COMPANY PROFILE

The Oriental Insurance Company Ltd. was incorporated at Mumbai 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 were transferred to the Central Government.

The Company has laid 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 sectors and has vast expertise.
Oriental specializes in deducing exclusive deals for large projects like
power plants, petrochemical, steel and chemical plants. The Company
has developed different types of insurance covers to cater to the needs
of both the urban and rural population of India. The Company has a
technically qualified and competent team of professionals to render the
best customer service. The company has helped so many of those who
are in risk of undergoing danger or in verge of the danger.

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. It has held onto its conservative approach, which has helped it
gain heavily. Oriental stands to protect its consumer and ensure its
safety. It eases the mind of a consumer and builds his confidence as the
consumer entrusts onto the company’s secure policies. Company has
helped grow so many small industries and shops with its approach.
Oriental Insurance plays a leading role in shaping the development of so
many industries in the cities as well. It has secured the potential risk
elements of the industries and as such built the confidence of the
industrialists to invest further in their business. It has not hesitated to
provide insurance at a cheaper cost to those who deserve it. It has never
taken a step back when it comes to the development of the agricultural
sector and has insured the farmers against seasonal variations, pests and
other elements that carry the risk element to the crops. Being a Public
sector company, Oriental has served the government in different
schemes to uplift the rural areas.

Oriental Insurance holds strictly onto its traditional beliefs. It promotes

the people to insure themselves from danger. It stresses upon promoting
the insurance concept and spreading the awareness among its
employees, workers, staff members, guests, interns and other people
rather than advertising its own company.

The staff members of the company are kind and warm-hearted towards
its workers, clients, employees and also towards its interns. The
company also holds various anniversaries that bring glory and honor to
the company, in which days it distributes gifts and chocolates among the
employees. It is also known for honoring the clients and treating them
with good and respectful manners.

Oriental Insurance ensures it implements the best human resource

development practices to build a highly efficient, dedicated
and motivated workforce with high morale and moral values. It devotes
itself into improving the working conditions of its staffs and employees.
Oriental Insurance aims to optimally utilize the IT infrastructure
available to it. Since being an old company, Oriental had shunned the
computers and other devices to record data. But because of the growing
technological advancements, the IT infrastructure has boomed to such a
point that it has become very essential for communication and
recording, and too crucial to be ignored. Thus Oriental had also been
roped in to take advantage out of the infrastructure and commits itself
to direct it profitably.

The company also stresses upon its management structure. It has set up
an ideal structure for any public-sector and also has effective risk
management systems. It binds itself in effective management of its
reinsurance operations and investments for optimizing yield. It evolves
as a vibrant and dynamic leading non-life insurance company. It
improves the penetration of non-life insurance by proper underwriting,
innovation & marketing.

ORIENTAL with its Head Office at New Delhi has 30 Regional Offices and
nearly 1800+ operating offices in various cities of the country. The
Company has overseas operations in Nepal, Kuwait and Dubai and has a
total strength of around 13500 employees. From less than a lakh at its
inception, the gross premium went up to Rs.58 crores in 1973 and at the
end of the year 2017-18 the premium figure stood at Rs.11452 crores.
Thus it can be said that the company has not yet outdated but it rather
improvises itself. It still earns profit and is very caring of its stakeholders.
However, we may also infer in comparison with the other non-life
insurance firms, Oriental is still behind. But despite that there are lots of
opportunities and sectors available to the company to harness on.
There’s a good chance that the company could outgrow its competitors.