the study on various insurance products of oriental

8/4/2019 The Study on Various Insurance Products of Oriental

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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

the study on various insurance products of oriental

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