An Awareness program was organized to increase insurance penetration in eastern zone of India on 14th April 2023 in institution of Engineers, Kolkata by Sashi Bhushan and Associate, Insurance Surveyor, Council Member, IIISLA East Zone, in association with The Insurance Times, Kolkata.
Mr. Shashi Bhushan, welcomed the guests and participants and explained the objectives of seminar and said that insurance should not be only business, rather it should be a cooperative movement. Insurance is run by cooperative money hence after the failure of Socialists, Gandhian and other theory of sustainable development, the only hope lies on insurance for sustainable development of poorest of poor of Indian society.
He added that the "Insurance Penetration rate in Eastern Zone is about 2.8% but India's average is 3.8%. In order to increase the penetration there is need of regular discussion and adoption of new technology based on socio-economic condition, to reduce the distribution cost, renovation in 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' based on Statistical Parameters.
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