Chairman Paudel Calls for Improved Quality Service and Ecosystem Development in Nepal’s Insurance Sector

December 20th, 2024

Kathmandu – Poshak Raj Paudel, Chairman of the Life Insurers’ Association (Nepal) and CEO of Citizen Life Insurance, has underscored the urgent need to prioritize high-quality services for policyholders while fostering a robust ecosystem to enhance the efficiency and accessibility of Nepal’s insurance sector.

Addressing a social dialogue program organized by the Financial Institute Employees Union (FIEUN) today, Paudel highlighted the critical role of continuous improvement in service delivery to strengthen trust and accountability within the industry. He emphasized that aligning services with global quality benchmarks is essential for the sector’s sustainable growth and public confidence.

The event, which focused on the challenges, solutions, and future directions of Nepal’s insurance sector, brought together industry stakeholders to discuss pressing issues and opportunities for reform. Paudel acknowledged the numerous challenges faced by the sector but framed them as opportunities to drive market expansion and innovation.

One of the key areas Paudel emphasized was the importance of efficient claim settlements. He called for stronger collaboration between policyholders, law enforcement agencies, healthcare providers, and local authorities to address delays and reduce costs in the claims process. Such coordination, he noted, is vital to improving customer experiences and bolstering public trust in the industry.

Paudel also advocated for a centralized data verification system, such as leveraging Nepal Police’s reports, to streamline claims processing. He urged the Insurance Authority to actively support this initiative, which would ensure timely and cost-effective settlements, enhancing overall efficiency in the sector.

Recognizing the government’s commitment to the insurance industry, Paudel highlighted its prioritization of the sector by maintaining stable leadership and fostering a supportive regulatory environment. This proactive approach, he noted, has prevented the leadership voids experienced in other sectors, further reinforcing the importance of insurance to the country’s economic landscape.

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