Page 45 - Insurance Times May 2023

REPORT

"An Awareness Program to increase Insurance

Penetration in Eastern Zone of India"

The Institution of Engineers (India), West Bengal State Centre,
Kolkata on 14th April, 2023

n Awareness program was organized to increase He added that the "Insurance Penetration rate in Eastern
A insurance penetration in eastern zone of India Zone is about 2.8% but India's average is 3.8%. In order to
on 14th April 2023 in institution of Engineers,
increase the penetration there is need of regular discussion
Kolkata by Sashi Bhushan and Associate,
condition, to reduce the distribution cost, renovation in
Insurance Surveyor, Council Member, IIISLA East Zone, in and adoption of new technology based on socio-economic
association with The Insurance Times, Kolkata. policy terms and conditions, adopting regional language in
underwriting to claim statement, and
language of the policies, renovation in
operation of Arbitration, Consumer forum
judgment, Ombudsman operation as well
as out of court claim redressal and
assistance so that present LEVEL OF TRUST
between Insured and Insurer can be
increased and penetration in Eastern
Zone" would increase."
Chief Guest of the programme, Mr. Subir
Talukdar, D.G.M. Kolkata Regional Office,
The New India Assurance Co. Ltd.
inaugurated the Seminar and made a
wonderful presentation. He said that one
of the prime indices to ascertain the impact
of any general policy or campaign, aimed
at any targeted sector, "Market /Sectorial
Penetration " is through ' Time Series Data'
Mr. Subir Talukdar, D.G.M. The New India Assurance Co. Ltd. based on Statistical Parameters.
addressing the audience
General Insurance Companies, irrespective
Mr. Shashi Bhushan, welcomed the guests and participants
of whether Public or Private Sector, often come up with
and explained the objectives of seminar and said that
specific plans to push their respective expansion
insurance should not be only business, rather it should be a
programmes as per their own Corporate Policies or for giving
cooperative movement. Insurance is run by cooperative
shape to Government/Public Policies/Welfare measures
money hence after the failure of Socialists, Gandhian and
mostly aimed at the unorganized, marginal and the informal
other theory of sustainable development, the only hope lies
Sectors.
on insurance for sustainable development of poorest of poor
of Indian society. Driven purely by the principle of "Profit Maximization",
40 May 2023 The Insurance Times