Now Portability in General Insurance Policies!

I agree. This will compel poor performers to improve.

thanks for sharing this important news with us chinmoy.

Ceeem, can you explain what does it mean? I did understand nothing.

Chinmoy,Even I am not aware of this issue. Can you please elaborate? :) :)

Is it something related to social security etc.. i think this is not present now..

@Abid,Nagalakshmi

As you are aware of the fact that vehicle owners and individuals take insurance policies with the insurance companies and most of the policy holders are not very happy with the respective insurance companies with their service.Under the proposed system it would be possible for policyholders to change their respective companies on the same policy.In efffect it would bring more pressure on companies to serve the policyholders better.Hope I have clarified.

Thanks for clarifying ...i was totally wrong... :silly:

Very clearly explained Chinmoy. My doubt is cleared. :) :)

For sure there would be competition among the companies to provide better service to policy holders to draw in more crowd.

Oh! Thanks for the news Chinmoy.... I think now the insurance holder can change the insurance companies if not satisfied....

That's right,Deepti! Just think of mobile portability which would allow the user to change the service provider without changing his or her existing number!!

Ceeem,
Thanks for this clarification.So vehicle owners have to bother about it.

I think the insurance companies have reasons to feel the heat as these companies charge hefty premia but serve their policyholders very poorly and policyholders would have a choice to change one comapany to another!

I think this type of facilities are already implemented in Western countries...

Let us borrow all the good practices from any corner of the world!!