Insurance fruits to rural people
India is lagging behind in the insurance sector compared to other countries, said a former chief general manager (HRD) of Singareni Colleries Company...
India is lagging behind in the insurance sector compared to other countries, said a former chief general manager (HRD) of Singareni Colleries Company Limited P Chandrakanth Sharma. He said India ranks 23rd in the world insurance market, he informed delivering the keynote address at The two day national seminar on 'Emerging issues and challenges of Insurance sector in India � A diagnostic and Prescriptive approach' at Kakatiya University on Thursday. He suggested that the insurance companies to publish the literature in local languages to create awareness among the rural people on the benefits of insurance. The farmers should be educated about crop and cattle insurance, he opined. Speaking after inaugurating the seminar the university vice-chancellor Prof. B Venkat Rathnam said that the insurance sector should reach out to the rural people. It is largely confined to urban areas and rural folks are still to come under it. Only 20 crore of entire Indian rural population is covered under insurance and there is a lot of potentiality for this sector to grow, he said. Agents should not take as a profession for livelihood but as a mission and risk management as a service motive. Rural people should be sensitised towards the insurance coverage. The services of women self help groups should also be utilized for insurance work, he suggested. Retired professor of the university Prof. A Shankaraiah said that there are 24 life insurance and 14 general insurance companies operating in India. He averred that there is an urgent need to improve service quality in terms of settling claims, risk management and others. Innovative policies are to be designed to extend more benefits to the customers, he opined. There are policies for all age groups, he noted. Seminar director Prof. P Krishnama Chary, Prof. K Omprakash, Prof. N Hanmantha Rao, Prof. P Indrasena Reddy were present.