The Oriental Insurance Company Limited was incorporated at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business.
The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country).
In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government.
The Oriental Insurance specializes in devising special covers for large projects like power plants, petrochemical, steel and chemical plants. The company has developed various types of insurance covers to cater to the needs of both the urban and rural population of India. The Company has a technically qualified and competent team of professionals to render the best customer service.
The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime.
The Oriental Insurance with its head Office at New Delhi has 30 Regional Offices and nearly 1800+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2013-14 the figure stood at a mammoth Rs. 7282.54 crores.
At present Dr.A.K.Saxena is Chairman and Managing Director of the Company.
Objectives
1) Act as a financially sound corporate entity with high business ethics.
2) Implement best human resource development practices to build a highly efficient, dedicated and motivated workforce with high morale and moral values.
3) Optimally utilize the information technology infrastructure.
4) Provide excellent customer service.
5) Run the business profitably through prudent underwriting and efficient & proper claim management.
6) Effectively manage our reinsurance operations.
7) Effectively manage our investments for optimizing yield.
8) To have effective risk management systems.
9) To improve the penetration of non-life insurance by proper underwriting, innovation & marketing.
Products
The various insurance product types are,
• Motor Policies – Terms & Conditions
• Happy family Floater Presentation
• Happy Family Floater Prospectus
• Happy family proposal form IRDA
• Individuals/Family
• Health– Mediclaim/Overseas Mediclaim/Personal Accident
• Professionals
• Business/Office/Traders/Multiperil
• Engineering/Industry
• Motor Vehicle — Private/Commercial
• Agriculture/Sericulture/Poultry
• Animals/Birds
• Aviation
• Marine
Source OICL Official Website
