The Hindu Business Line : Oriental to launch more personalised policies

Its Chairman and Managing Director, Mr M. Ramadoss, who was in the city to inaugurate the company's 22nd Regional Office said there were more than 130 product offerings and the company was seriously considering to create an awareness about these products.

"We have recruited `Micro Insurance Agents' in rural pockets to cover the assets of farmers," he said and added that through its tie-up with the Department of Posts, Oriental extended personal accident cover to the rural populace.

Apart from providing such risk cover in rural areas, the company established a leadership position in the marine, cargo, aviation, hull and engineering insurance space in 2005-06, Mr Ramadoss said and added that "Oriental also extended some exotic covers," but refused to get into details.

While conceding that pricing would be a challenge in the de-tariffed regime, he said the public sector insurance companies would have an edge over their competitors in the private sector because of better underwriting skills and experience.

Reverting to the issue of revising the premium rate on medi-claim policies, Mr Ramadoss said: `The company was bleeding because of the loss in health insurance," he said and emphasised the need for better support from the Government on the infrastructure front.

"The Government has to provide access to medicare and health management. Unless this is strengthened, what is the use of providing the health cover, particularly in the rural areas?" he asked.

Oriental, he said, was taking all steps to control the motor loss claims and plug leakages. The company's Incurred Claims ratio in 2005-06 dipped by 20 per cent indicating better operational efficiency. "Most of this savings came from the motor sector," Mr Ramadoss said.

In a bid to standardise its office environment and establish a centralised network for exchange of information and data, Oriental has set aside Rs 60 crore. He said the efforts were aimed at improving its operating efficiency.

The company had, only a week ago got the approval from the Regulatory Authority for acceptance of the premium dues by swiping the credit card.

On regional office set-up, he said the company proposed to open its 23rd regional office in Nagpur this fiscal and may be another two next year. Each regional office would have 40 offices under its control compared to the 70-plus at present for better control, he said.

More Stories on : General Insurance | Rural Marketing | Outlook

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rupee gains against dollar

IBM, Oracle, i-flex join hands for banking tool

Oriental to launch more personalised policies

Insurers have to spend much on IT to survive

Apollo forays into health insurance

Bond prices fall

CIBIL plans products to spot good customers

Canara Bank on financial inclusion drive

Call rates at 6.40-6.50

Barclays acquires 4.70 pc in IDFC

New ED for BoB

Yogesh Agarwal, new SBI MD