Oriental Insurance to Invest Rs 500 Crore Over Three Years on Digital Capabilities
Oriental Insurance is set to invest Rs 500 crore over three years as it accelerates its digital transformation.
Oriental Insurance plans to invest Rs 500 crore over the next three years to strengthen its digital capabilities.
New Delhi, Oriental Insurance: Oriental Insurance Company Ltd (OICL) plans to invest around Rs 500 crore over the next three years to strengthen its digital capabilities, with a stated focus on customer centricity, Chairman and Managing Director Sanjay Joshi has said.
The public sector general insurer has budgeted the spend from its own resources. “For a technological boost, we have our own resources and have budgeted for it. We won’t have any problem,” Joshi said. “The total expenditure would be around Rs 500 crore over three years.”
Some Requests for Proposals (RFPs) have already been floated, he said. The remaining ones will be taken up over the next two years.
Oriental Insurance: Data Lake and Data Security Among Priorities
Outlining the company’s digital roadmap, Joshi said OICL is working on a data lake project and taking steps to further strengthen its data security infrastructure.
A data lake is a centralised storage repository that holds large volumes of structured, semi-structured and unstructured data in its raw format.
The insurer also intends to onboard more digital products at the earliest. It says this is part of its efforts to improve customer experience and make its services more accessible. Customer centricity and sustainability will remain the company’s focus, Joshi added.
Also Read: Bharat Griha Raksha: Why You Need This Home Insurance Policy
Oriental Insurance: Digital Claims Journey to Be Extended
On claims, Joshi said OICL recently launched an end-to-end digital journey for Motor Own Damage (OD) claims. The journey is aimed at making claims processing faster, more transparent and more convenient for customers.
“We want to replicate this in other segments,” he said.
Oriental Insurance: Oriental DigiBiz and New Products
The insurer has also launched Oriental DigiBiz, described as its first dedicated digital office for customers buying insurance directly online. The initiative lets customers buy cover through the company’s portal without intermediary involvement. Eligible customers receive discounts, and the company says this strengthens its direct-to-customer digital channel.
OICL has also introduced new and enhanced products. These include the Oriental Gramin Health policy, the Oriental PA Parivar Suraksha policy, a Roadside Assistance add-on and an enhanced Return to Invoice (RTI) add-on, along with other customer-focused initiatives.
Oriental Insurance: Gross Premium Crosses Rs 20,000 Crore
For the financial year ended March 2026, Oriental Insurance’s gross premium crossed Rs 20,000 crore. The company said this reflects growing trust among policyholders, intermediaries and other stakeholders in the insurer and in public sector insurance institutions more broadly. It also said the performance aligns with the government’s objective of promoting financial inclusion and wider access to risk protection.
Growth was driven by the Group Personal Accident (GPA), health, fire and motor insurance portfolios.
