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Business is good, says LICI

December 24
12:00 2010

Written By : SHIRI LATA. Business growth for one of Fiji’s prominent insurance companies has been good this year.
Life Insurance Corporation of India general manager Fiji operations, Krishnan Narasimhan said, “The year 2010 was extremely good for LICI in all respects.
“We have been able to achieve all our planned budgets in most of the parameters. Business growth has been good and we have shown a 40 per cent increase in new policy sales and premium,” he said.
Mr Narasimhan said there had been excellent improvement in claims performance besides all other service benchmarks.
“We have been constantly reviewing our policies, procedures and strategies to take on competition.
Also we have improved our ICT systems and business processes to keep ahead of competition in the market,” Mr Narasimhan said.
Fiji, he said, was a relatively small market for insurance business, especially life insurance.
He said the geographical remoteness of some outer islands posed challenges in terms of effective reach.
Mr Narasimhan said to sustain growth in a small market was a big challenge but LICI was continuously working on new ways to expand the market by identifying segments and providing appropriate products
“I would like to take this opportunity to thank all our customers and well wishers for their trust and support which has made us the market leaders in Fiji,” he said.
“LICI also wishes all its customers, patrons and all the citizens of Fiji a Merry Christmas and a Happy New Year 2011.”

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