New Delhi: Public sector general insurer Oriental Insurance Company Ltd (OICL) plans to invest around Rs 500 crore over the next three years to strengthen its digital infrastructure and improve customer experience.
Chairman and Managing Director Sanjay Joshi said the insurer has sufficient internal resources to fund the technology push and has already budgeted for the planned expenditure.
Rs 500 Crore Technology Investment
According to Joshi, some Requests for Proposals (RFPs) have already been floated, while the remaining technology projects will be taken up over the next two years.
As part of its digital roadmap, Oriental Insurance is working on a data lake project that will provide a centralised repository for storing different forms of data.
The company is also strengthening its data security infrastructure and plans to introduce more digital products to make insurance services easier and more accessible for customers.
Claims Process Goes Digital
Oriental Insurance recently launched an end-to-end digital process for Motor Own Damage claims. The system is aimed at making claim settlement faster, more transparent and convenient.
Joshi said the insurer now plans to replicate the digital claims model across other insurance segments, with customer centricity and sustainability remaining key priorities.
The insurer has also launched Oriental DigiBiz, its first dedicated digital office for customers buying policies directly online.
Customers can purchase insurance through the company's portal without an intermediary, while eligible policyholders can also receive discounts.
Premium Crosses Rs 20,000 Crore
Oriental Insurance has expanded its product portfolio with offerings including Oriental Gramin Health, Oriental PA Parivar Suraksha, Roadside Assistance Add-on and an enhanced Return to Invoice Add-on.
For the financial year ended March 2026, the insurer's gross premium crossed Rs 20,000 crore.
Growth was supported by strong contributions from Group Personal Accident, health, fire and motor insurance portfolios.
The company said the performance also reflects growing policyholder and stakeholder confidence in public sector insurance institutions.
