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Shriram General Insurance targets 60% policy renewal in next 2 years
Financial Express Mumbai
|November 09, 2023
SHRIRAM GENERAL INSURANCE intends to increase its policy renewal rate to around 60% in the next two years from 40%.
"We are putting in a lot of effort to increase policy renewals. Our underwriting department is reaching out to the insured to verify their mobile numbers because it is a big challenge in the general insurance industry," Anil Aggarwal, managing director and chief executive officer said.
He added that the company is holding discussions with financial advisors on methods to better incentivise policy renewals.
Policy renewal rate refers to the percentage of policyholders who opt to renew their policies.
While Insurance Regulatory and Development Authority of India does not disclose numbers on policy renewals at an industry level, it has urged general insurance companies to build a long-term relationship with policyholders.
This story is from the November 09, 2023 edition of Financial Express Mumbai.
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