The Oriental Insurance Company Limited

The Oriental Insurance Company Limited is a renowned insurance company founded in the vibrant city of Mumbai in 1947. In the beginning, it was an exclusive subsidiary of The Oriental Government Security Life Assurance Company Limited. And, its core purpose was to operate in the domain of General Insurance. However, from 1956 to 1973, it operated as a subsidiary of the esteemed Life Insurance Corporation of India until the nationalisation of General Insurance. Then, in the year 2003, the company’s shares (that were possessed by the General Insurance Corporation of India) were handed over to the Central Government of India.

Throughout its illustrious history, it has consistently been at the forefront of shaping efficient systems that facilitate smooth and orderly business operations. A key factor in the company's success is the exceptional dedication of its workforce which encompasses diverse disciplines and extensive expertise.

The speciality of The Oriental Insurance Company Limited lies in its specialised insurance products that are tailored for large-scale projects, such as power plants, petrochemical industries, steel mills, and chemical plants. In addition to that, it has also developed a wide range of insurance covers that are designed to cater to the unique needs of both urban and rural populations across India. To ensure impeccable customer service, The Oriental Insurance Company Limited prides itself on maintaining a team of technically qualified and competent professionals.

Awards & Recognitions

The company was honoured with an award for the ‘Best User of Consumer-Centric Insurance Applications’ by Amity University in 2008. This was for its exceptional use of digital tools to make the customer’s insurance journey more seamless.

Claim Settlement Ratio

The Claim Settlement Ratio serves as a crucial measure of an insurance company's credibility in handling claims. It is the ratio of the total number of claims settled successfully to the total number of claims received in a specific financial year. In the financial year 2021-22, Oriental Insurance Company Limited had a claim settlement ratio of 75.8%.

Assessing an insurance company's Claim Settlement Ratio allows you to evaluate its capability to handle claims effectively. The insurer with a favourable Claim Settlement Ratio is considered to be the most trustworthy and reliable. It is also important to review their CSR track record over the last few years to determine if they have been consistent in fulfilling their claim obligations.

Solvency Ratio

The solvency ratio holds great importance as it reflects an insurance company's financial strength and stability. In other words, it showcases the insurer's ability to fulfil their claim commitments efficiently.

According to the guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are required to maintain a minimum solvency ratio of 150%. The Oriental Insurance Company Limited has a solvency ratio of -90% up to the quarter that ended on 31 December 2022.

Network Hospitals

A network hospital is a hospital that has an agreement with your insurance company to provide cashless treatment services. This arrangement allows you to receive medical treatments without making any upfront payments. The insurer or the third-party administrator (TPA) associated with the insurer directly settles your medical bills. However, you will be responsible for the expenses that are not covered by your policy, such as consumables, administrative fees, registration fees, and similar costs.

The Oriental Insurance Company Limited has a robust network of over 5,100+ hospitals to offer cashless treatments. To access the list of network hospitals based on your location, you can visit https://orientalinsurance.org.in/en/web/guest/network-hospitals?isSelected=locator&isRefresh=true. This tool allows you to check the number of hospitals in your area listed with your insurer as well as whether your preferred hospital is included in their network.

Network Garages

Network garages are authorised repair facilities that partner with insurance companies to provide you with cashless vehicle repair services in case of accidents or damages. This means that when you choose a network garage to get your vehicle repaired, you need not pay for the expenses directly. Your insurance company will take care of the expenses, while you are only responsible for paying the deductible and any consumable charges that may apply.

The Oriental Insurance Company Limited has a network of over 3,100+ garages to offer cashless vehicle repairs. To find the number of garages affiliated with the insurer based on your location, you can visit https://orientalinsurance.org.in/en/web/guest/workshops-cashless-facility?isSelected=locator&isRefresh=true. It also provides you with the information regarding the number of network garages available in your vicinity.

Customer Care

Toll-Free Helpline
For any assistance regarding your insurance policies, inquiries or support, you can reach out to The Oriental Insurance Company Limited's customer support team by calling their toll-free number 1800-118-485.
Email
If you prefer written communication, you can send an email to csd@orientalinsurance.co.in for any queries, support, or any other assistance you may require..

If you have any doubts or issues, you can also get in touch with them via alternate contact options such as -

Twitter: https://twitter.com/oiclinsurance
Facebook: https://www.facebook.com/OrientalInsuranceCompanyLtd/