Speaking to mediapersons on Thursday, New India Assurance chairman and managing director S K Kanwar said all offices in the western region would be equipped with adequate software, he said.

The company is also upgrading its computer network so that it can withstand competition from new players from the private sector, Kanwar added.

The prospect of increased competition also prompted the company to develop new products for various niche markets. In all, 15 new packages in the personal insurance category will be introduced shortly, Kanwar said.

The company, which claims to cover one per cent of India's population, transacted Rs 7433 crore worth of business last year. This will however increase to Rs 2873 crore this year, Kanwar predicted.

Hehowever felt that market penetration in the Indian market is low due to poor awareness and the lack of ability to pay the insurance premium. This, despite having the lowest premium rates in the world, Kanwar said.