Even after the entry of private insurers for over a decade now, lIC continued to be the frontrunner in the industry in terms of market share. Today, lIC has over 29 crore policy holders, with life Fund to the tune of Rs143,3103.14 crore and has assets of over Rs15 lakh crore.
This was informed by lIC’s zonal manager KS Nagnyal, while talking to media persons here on Monday.
He further said during 2012-13, 367.82 lakh policies were sold commanding 83.24 per cent of the market share of new policies issued and its total first year premium income was pegged at more than Rs762,45.64 crore i.e. 71.25 per cent of the market share. In pension and group schemes, new lives insured were 304.61 lakh under conventional business and 132.24 lakh lives under social security schemes.
He further informed that in the year 2012-13, a total of 183.63 lakh claims amounting to Rs740,77.84 crore were settled 88.08 per cent of non-early death claims were settled within 15 days of intimation. The outstanding maturity claims ratio was as low as 0.53 per cent and the outstanding death claim ratio is 1.04 per cent. Ninety per cent of total of payments have been made through NEFT.
Nagnyal stated that lIC had been a pioneer in using information technology for enhancing the quality of its service to customers. Being the largest insurer in India, lIC has always explored all the avenues that technology offers to provide the best of services to its valued customers and other stakeholders.
lIC has also undertaken many other customer-centric initiatives like Enterprise Document Management System, Portal for Customers, Agents, Development officers and Employees, etc.