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Oriental Insurance is targeting a 20 per cent growth this fiscal. Its Chairman-cum-Managing Director AV Girijakumar told BusinessLine that the company was growing systematically and the growth was coming through online business and crop insurance.
Business growth via the online mode is said to have touched over ₹450 crore during the first quarter. The company is hoping to achieve ₹1,700 crore business just through online mode this fiscal.
“Claims settlement is another area for greater focus, else we will have no leg in the market,” Girijakumar said and pointed out that the management was doing its best to ensure that technology is supportive and digital penetration is on the rise.
He conceded that the public sector players were losing business to their peers in the private sector. “But the public still have faith in the public sector. We should capitalise on our strength and become more powerful,” he said. and sought their cooperation towards bringing down the claims ration from 85 per cent to 72-73 per cent.”
To a query on the merger of the three unlisted public sector general insurance companies, he said he expected the process to be expedited by special measures. “It is a crucial and very important measure, requiring HR and IT integration,” he maintained without committing on the timeframe.
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