State-owned general insurance firms to rope in consultant for organisational restructuring

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Four state-run general insurance cos have floated request for proposal.

New Delhi: State-owned general insurance companies will rope in an external consultant in an earnest attempt to improve operational efficiencies and guide them on organisational restructuring. Worth mentioning here is that the Centre is poised to privatise at least one of the companies in this financial year.

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“The government has recently infused capital in three insurers and this is the next step to improve on their operational efficiencies,” ET quoted an executive familiar with the development as saying. Further, it is likely to raise the valuation of the companies which may be privatised.

Four public sector firms through General Insurers’ (Public Sector) Association of India or GIPSA have issued a request for proposal (RFP) to reorganise the insurers, and achieve profitability and employee development.

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“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 KPIs devised by the PSGICs,” the financial daily mentioned, citing the RFP. The last date for submission of bids is June 2, 2022.

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Of the four state-run general insurance companies, New India Assurance Company, Oriental Insurance Corporation, National Insurance Corporation and United Insurance Company, New India is only profitable. Oriental Insurance, National Insurance and United India Insurance are loss-making firms.

The Centre had pumped in Rs 3,700 crore in National Insurance, Rs 1,200 crore in Oriental Insurance and Rs 100 crore in United Insurance this year.

At present, the government has not decided on the name of the company that would be taken up for privatisation. The Niti Aayog, the Centre’s apex think tank, has believed to have suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the cabinet secretary.

Also, the Centre has already notified the General Insurance Business (Nationalisation) Amendment Act, which will allow the government to slash its stake in public sector general insurance companies to below 51 per cent.



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