The Oriental Insurance Co.

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A premium growth of 11.4% – highest amongst the PSUs, even better growth in profits… no wonder why it made it to the list. But the good news is Oriental Insurance Company Ltd. is expecting to keep up the good work. According to M. Ramadoss, CMD, Oriental Insurance Company, “We hope to continue our path of profitable growth of at least 10% in the current year.” Well, it doesn’t end here! The company is currently in the middle of developing its IT infrastructure in order to step up its efficiency levels as Ramadoss makes it clear, “In FY 07-08, our focus would be on developing information and technology software for our business.” To substantiate the fact, the Integrated Non-life Insurance Application Software (INLIAS) is being tried out on a pilot basis, in more than 250 offices and will be further implemented in 600 of its branches. The implementation of this software is being done with an objective to speed-up the company’s operations across the board and will also unlock efficiency in areas as diverse as claims, underwriting, re-insurance, accounts et al. The company seems to be quite categorical about increasing its focus on some specific sectors like health, rural cover and personal accident.

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Source : IIPM Editorial, 2008

An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).

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