How does global meltdown augur for the domestic insurance sector?
Growth will definitely come down. Insurance sector grew by over 30% in the past and I think it will grow by 17% in the current year. What experts and analysts predict for 2009-10 is that the impact may be severe with a lower growth. These are difficult times, but I see this as an opportunity for all insurance companies to take stock, build on respective efficiencies, devise new marketing strategies, do some housekeeping and become lean and fit. I do not think that there would be a slowdown in interest of foreign companies for getting into Indian insurance business. India is too important to be left out for any business. Although Irda has brought in the concept of a mandatory format in the form of a final certificate stating customer satisfaction, customers still complain of mis-selling. Is there a further monitoring that you would do to streamline things? The welfare of the policyholder is of prime concern always. The present grievance mechanism is a 3-tier one. In the first stage, the
