Oriental Insurance Company

Calls for underwriting overhaul, performance-linked talent management

Public sector general insurer Oriental Insurance Company is planning to invest around Rs 500 crore over the next three years to strengthen its digital capabilities, focusing on enhancing customer centricity. "For a technological boost, we have our own resources and have budgeted for it. We won't have any problem. The total expenditure would be around Rs 500 crore over three years. "Already, some RFPs (Request for Proposals) have been floated, and the rest would be taken up over the next two years," Oriental Insurance Company Ltd (OICL) Chairman and Managing Director Sanjay Joshi told PTI. Elaborating on the company's digital roadmap, he said OICL is working on a data lake project and taking steps to further strengthen its data security infrastructure. A data lake project is a centralised storage repository that holds vast amounts of structured, semi-structured, and unstructured data in its raw format. The insurer is also looking to onboard more digital products at the earliest as

State-owned Oriental Insurance Company Ltd incurred a loss of Rs 194 crore during FY20 for failing to properly determine bidding rates for Pradhan Mantri Fasal Bima Yojna, said a CAG report. According to report number 12 presented in Parliament earlier this week, Oriental Insurance Company Ltd determined the bidding rates for Pradhan Mantri Fasal Bima Yojna in 2019-20 by applying pricing components uniformly without specific determination as per the terms and conditions of the Agriculture Quota Share Reinsurance treaty with General Insurance Corporation of India, being Re-insurer. "This led to imposition of Loss Corridor clause of the treaty by GIC and consequent loss of Rs 194.08 crore," it said. Imprudent underwriting of Group Janta Personal Accident Policy of the Maharashtra state government by the public sector general insurance company without reinsurance cover and in violation of guidelines of Insurance Regulatory and Development Authority of India (IRDAI) in 2018-19 led to a

The public sector non-life insurer narrowed its losses to Rs 47.12 crore in the first half of the financial year 2024 from Rs 3,586.93 crore recorded in the same period a year ago

On October 14, the finance ministry notified the wage revision plan for officers and employees of state-run insurers which is expected to cost Rs 8,000 crore to these companies

The National Commission observed that liability under the policy could neither be extended nor curtailed, but would be determined according to the terms of the contract

Four general insurers have decided to restructure the organisation towards profitable growth and have called for Request for Proposal (RFP) from consultancy firms

The number was flagged in a recapitalisation advice, sent by the department of financial services in the finance ministry to the company this week.

Axis Bank on Tuesday said The Oriental Insurance Company has been categorised to public category from promoter category shareholder in the bank

According to the National Commission, shifting of the generator after completion of transit does not fall within the scope of the marine and transit policy

Axis Bank on Wednesday said its board of directors has approved to reclassify The Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder.

To further strengthen their financial health, the government is expected to infuse Rs 3,000 crore in the public sector general insurance companies during the current quarter

An arbitration which was caught in legal knots for 12 years will start now after the Division Bench of the Bombay high court set aside the order of the single judge bench.

The actual growth plan would be finalized on the basis of capital support the insurer gets from the government

The companies would soon announce the formation of joint Lok Adalats as well as take the help of the insurance Ombudsman

The forum observed that a joyride under a trained pilot is neither banned nor illegal. It said the exclusion clause had been wrongly invoked

It will also conduct a valuation exercise of the assets of the firms

In an email interview, Girish Radhakrishnan says such an entity would have the muscle to control market behaviour and curb the "adventurous" marketing practices of private firms

Underwriting losses have come down to Rs 19.23 billion as against Rs 43.36 billion in the previous financial year

Oriental Insurance, which had seen its solvency ratio go below the mandatory level of 150 per cent, has improved it to 152 per cent for half year ending September 2017