Govt owned general insurers gearing up for major rejig

Chennai, Aug 18 The four Central government owned non-life insurers are expected to implement a major organisational restructuring in less than month which would cut down their costs, free up staff for redeployment and in general improve customer service, said industry officials.

The four insurers are: The Oriental Insurance Company Limited, National Insurance Company Limited, The New India Assurance Company Limited and United India Insurance Company Limited.

Of the four, The New India Assurance is listed in stock exchanges.

From a four tier structure - Branch/Divisional/Regional/Head Offices, the companies are moving towards Operating Offices/Claims Hubs/Regional and Head Offices.

Over a period of time, the regional offices may also vanish, an industry official told on the condition of anonymity.

The four companies have hired Ernst & Young

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