Life Insurance Corporation (LIC) is emerging strongly in the health insurance portfolio with new products in the health insurance segment, subject to the Insurance Regulatory Development Authority's (IRDA) approval, reports businessline.com.
LIC's Executive Director (Marketing), Mr Roy Choudhury said, without divulging details, "We will, within a short time, position ourselves in the health insurance segment."
Stressing the need to create a stir not just in India but all over the world, he said, "the winds of change are blowing everywhere and tomorrow's world would be the world of 'alternatives'. The stir, therefore, should be towards servicing. Our 'outstanding claims' ratio is around 2 per cent. We need to further reduce it," he added.
The organization recently brought in a consultant to provide a solution to integration of channels, he said, without naming the consultant or throwing light on its findings.