the study on various insurance products of oriental
TRANSCRIPT
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The Study on various Insurance
Products of Oriental Insurance Co. Ltd.
By: Md. Nizam Bakhshi
MBA 1st, 5107209 Pondicherry University
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Introduction
The Oriental Insurance Company Ltd wasincorporated at Bombay on 12th September1947.
The Company was a wholly owned
subsidiary of the Oriental GovernmentSecurity Life Assurance Company Ltd andwas formed to carry out General Insurancebusiness.
The Company was a subsidiary of LifeInsurance Corporation of India from 1956 to1973 ( till the General Insurance Businesswas nationalized in the country).
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In 2003 all shares of company held bythe General Insurance Corporation ofIndia has been transferred to CentralGovernment.
Oriental Insurance made a modestbeginning with a first year premium ofRs.99,946 in 1950.
ORIENTAL with its head Office at NewDelhi has 26 Regional Offices and nearly900+ operating Offices in various citiesof the country.
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The Company has overseas operations inNepal, Kuwait and Dubai.
The Company has a total strength of
around 15,000+ employees. From lessthan a lakh at inception, the GrossPremium went up to Rs.58 crores in1973 and during 2008-09 the figure
stood at a mammoth Rs. 4077.90 crores.
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ManagementOriental Insurance is a professionally managed
independent Board-run Company. Illustrious personalities like Shri T.A.Pai( who
later became Cabinet Minister in the UnionGovernment ), Shri K. R. Puri, who rose to be
the Governor of RBI and Shri B.D.Pande(wholater became the Governor of West Bengal) wereamong our past Chairmen.
At present Dr. R.K. Kaulis Chairman-Cum-
Managing Director of our Company. The Boardof Directors of our Company include eminentpersonalities in various fields.
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Objectives of OICL
1. To serve better the insurance needs of the
entire community, keeping CUSTOMER as thefocus.
2. To strengthen our tradition of beingCUSTOMER - FRIENDLY, in order to provide
quality service.3. To optimize the retention of Indian business
and conduct reinsurance and internationaloperations in the best interest of the country.
4. To work towards minimization of losses anddevelop Risk Management Technologies.
5. To function as a strong and dynamic non-lifeinsurer.
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Objectives of Study
Proper understanding and analysis of Generalinsurance industry.
To know about brand awareness of Oriental
Insurance and customers preference about OrientalInsurance.
In all, it is to understand the overall working of theOriental Insurance Company Ltd in Generalinsurance sector.
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Company Profile
Type : Government-owed Corporation Founded: 12 September 1947
Head office: New Delhi,
Key People: Dr. R.K.Kaul (Chairman-Cum-Managing Director)
Industry: General insurance
Total Business: ($)892.14 million
Employees: 15000+ Website:http://orientalinsurance.org.in/
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Five year Business Digest2004-05 2005-06 2006-07 2007-08 2008-09
Gross Direct Premium 309055 360977 402078 390020 407790
Net Premium 221802 250046 287974 287867 323510
Net Claims190838(86.0%)
206475(82.6%)
235885(81.9%)
260222
(90.40%)
305719
(94.50 %)
Operating Expenses72988
(32.9%)85076
(34.0%)75423
(26.2%)82360
(28.6%)
91444
(28.27%)
Underwriting Profit / Loss (-) **
21338
(9.6%)
14438
(5.8%)
29833
(10.3%)
11893
(4.1%)
-39651
(12.26 %)
Interest, Dividend and Rent ** 14918 12169 15732 17118 17197
Profit Before Tax 47170 33419 62964 44235 -8842
Profit After Tax 33052 28392 49727 930 -5266
Paid-up Capital 10000 10000 10000 10000 10000
General Reserve 131836 154526 192553 192606 187339
Reserve for Unexpired Risk 111937 126399 145295 145539 162369
Capital Reserve & Other Reserve 2565 2565 2565 2565 2565
(Amount in lacs)
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Our Products
Individual Insurance / Family Insuranceincluding:
Awasiya Bima Kavach
Baggage Insurance
Bhagyashree Child Welfare Insurance
Burglary and House Breaking Insurance
Comprehensive Health Insurance
Contact Lens Insurance
Gun Insurance
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Cycle Rickshaw Insurance
Householders Insurance
Mobile/Cellular Phone Insurance
Pager InsurancePedal Cycle Insurance
Multi Peril Policy For LP Gas Dealers
Office Umbrella Policy
Glass Insurance PolicyPolicy For Jewelers Block Insurance
Shopkeeper's Insurance Policy
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Health Insurance
Group Mediclaim Policy
Bhavishya Arogya
Flight Coupon
Nagrik Suraksha Policy
Gramin Accident Insurance
Individual Mediclaim Policy
Jan Arogya Bima
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Business
Insurance Business/Office/Traders
Default Insurance (Exchange) Policy
Electronic Equipment Insurance
Fidelity Guarantee Policy - Floating Group
Fidelity Guarantee Policy - Individual Named
Hire Purchase Bank Guarantee Policy
Indemnity Insurance Policy for Custodians,
Registrars and Share Transfer Agents
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Engineering Insurance/
Industry Insurance All Risks Insurance
Employers Liability Insurance
Industrial All Risk Insurance Policy
Machinery Insurance Policy
Machinery Loss Of Profit Insurance Policy (Out-
Put Basis)
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Motor Insurance / Marine
Insurance Motor Insurance including:
Commercial Vehicle Ins.
Motorcycle Insurance
Private Car Insurance
Motor Cycle Package Policy
Motor Cycle Policy - Act Liability
Motor Trade PolicyMotor Trade Internal Risk Policy
Private Car Package Policy
Private Car Policy - Act Liability
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Marine InsuranceMarine Insurance including:
Hull War and Allied Peril Policy
Marine Hull Policy
Marine Insurance Policy (Air)Marine Insurance - REGD. Post
Marine Insurance - Sailing Vessels
Marine Insurance Policy (Ocean Voyage)
Marine Insurance Policy Inland Transit(Rail/Road
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Agriculture/ Sericulture/Poultry
Insurance
Agriculture/Sericulture/PoultryInsurance including:
Animal Driven Cart /Tonga Insurance
Apple Insurance Policy
Aquaculture Insurance
Policy Beetle vine Insurance
Coconut Insurance
Policy
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Animals/Birds Insurance
Animals/Birds including:
Camel Insurance
Cattle Insurance
Dog Insurance
Elephant Insurance
Rabbit Insurance
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Duck Insurance Scheme
Elephant Insurance
EMU Birds Insurance Policy
Fetus (Unborn Calf) Insurance Scheme
Horse/Yak/Mule/Pony/Donkey Insurance
Pig InsuranceRabbit Insurance
Sheep & Goat Insurance Policy
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Aviation Insurance Aviation Insurance including: Aircraft Hull/Liability Insurance Policy
Aircraft Hull and Spares All Risks Aviation
Liability Insurance
Aviation Fuelling/Re-fuelling Liability InsurancePolicy
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Research methodology
Primary Data:
Through personal interview to the officers or
Executive officers.
Secondary Data:
Through websites, journals, others books, etc.
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FindingsMostly of the peoples are not aware about manyproducts in general insurance as like as
Rural Insurance
Cycle Rickshaw InsuranceGun Insurance
Pager Insurance
Pedal Cycle Insurance
Contact Lens InsuranceRabbit Insurance etc.
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Suggestions
The Competition of private sectorremains a key challenge. The company
need to utilize advanced technology,which is giving fast information to thecustomers.
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Questions