PERFORMANCE OF PUBLIC SECTOR COMPANIES IN INDIA: A STUDY ON GENERAL INSURANCE

Insurance business has emerged as one of the prominent areas of financial services during recent times. Insurance performs remarkable function by insuring the insurable public and property located at different places. Now-a-days in India, insurance sector is most developing business area. The analysis concluded that the performance of select PSGIC is overall not profitable. The closer observation of the trend projection of ageing of claims reveals that the companies need to consider new strategies to minimise the outstanding claims and to maximise the market share. With regard to the marketing performance of the select PSGICs, it is remarked from the study that there is a significant difference regarding the perception levels of the customers and satisfaction towards the service quality of the insurance companies with regard to keeping promises, offering prompt service to customers. Finally, the present study perceives that, even though the PSGICs are performing well, but in order to cope up with the strategies of private sector insurance companies, it has to realize the problems in global scenario, so that it can increase their market share and performance.