Oriental targets Rs 4,400 cr premium income in FY10

General insurer Oriental Insurance Company is aiming to rake in Rs 4,400 crore premium income in the current financial year and is planning to give incentives to employees and sell policies online to achieve this target.

Managing Director M Ramadoss said the company had collected a premium of Rs 4,070 crore last year and had set a target of Rs 4,400 crore for the current financial year.

Meanwhile, the public sector insurance company has appointed consulting firm KPMG to study whether the company should continue with third-party administrators (TPAs) for its mediclaim policies or handle them in-house. During the first quarter ended June 2009, the company had reported a 10 per cent growth in premium income, which stood at Rs 1,300 crore, majorly driven by fire and engineering. The company is planning to focus on retail businesses in rural areas.

In order to boost sales, Oriental Insurance is planning to introduce an incentive scheme in FY10 for high-performing employees, he told reporters on the sidelines of an insurance seminar here.

“We will measure the performance of each branch on metrics such as policy issuances, claims settlements and business growth. If a branch meets the requisite grade, all its employees in the branch will get incentives,” Ramadoss said.