Oriental Insurance Bets ₹500 Crore On Digital Push, Here’s What The Insurer Plans Over Next 3 Years
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…
Public sector insurance company Oriental Insurance Company Ltd (OICL) is planning to invest approximately Rs 500 crore over the next three years to enhance its digital infrastructure and elevate customer experience. Sanjay Joshi, the company's Chairman and Managing Director, confirmed that the insurer possesses adequate internal resources to fund this technology push, having already allocated funds for the planned expenditure.
The Rs 500 crore investment is part of OICL's digital roadmap, which includes various projects. The company has already issued Requests for Proposals (RFPs) for certain initiatives, while the remaining projects will be implemented over the subsequent two years.
One such project involves the development of a data lake, a centralized repository aimed at storing diverse forms of data. OICL is also prioritizing data security and intends to expand its digital product offerings to facilitate and facilitate insurance services for customers.
Recently, the company launched an end-to-end digital process for Motor Own Damage claims, designed to expedite, increase transparency, and convenience claim settlements. Joshi emphasized that OICL plans to extend this digital claims model across other insurance sectors, with a focus on customer-centricity and sustainability.
Additionally, OICL has introduced Oriental DigiBiz, its inaugural digital office, enabling customers to purchase policies directly online without intermediaries. Eligible policyholders can also avail discounts through the company's online portal.
The insurer has broadened its product portfolio with offerings such as Oriental Gramin Health, Oriental PA Parivar Suraksha, Roadside Assistance Add-on, and an enhanced Return to Invoice Add-on. In the financial year ending March 2026, OICL's gross premium exceeded Rs 20,000 crore, driven by robust contributions from its Group Personal Accident, health, fire, and motor insurance portfolios. The performance reflects the growing confidence of policyholders and stakeholders in public sector insurance institutions.
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