Oriental Insurance Company Limited - India
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 21 Regional Offices
and more than 950 operating Offices in various cities of the country
(as at 01.04.2005). The Company has overseas operations in Nepal,
Kuwait and Dubai. The Company has a total strength of around 16,000
employees. From less than a lakh at inception, the Gross Premium
went up to Rs.58 crores in 1973 and during 2004-2005 the figure
stood at a mammoth Rs. 3091 crores.
Corporate
Mission
To contribute to the socio economic objectives of the nation by
being a vibrant and viable organization catering to the growing
insurance needs of the community. Towards this end we will
strive for effective management of business operations.
Corporate
Objectives
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 manage Business profitably, manage funds
judiciously and deploy investible funds for
optimum yield.
4. To optimise the retention of Indian business
and conduct reinsurance and international
operations in the best interest of the country.
5. To work towards minimisation of losses and
develop Risk Management Technologies.
6. To function as a strong and dynamic non-life
insurer.
Products
Oriental's vast product
portfolio has been specially designed to cater to your needs. The
various products can be grouped under the following categories :
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