Mumbai: State-run non-life insurer, Oriental Insurance Company (OIC), is looking at a premium growth of 4-5% by the fiscal-end, up from 2.7% recoded a year ago. The company achieved the gross premium collection of Rs 2975 crore as on December, 2008 and was expecting the figure to be at Rs 4200 crore by the end of the fiscal.
Speaking to reporters after inaugurating first broker divisional office of his company in Mumbai on Wednesday, M Ramadoss, chairman and managing director, OIC, said, "Based on various recommendations made by the BCG for the restructuring of the company, we are working a hosts of innovations. First of all, the company has appointed a separate cell for segments like health and motor claims, which were the fastest growing sectors currently.''
The cell is being headed by an official in the rank of a general manager. The idea is to ensure growth and bring down the claims in these portfolios. Also, OIC was looking at opening a separate wing for corporate accounts, which would be headed by an official whose job would be to take care of the agents. Next to come in line will be the dealer tie-up. OIC has also centralized all the existing motor claims through service centres.
The company was planning to make motor claim settlement to merely less than 20 days, said Ramadoss. The OIC was planning to open 10-15 brokers' offices during current fiscal. Coming on business procurement by agents, the company had plans to bring additional business of Rs 5-6 lakh through each agent per month.
While business procurement by agents has grown by 50% during past 5-6 months the number of claims have come down at each service centre of the company. In Mumbai alone, the claim ratio has come down to 25% in motor until December, 2008.
Source: The Financial Express
Friday, January 23, 2009
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