The state-owned insurance company Oriental Insurance plans to invest approximately 500 crore rupees over the next three years with the aim of strengthening its digital competencies and improving customer centricity.
Sanjay Joshi, Chairman and Managing Director of Oriental Insurance Company Ltd (OICL), informed PTI that the company possesses internal resources for technological growth and has allocated a corresponding budget. He specified that the total expenditure will amount to roughly 500 crore rupees over three years, with the remaining Requests for Proposals (RFPs) to be implemented within the next two years.
As part of OICL's digital strategy, the company is working on a data lake project and taking steps to further strengthen its data protection infrastructure. The data lake serves as a centralized repository that stores large volumes of structured, semi-structured, and unstructured data in its original form.
The insurer also aims to implement more digital products as soon as possible to enhance the customer experience and make its services more accessible. Regarding claims settlement, Joshi noted that an end-to-end digital system for Motor Own Damage (OD) claims was recently launched, which is intended to accelerate, increase the transparency, and improve the convenience of claim processing for customers. The company intends to apply this approach to other segments while maintaining a focus on sustainability and customer centricity.
Recently, the company introduced Oriental DigiBiz—its first dedicated digital office for customers purchasing insurance directly online. This initiative allows buyers to acquire policies through the company's portal without intermediaries and offers discounts to eligible customers, thereby strengthening the direct digital channel of interaction with clients. Furthermore, new and improved insurance offerings have been introduced, including the Oriental Gramin Health policy, the Oriental PA Parivar Suraksha policy, the 'Roadside Assistance Add-on', and the enhanced 'Return to Invoice (RTI Add-on)', alongside other customer-oriented measures.
For the financial year ending March 2026, Oriental Insurance's gross premium exceeded 20,000 crore rupees. This result reflects the growing trust of policyholders, intermediaries, and stakeholders in the company, as well as in public insurance institutions in general. This growth aligns with the government's overall goal of promoting financial inclusion and ensuring broader access to risk protection mechanisms. The growth was driven by the strong contribution of Group Personal Accident (GPA), health, fire, and motor insurance portfolios.