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Oriental Insurance

Oriental Insurance

Profile

The Oriental Insurance Company Ltd 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 Company is a pioneer in laying down systems for smooth and orderly conduct of the business. The strength of the company lies in its highly trained and motivated work force that covers various disciplines and has vast expertise. Oriental 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 highly technically qualified and competent team of professionals to render the best customer service.

Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. The goal of the Company was “Service to clients” and achievement thereof was helped by the strong traditions built up overtime.

ORIENTAL with its head Office at New Delhi has 30 Regional Offices and nearly 900+ operating Offices in various cities of the country. The Company has overseas operations in Nepal, Kuwait and Dubai. The Company has a total strength of around 15,000+ employees. From less than a lakh at inception, the Gross Premium went up to Rs.58 crores in 1973 and during 2010-11 the figure stood at a mammoth Rs. 5569.88 crores.

Our Corporate Vision

“TO BE THE MOST RESPECTED & PREFERRED NON-LIFE INSURER IN THE MARKETS WE OPERATE”.

Our Corporate Objectives

TO ENSURE THAT WE –

  • ACT AS A FINANCIALLY SOUND CORPORATE ENTITY WITH HIGH BUSINESS ETHICS
  • IMPLEMENT BEST HUMAN RESOURCE DEVELOPMENT PRACTICES TO BUILD A HIGHLY EFFICIENT, DEDICATED AND MOTIVATED WORKFORCE WITH HIGH MORALE AND MORAL VALUES
  • OPTIMALLY UTILIZE THE INFORMATION TECHNOLOGY INFRASTRUCTURE
  • PROVIDE EXCELLENT CUSTOMER SERVICE
  • RUN THE BUSINESS PROFITABLY THROUGH PRUDENT UNDERWRITING AND EFFICIENT & PROPER CLAIM MANAGEMENT
  • EFFECTIVELY MANAGE OUR REINSURANCE OPERATIONS
  • EFFECTIVELY MANAGE OUR INVESTMENTS FOR OPTIMISING YIELD
  • HAVE EFFECTIVE RISK MANAGEMENT SYSTEMS
  • IMPROVE THE PENETRATION OF NON-LIFE INSURANCE BY PROPER UNDERWRITING, INNOVATION & MARKETING

TO EVOLVE AS A VIBRANT & DYNAMIC LEADING NON-LIFE INSURER

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