industry now enjoys full freedom from administered pricing mechanism.
This field, as it should, now witnesses cutthroat competition amongst the players in regard to pricing, scope and terms of insurance coverage. The situation evolving out would ultimately provide insurers with sufficient opportunity for proper risk underwriting and for the insuring public; it would bestow the advantage of ready availability of innovative insurance covers at affordable price and with attractive value additions. This is the time when the insurers are expected to demonstrate their passionate pro-activeness and their real intention to serve the unassuming citizens at the same time as they conduct their real business as insurance service providers. This is imperative because more than anything else, insurance also serves social objective. It should be remembered that the principle "buyer beware" that generally relates to market overt would not necessarily apply to insurance industry as insurance is contract of Utmost Good Faith that packages the genuine expectations and serious concerns of gullible public. If insurers, unmindful of this reality, let the insuring public face the vagaries of open market, not only that the common man's prejudice against insurance system will worsen but also the industry as a whole will be negatively impacted. Professionalism and quality service are the crucial factors that will help the industry to surge forward. It is impractical or rather imprudent for anyone to choose between them.
Needless to say, it is the responsibility of every stake holder in the insurance field to maintain utmost decorum, fairplay and helpfulness so that the insurance industry gains greater public confidence thus helping to create necessary atmosphere conducive to rapid growth.
Chief Executive Officer and