The General Insurance Corporation (GIC) board has appointed B D Banerjee as managing director of the corporation yesterday. He succeeds D Swaminathan who retired in February this year. The corporation has slots for two managing directors. The other MD is P Venkatsubramanium. Speaking to Business Standard. Banarjee said he planned to strengthen the corporation's four subsidiaries by providing them with more autonomy and flexibility in decision making.
On his future plan of action, Banerjee said he would focus on the core activities of the corporation, which include, among other things, reinsurance, foreign operations and investments.
He said, "GIC will give morefreedom to its subsidiaries to ensure that they are not tied down to the holding company (GIC) and that there is no stoppage in the decision-making progress undertaken by each of these subsidiaries due to the policies issued by GIC."
More From This Section
The four subsidiaries of GIC are National Insurance Corporation, New India Assurance, Oriental Insurance Company and United India Insurance.
On the liberalisation of the insurance sector, Banerjee said, "We are competent and have the ability and the capacity to handle competition."
He said the corporation was not afraid of competition. "The idea will be to ensure that the organisation does not lose its existing business and, thus, will aim at improving its customer service."
Prior to his new appointment, Banerjee served as general manager in charge of foreign operations and health insurance portfolio at GIC.
He started his career in 1964 in the Life Insurance Corporation of India, and following the nationalisation of the insurance sector, he was posted in National Insurance Company Ltd.
Banerjee handled various assignments in technical, reinsurance and foreign operations, marketing, publicity, vigilance and customer services and grievance departments in different capacities in National Insurance and United India Insurance Company before he was deputed to the LIC central office as chief vigilance officer.