Sanjay Joshi, CMD,Oriental Insurance Company
On the claim settlement side, Joshi said, “The company recently launched its end-to-end digital journey for Motor Own Damage (OD) claims, aimed at making claims processing faster, more transparent and convenient for customers. We want to replicate this in other segments.”
New Delhi: State owned Oriental Insurance Company is planning to invest around Rs 500 crore over the next three years to strengthen its digital capabilities, focusing on enhancing customer centricity.
“For a technological boost, we have our own resources and have budgeted for it. We won’t have any problem. The total expenditure would be around Rs 500 crore over three years.
“Already, some RFPs (Request for Proposals) have been floated, and the rest would be taken up over the next two years,” Oriental Insurance Company Ltd (OICL) Chairman and Managing Director Sanjay Joshi told PTI.
Elaborating on the company’s digital roadmap, he said OICL is working on a data lake project and taking steps to further strengthen its data security infrastructure.
A data lake project is a centralised storage repository that holds vast amounts of structured, semi-structured, and unstructured data in its raw format.
The insurer is also looking to onboard more digital products at the earliest as part of its efforts to improve customer experience and make its services more accessible.
On the claim settlement side, Joshi said, “The company recently launched its end-to-end digital journey for Motor Own Damage (OD) claims, aimed at making claims processing faster, more transparent and convenient for customers. We want to replicate this in other segments.”
The company’s focus would remain on customer centricity and sustainability, he added.
Recently, the company also launched Oriental DigiBiz, the company’s first dedicated digital office for customers purchasing insurance directly online. The initiative enables customers to buy insurance directly through the company’s portal without intermediary intervention and provides eligible customers with discounts, further strengthening the company’s direct-to-customer digital channel.
Besides, it introduced new and enhanced insurance offerings, including the Oriental Gramin Health policy, Oriental PA Parivar Suraksha policy, Roadside Assistance Add-on and enhanced Return to Invoice (RTI) Add-on, along with other customer-focused initiatives.
For the financial year ended March 2026, Oriental Insurance’s gross premium crossed Rs 20,000 crore. The development signifies the growing trust of policyholders, intermediaries, and stakeholders in the company in particular and public sector insurance institutions as a whole.
The achievement aligns with the government’s broader objective of promoting financial inclusion and ensuring wider access to risk protection mechanisms.
The growth has been driven by robust contributions from the Group Personal Accident (GPA), health, fire, and motor insurance portfolios.