Oriental Insurance Company Limited, the market leader in the non-life insurance segment in Orissa, has targeted a premium collection of Rs 100 crore from the state in the current fiscal.
This is 22.8 per cent higher than Rs 81.38 crore premium collected by the company in the state in 2008-09.
“We have set a premium collection target of Rs 100 crore this fiscal in Orissa as against Rs 81.38 crore achieved in 2008-09”, said G N Samal, regional manager (Orissa) of Oriental Insurance Company Limited.
About 70 per cent of Oriental Insurance's total business in the state comes from the motor insurance portfolio.
The company has a market share of 34 per cent in Orissa and has been registering profits in the state for the past 4-5 years. It clocked a profit of Rs two crore in the last fiscal.
On a pan-India basis, Oriental Insurance is eyeing a premium collection of Rs 4500 crore in 2009-10, a 11.1 per cent growth over Rs 4050 crore in the previous fiscal.
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Sanjeev Chanana, director and general manager, Oriental Insurance said, “Motor insurance accounts for around 45 per cent of our total business followed by health at 20 per cent and fire insurance at 11 per cent.”
Chanana was in the city in connection with the inauguration of the company's first service centre in Orissa. The service centres are aimed at faster settlement of insurance claims.
The company has already rolled out 16 service centres throughout the country and currently these service centres are dealing with settlement of motor insurance claims.
“We are aiming to have a network of 25 centres across the country by the end of this fiscal. Apart from motor insurance claims, these centres will also settle claims of our other insurance portfolios”, said Chanana.
Claiming that these service centres have settled more than 17,000 claims, he said that the company is preparing a workflow procedure for these centres
“The service centres have helped bring down the average settlement time of motor insurance claims from 77 days to 25 days. The company has also been able to save Rs 17.5 crore from eight service centres”, Chanana stated.
D K Mishra, chief regional manager (Orissa) of Oriental Insurance said, “The plan to set up service centres across the country is a part of the Business Process Engineering of Oriental Insurance”.