Business Restructuring being planned by PSU general insurers.

Public sector general insurers are looking forward to restructuring their business. A business transformation exercise is being planned by New India Assurance, Oriental Insurance and United India Insurance, which will include business process restructuring to stay a step ahead in competition.

All these general insurers have initiated independent processes to appoint global consultants who will plan out strategies to be worked on for the next 10-15 years. All price controls are going to be completely removed by the regulator from September 2007.In time to come, i.e. from April 2008, this sector will have the freedom to lay down their terms and conditions for their policies.

A senior National Insurance official has told the media that they are preparing themselves to face competition in time to come. Business restructuring is a part of this preparation.