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SMC Insurance Brokers Pvt. Ltd.
Parsvnath Metro Mall, Near Pratap Nagar Metro Station, Pratap Nagar, New Delhi-110007
Registration No: 289, Registration Code No: IRDAI/DB-272/04/289, Valid till: 27/01/2026, License category: Direct Broker (Life & General), CIN: U66000DL1995PTC172311
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Private Insurers Vs Government Insurers
Have to enrol your child in a good school? You go for the best private school available in the city - because the infrastructure would be better, with more options for the child's personality development and extracurricular activities. Need to get a surgery? You go for a private hospital - because you feel the treatment would be more state-of-the-art, and the facilities would be safe and hygienic.
We, consciously or unconsciously, prefer Private service providers over Government ones in education, healthcare, travel, etc. despite them being expensive. But when it comes to insurance, the story is entirely different.
The majority of people feel that PSU (Public Sector Undertaking) Insurers are more reliable and stable than their private counterparts. But is that true? Let’s find out!
Public And Private Sector Insurance Companies - How Are They Different?
- Private insurance companies are those that are owned by private entities or funds, instead of the state or the federal government.
- Public sector insurance companies are those that are owned and funded by governments at the federal, state, or local level. They report to the Ministry of Finance. However, they are not welfare or non-profit companies. They function in a manner very similar to Private insurers - run autonomously, and ensure they remain profitable. Their policies have similar kinds of exclusions as well - that vary across insurers - apart from the standardised ones.
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Contrary to popular belief, both PSUs and Private Insurers are equally reliable - as they run as per IRDAI regulations. The IRDAI acts as a check and ensures that all insurers are wise and just, and protect policyholders’ money as their own money. IRDAI keeps a tight check on the financial status of insurance companies through reports received by them, and takes necessary action when there are issues reported, especially with regards to ratios like Solvency ratio that measure long term financial viability.
Solvency Ratio reflects an insurance company’s ability to pay claims. Insurers are required to maintain a minimum 150% Solvency Ratio as per IRDAI regulations.
That said, they both have their unique attributes. While there is no one ‘best’ policy, there are certain areas where the private insurers work better than their public counterparts, and vice versa.
Private Or Public Insurers - Who Offers Better Products?
When it comes to innovation, private sector companies are generally far ahead. Since they are run as private businesses, they are able to keep consumer needs in mind, they learn to innovate and make new products and features constantly. Also, some Private insurers are partnered with multinational insurance businesses, hence, they bring global learnings and innovations to our country.
Given the past track record, Public sector insurance companies usually take more time to adjust to the market, and introduce new features and products. They usually take more time to become up-to-date to their private counterparts and their products.
Private Or Public Insurers - Who Offers Better Customer Service?
The services at private sectors are usually centralised. Everything is system-driven, and that can move processes efficiently, but also become very rigid at times. The system will not allow changes that could otherwise be made manually.
Government insurance companies, on the other hand, are decentralised. This means every branch office has its own way of operating. The service largely depends upon the branch manager you or your agents are interacting with. Since the services are human-dependent - if you are lucky, the interactions can become warmer than the process driven private insurance companies. However, since this is entirely dependent on the person who manages your case, there is no assurance of a more human, warmer customer experience as compared to private players.
Private Or Public Insurers - Who Offers a Better Claims Experience?
Most private sectors want to control their profitability and hence, many settle claims themselves. Private insurers, with all of its underlying teams, operate as one single unit. As a result, they do tend to offer better services and a better claims experience.
Most government insurance companies operate through external parties called TPAs. For instance, they operate through external surveyors for Vehicle Insurance and TPA (Third-Party Administrator) for Health Insurance. The experience can get disconnected or unsatisfactory due to additional parties in the loop.
Private Or Public - Where Should You Buy An Insurance Policy From?
In the insurance sector, both private and government-owned companies work similarly - because both have the same goals and aim to make good profits. The choice comes down to your personal preferences.
If you are someone who believes that government companies will be more fair and human, and can be trusted more because of government backing then probably buying the policy from a public insurance company may make sense. However, if you prefer system-driven, faster, and more efficient services, private companies after enough diligence and proper reference checks may be your best choice.
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Wrapping Up!
Insurance is probably the only product where one pays many years ahead of the actual service consumption, i.e., claims. So it’s natural to be anxious about our insurer’s longevity and ability to pay claims when the need arises. As we saw, there is no one ‘perfect’ policy. Both PSUs and Private insurers have their own pros and cons - but they are equally reliable. We hope this article gives you a better clarity, and helps you choose a policy that fits you perfectly.
Partners - We Are Proud To Have
We have over 30+ insurance partners on our back. Rest assured, you won't be short of choices.
Why Customers Love Us?
- We provide quick claim assistance.
- We are easily approachable through phone, email, and text.
- We are transparent operations with no hidden cost.
- We pursue your claims till the very end.
- We understand your needs, and advise most suitable insurance products to you.
Our Customers' Stories
Sharing the experience of happy and satisfied customers with you.
Sameer Yadav
I was searching for investment plan but I couldn't find it, then I got the call from SMC insurance and they aligned a call with Ishita Sharma as point of contact (POC) for all my queries and she explain me very well. Ishita explain me all investment plan with advantage and disadvantage, I really appreciate her. Ishita always enthusiast towords work and ready to answer all my questions .I have taken two policies ( HDFC click to invest) plan with 15k premium per month. I always recommend SMC insurance to all, for better life and happy retirement with huge health and wealth. Thank You SMC insurance for your best service. Special thanks to Ishita for E2E help and endless support, you did fabulous work. Show More
Dheeraj Bhatia
I am associated with SMC insurance since 2011 and found them to be most ethical, trustworthy and highly responsive. Some of my precious policies done thru other agencies are still running on SMC’s advice. That is a strong testimony to their customer-centric approach. I am glad to be associated with SMC and strongly recommend their services to all concerned. Wishing the very best to Team SMC !Show More
Jyoti Sharma
We were fortunate enough to have selected SMC as our Health Insurance Broker for they have been very helpful in resolving our queries related to health insurance. I would like to cite two examples where SMC's role has been very crucial. One was when payment for cashless hospitalization was not coming through as the insurance company was taking undue longer time to approve the Hospital Bill. It was then I talked to Neha and it was she who through her contacts in the Insurance co. facilitated and expedited the approval for payment of hospital bill. Second was very recently when the Insurance co. had proposed a top up "Enhancer" policy for our existing policy. When I talked to Neha she immediately told me not to take this policy being offered without any medical test as it will not be beneficial to us and may create problem later on account of recent hospitalization. If I had I not consulted Neha, I would have into a big trouble with the insurance co. These two instances speak very high of sincere advice and timely help rendered by the SMC Staff, Ms. Neha Khanna which helped us a lot in time of need.Show More
Sumit Khanna
Hi, I am Sumit here, purchasing insurance policies from SMC for almost 8 years. Would like to recommend this company to other customers because they are taking care of my insurance broking services in a fabulous way. I would like to extend my gratitude and thanks to policy servicing and also insurance claim backend services. They have rendered fantabulous services for me and would like you guys to definitely go and rely on them for all your insurance needs.Show More
Kishor Kumar Bijlani
My experience with SMC Brokers is excellent. They provide support from the beginning till end i.e from issuance of insurance policies till settlement of claims. They explain very nicely various provisions relating to Insurance Policy also facilitate settlement of claims with Insurance Companies. Show More
Megha Singhal
I have purchased HDFC policy from SMC Insurance with the help of Harsh Sharma. I have got the satisfactory services from SMC Insurance. Thank you SMC Insurance.Show More
