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Introduction
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).
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In 2003 all shares of company held by the General Insurance Corporation of India has been transferred to Central Government. Oriental Insurance made a modest beginning with a first year premium of Rs.99,946 in 1950. ORIENTAL with its head Office at New Delhi has 26 Regional Offices and nearly 900+ operating Offices in various cities of the country.
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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 2008-09 the figure stood at a mammoth Rs. 4077.90 crores.
Management
Oriental Insurance is a professionally managed independent Board-run Company. Illustrious personalities like Shri T.A.Pai ( who later became Cabinet Minister in the Union Government ), Shri K. R. Puri, who rose to be the Governor of RBI and Shri B.D.Pande (who later became the Governor of West Bengal) were among our past Chairmen. At present Dr. R.K. Kaul is Chairman-CumManaging Director of our Company. The Board of Directors of our Company include eminent personalities in various fields.
Objectives of OICL
1. To serve better the insurance needs of the entire community, keeping CUSTOMER as the focus. 2. To strengthen our tradition of being CUSTOMER - FRIENDLY, in order to provide quality service. 3. To optimize the retention of Indian business and conduct reinsurance and international operations in the best interest of the country. 4. To work towards minimization of losses and develop Risk Management Technologies. 5. To function as a strong and dynamic non-life insurer.
Objectives of Study
Proper understanding and analysis of General insurance industry. To know about brand awareness of Oriental Insurance and customers preference about Oriental Insurance. In all, it is to understand the overall working of the Oriental Insurance Company Ltd in General insurance sector.
Company Profile
Type : Government-owed Corporation Founded: 12 September 1947 Head office: New Delhi, Key People: Dr. R.K.Kaul (Chairman-CumManaging Director) Industry: General insurance Total Business: ($)892.14 million Employees: 15000+ Website: http://orientalinsurance.org.in/
(Amount in lacs)
Operating Expenses
72988 (32.9%)
21338 (9.6%)
85076 (34.0%)
14438 (5.8%)
75423 (26.2%)
29833 (10.3%)
82360 (28.6%)
11893 (4.1%)
91444 (28.27%)
-39651 (12.26 %)
14918
12169
15732
17118
17197
47170
33052 10000 131836
33419
28392 10000 154526
62964
49727 10000 192553
44235
930 10000 192606
-8842
-5266 10000 187339
111937
126399
145295
145539
162369
2565
2565
2565
2565
2565
Our Products
Individual Insurance / Family Insurance including: Awasiya Bima Kavach Baggage Insurance Bhagyashree Child Welfare Insurance Burglary and House Breaking Insurance Comprehensive Health Insurance Contact Lens Insurance Gun Insurance
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Cycle Rickshaw Insurance Householders Insurance Mobile/Cellular Phone Insurance Pager Insurance Pedal Cycle Insurance Multi Peril Policy For LP Gas Dealers Office Umbrella Policy Glass Insurance Policy Policy For Jewelers Block Insurance Shopkeeper's Insurance Policy
Health Insurance
Group Mediclaim Policy Bhavishya Arogya Flight Coupon Nagrik Suraksha Policy Gramin Accident Insurance Individual Mediclaim Policy Jan Arogya Bima
Business Insurance
Business/Office/Traders Default Insurance (Exchange) Policy Electronic Equipment Insurance Fidelity Guarantee Policy - Floating Group Fidelity Guarantee Policy - Individual Named Hire Purchase Bank Guarantee Policy Indemnity Insurance Policy for Custodians, Registrars and Share Transfer Agents
Marine Insurance
Marine Insurance including: Hull War and Allied Peril Policy Marine Hull Policy Marine Insurance Policy (Air) Marine Insurance - REGD. Post Marine Insurance - Sailing Vessels Marine Insurance Policy (Ocean Voyage) Marine Insurance Policy Inland Transit(Rail/Road
Animals/Birds Insurance
Animals/Birds including: Camel Insurance Cattle Insurance Dog Insurance Elephant Insurance Rabbit Insurance
Duck Insurance Scheme Elephant Insurance EMU Birds Insurance Policy Fetus (Unborn Calf) Insurance Scheme Horse/Yak/Mule/Pony/Donkey Insurance Pig Insurance Rabbit Insurance Sheep & Goat Insurance Policy
Aviation Insurance
Aviation Insurance including: Aircraft Hull/Liability Insurance Policy Aircraft Hull and Spares All Risks Aviation Liability Insurance Aviation Fuelling/Re-fuelling Liability Insurance Policy
Research methodology
Primary Data: Through personal interview to the officers or Executive officers. Secondary Data: Through websites, journals, others books, etc.
Findings
Mostly of the peoples are not aware about many products in general insurance as like as Rural Insurance Cycle Rickshaw Insurance Gun Insurance Pager Insurance Pedal Cycle Insurance Contact Lens Insurance Rabbit Insurance etc.
Suggestions
The Competition of private sector remains a key challenge. The company need to utilize advanced technology, which is giving fast information to the customers.
Questions