NEW DELHI (Economy India): Public sector general insurer Oriental Insurance Company Ltd (OICL) plans to invest around ₹500 crore over the next three years to strengthen its digital capabilities and improve customer-centric services, Chairman and Managing Director Sanjay Joshi said.
The investment is part of the insurer’s broader technology transformation programme, which includes strengthening data security, developing a centralised data lake, expanding digital insurance products and making claims processing more convenient for policyholders.
“For a technological boost, we have our own resources and have budgeted for it. We won’t have any problem. The total expenditure would be around ₹500 crore over three years,” Joshi told PTI.
Digital Investment Programme to Roll Out Over Three Years
According to Joshi, some requests for proposals (RFPs) for the technology projects have already been floated, while other initiatives will be taken up over the next two years.
The planned investment is aimed at building a stronger digital infrastructure while improving the way customers interact with the insurer.
OICL is also working to make more insurance products available through digital channels, with the objective of making policy purchase and servicing more accessible.
Data Lake and Cybersecurity in Focus
A key component of the company’s technology roadmap is a data lake project, which will provide a centralised repository for storing and managing large volumes of structured and unstructured data.
The insurer is also strengthening its data security infrastructure as digital transactions and online insurance services expand.
The combination of data management and security is expected to support the company’s efforts to improve digital services while protecting customer information.
Digital Motor Claims Already Launched
Oriental Insurance has already taken steps to digitise the claims process.
The company recently introduced an end-to-end digital journey for Motor Own Damage (OD) claims, aimed at making the claims process faster, more transparent and more convenient for customers.
Joshi said the company intends to replicate the digital claims model across other insurance segments.
The move is part of a wider effort to reduce manual processes and provide customers with a more streamlined insurance experience.
Oriental DigiBiz Expands Direct Online Insurance
The insurer has also launched Oriental DigiBiz, its first dedicated digital office for customers purchasing insurance directly online.
The platform allows eligible customers to buy insurance policies directly through the company’s portal without intermediary intervention. It also offers discounts to eligible customers, strengthening Oriental Insurance’s direct-to-customer digital channel.
The company has simultaneously introduced and enhanced several insurance offerings, including Oriental Gramin Health, Oriental PA Parivar Suraksha, a Roadside Assistance Add-on and an enhanced Return to Invoice (RTI) Add-on.
Gross Premium Crosses ₹20,000 Crore
Oriental Insurance’s gross premium crossed ₹20,000 crore in the financial year ended March 2026, with growth supported by its Group Personal Accident, health, fire and motor insurance portfolios.
The company said the premium milestone reflects contributions from policyholders, intermediaries and other stakeholders.
The insurer’s digital expansion comes as India’s broader insurance industry increasingly adopts technology for policy distribution, servicing, underwriting and claims management. Industry data also points to expanding digital adoption across India’s non-life insurance market.
Focus on Customer-Centric Insurance Services
Oriental Insurance said customer centricity and sustainability will remain central to its technology and business strategy.
The planned ₹500-crore investment is therefore expected to support not just back-end technology upgrades but also improvements in the customer journey — from purchasing policies and accessing services online to filing and tracking claims.
As the insurer rolls out the projects over the next three years, digital platforms, data infrastructure and technology-enabled claims processing are set to become increasingly important components of its service strategy.
(Economy India)
