“Insurance sector has grown due to competition,” Bharat Basnet, CEO of National Life Insurance company


March 4, 2012, 5:45 p.m. Published in Magazine Issue: Vol.: 05 No.-16 Mar. 02-2012 (Falgun 19,2068)<br>

From your 25 years’ experience in the life insurance sector, what can you say about the future of insurance business?

If a company celebrates its 25 years of establishment, it means that the company has been accepted in the market and has got a permanent status.  We can feel that the society views National Life as their own company.

Although four decades have passed since the formal establishment of the insurance sector, however, the business has taken place only during the last decade. There were lots of problems that were hindering the private insurance sector. People didn’t use to trust insurance companies. But over time, insurance companies have proved themselves.

People have started taking Insurance sector positively and the business has also taken pace and it grew and I believe insurance sector will grow even more in the near future.

What is your experience of working with a few and then many competing companies?

Ironically, when there were a few companies, there was not much work. In the past four years, insurance sector took a big leap.

The market share of National Life grew to 19 percent from 8-9 percent. So, along with the increase in the number of companies, the insurance market has also expanded adequately. National Life is moving forward with a goal to lead the insurance sector of the country, but we still need to work a lot for that.

What are the main reasons that a customer should buy insurance from the National Life Insurance?

National Life is a company that has already proven itself. Along with satisfying both the investors and customers, National Life has fulfilled all its societal responsibilities.

Other companies are providing bonuses differently to different products but we are giving the same bonus rate in all types of insurance products.

We went to the market offering nearly all the international insurance products, so common people can choose their type of product from a variety. We also have the latest softwares, which makes transactions easier.

We are providing services in all 75 districts of the country from our 90 branches and with the help of more than 200 employees. Finally as we are providing quality service for more than 25 years, so I think customers will definitely choose National Life.

As there are talks that the Insurance sector has not fully grown, so who should do what for its development?

Life insurance business is directly related with a person’s lifestyle. Due to high inflation rate, People see no reason for buying insurance policy. Still even the educated persons doubt the gains from insurance. There is a need to develop a feeling among people that life insurance is also a necessity.

We are working hard to raise the awareness of common people and so have other companies. That’s why the situation has improved from the past. But, still it is not sufficient.

Companies are attracting interest of the common people in insurance by introducing special schemes as well.

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