Oriental Insurance Company Ltd | Vehicle Insurance | Insurance

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


1.1 Introduction
Oriental Insurance Company Ltd, a subsidiary company oI the General
Insurance Corporation (GIC) oI India, started its operation in India on 12th September
1947 at Bombay (now Mumbai) as a public sector company. The company became a
subsidiary oI LiIe Insurance Corporation oI India in 1956 and continued to serve as such
till 1973. The main goal oI the company was to get involved in the business oI general
insurance thus catering to the needs oI all kinds oI people and are quite Iamous Ior their
coverage oI products associated with steel and chemical plants, petrochemical and
powerplants.

In 2002, aIter the Insurance Amendment bill was passed, the company was de- linked
Irom GIC and all its shares has been transIerred to the Central Government. The
company has evolved in great respects over the years and slated to become one oI the
leading insurance company oI the country. Presently the company has made its presence
Ielt into the other segments oI insurance as well. The company has gone up to
accomplish a premium oI Rs. 4077.90 crores (2008-09) Irom the premium oI Rs. 99,946
in 1950.
A good liIe is a beautiIul dream. We love building our house brick by brick, acquire
assets tasteIully and aspire to make liIe comIortable everyday. Business security and
personal saIety in the present times concern everyone. Measures are taken to prevent
things going out oI hand yet and an element oI Iear keeps dotting us.

Hard earned assets acquired during liIe time may be under some threat due to unIoreseen
circumstances. An industry or establishment may encounter a situation that may get out
oI the hands oI human beings. Someone on the road may be insensitive to the precautions
being taken to cross the road. Anything may happen anytime. Can we oIIset the
uncertainty? Probably not. - But this can be transIerred very simply through the means oI
taking insurance.


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


An individual may get insured his property like house and its contents, car etc, against
various perils. Health and Personal Accident Insurance support during hard times. Even
liabilities arising Irom various situations can also be covered.

A business enterprise can get coverage Ior its assets against various risks like Iire, Ilood,
earthquake etc., to name a Iew, at a nominal premium and go on to insure Business
Interruption. Many liabilities arising during course oI business are also taken care oI.

Likewise industries also Iind protection through various insurance policies Ior Iire and
allied perils, business interruption and workmen insurance. The transit oI the equipment
to the site entails many hazards arising Irom ocean, rail, air or road. Acts oI God or
terrorism may cripple any industry beIore it starts up or in operation. All can be covered.

Loans advanced by Iinancial institutions may get threatened by operation oI unIoreseen
events. Many more situations may emerge that one may not have even thought oI.

The value oI the property (sum insured) which is exposed to the risks should be kept
almost equal to the loss one may sustain considering the present state or market value.
One may also think oI taking insurance on replacement (re-instatement) value. The cost
oI imperishable may not be taken into account, e.g. land. The basis oI Iixing sum insured
may vary Irom property to property or risk to risk but bottom line remains almost same.

Personal accident insurance can be taken Ior an individual, Iamily or a group. The sum
insured is based on earnings. Health insurance packages are available Ior individual,
Iamily or group basis.






Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta

Oriental Insurance Company Ltd, have a set up oI more than 1000 oIIices. Marketing
staII is also always keen to reach you. Our agents are there to canvas the business. We
can also buy selected insurance products on this Portal as well. In addition the Portal
enables you to view the policies already taken by you and the status oI any claim which
may have been reported. What you really need to do is to identiIy your requirements
where you would need insurance protections and contact Oriental Insurance Company

1.2Objective of the Study

O The aim oI this study is to know about various Iunctional departments in the
organization.
O To make an awareness oI the general insurance industry.
O To know the roles oI managers in various departments.
O To understand the diIIerent products and their position on the market in
terms circulation and reader ship.
O To analyze the present status and Iuture strategy oI the company.
O To analyze the internal strength and weakness and external threats and
opportunities oI the organization.
O To integrate practical experience with theoretical concepts.
O To analyze the perIormance oI the organization.

1.3 Scope of the study
The organization study will help to attain a Iirst hand experience oI over all Iunctioning
oI the organization. It provides a chance to interact with the authorities and employees in
the organization. It helps to understand the practical problems Iaced by the managers Ior
decision making and other organizational activities.



Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta

1.4 Duration of the study
The duration oI this study was Ior a period oI 1 month starting Irom 1-5-2010 to
31-5-2010
1.5 Methodology
Datas are collected in primary sources and secondary sources. The primary
sources are collected Irom detailed with managers and personnel interviews with
employees.
Research methodology provides various steps that can be adopted by the
researchers in studying his research problems. Research is actually search Ior knowledge.
Methodology Used In Data Collection
The methods used Ior collecting data in this study are,
1. Primary Data
The primary data are those collected by the investigation himselI Ior the
Iirst time and thus in original in character. The primary data collected through
Personal interview
These are very useIul to know about the persons options oI the
employees regarding their iob problems. The success oI this method largely
depends on the proper draIting oI questions
Observation
This method implies the collection oI inIormation by way oI researchers
own observation The study needed to have a personal visit to the diIIerent
departments oI the company.



Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Secondary sources
Secondary sources are iournals, company proIiles, annual reports, company website
www.orientalinsurance.org.in, and technical Iiles. These are the important inIormation
source oI the company.
1.6 Limitation
O Time is a maior constraint.
O Detailed collection oI inIormation is impossible.
O PerIormance oI executives must access properly , otherwise it will eIIect the
merit rating process.
O Since the oIIicials were busy , it was diIIicult to spare time with them Ior
detailed discussion
O The incomplete Ieedback oI the executives and customer may be lack oI
the organization study.
O Lack oI experience oI researcher is a limiting Iactor oI the study.












Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


2.1 Industry Profile
Oriental Insurance Company Ltd, a subsidiary company oI the General Insurance
Corporation (GIC) oI India, Started its operation in India on 12th September 1947 at
Bombay (now Mumbai) as a public sector company. The company became a subsidiary
oI LiIe Insurance Corporation oI India in 1956 and continued to serve as such till
1973.The main goal oI the company was to get involved in the business oI general
insurance thus catering to the needs oI all kinds oI people and are quite Iamous Ior their
coverage oI products associated with steel and chemicalplants. In 2002, aIter the
Insurance Amendment bill was passed, the company was de- linked Irom GIC and all its
shares has been transIerred to the Central government. The company has evolved in great
respects over the years and slated to become one oI the leading insurance company oI the
country. Presently the company has made its presence Ielt into the other segments oI
insurance as well. The company has gone up to accomplish a premium oI Rs. 4077.90
crores (2008-09) Irom the premium oI Rs. 99,946 in 1950.
Abstract of Oriental Insurance Company Ltd
O To keep the Iocus on customer and serve their insurance requirements.
O To oIIer high quality service being customer Iriendly.
O To invest Iunds Ior optimum grant and engage in proIitable business.
O To optimize the retentivity oI Indian business and carry on reinsurance policies and
Ioreign operations.
O To establish Risk Management Technologies and minimize the losses.




Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Growth of Oriental Insurance Company Ltd

Oriental Insurance Company Ltd. has its head oIIice at New Delhi and 26 regional
oIIices all over the country. Apart Irom this the company also has over 900operating
oIIices and overseas operation, mainly in Kuwait, Dubai and Nepal. The company
presently has around 15,000 technically qualiIied, eIIective, committed and highly
trained workIorce covering various segments.
The Solvency Margin as oI 31st March, 2009 is 1.66 in comparison to the desired
Solvency Margin oI 1.5 made compulsory by the Indian Regulatory Body, IRDA.

O A pre-tax loss oI Rs 82.66 crores& post-tax loss oI Rs. 52.66 crores Ior the year 2008-
09 was recorded aIter considering the income Irom the dividend, interest and rent oI
Rs 608.23,crores and ProIitonsaleoIInvestmentsoIRs387.39.
O The company recorded the gross premium income in India during the year 2008-09 at
Rs. 3964.26 and abroad at Rs. 113.64 crores in comparison to Rs. 92,07 in the
previous year registering a growth oI 4.55°. On the other hand the net premium
income both in domestic and Ioreign operations recorded a rise oI 12.38° Irom
Rs.2878.67 crores in 2007-.08 to Rs. 3235.10 crores in 2008-09. An overall surplus oI
Rs. 15.27 crores was registered in the company's Ioreign operations.
O The company has gone ahead to make itselI more technologically updated and IT
Iriendly and have their very own websites. The implementation oI Integrated Non-
LiIe Insurance Application SoItware (INLIAS) in their company has ascertained a
better customer service. Furthermore, the company has been credited with the highest
rating by leading Indian Credit Rating Agenciagency, rated the company as B¹¹(Very
Good).

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


2.2 Company Profile

The Oriental Insurance Company Ltd was incorporated at Bombay on 12th
September 1947. The Company was a wholly owned subsidiary oI the Oriental
Government Security LiIe Assurance Company Ltd and was Iormed to carry out General
Insurance business. The Company was a subsidiary oI LiIe Insurance Corporation oI
India Irom 1956 to 1973 ( till the General Insurance Business was nationalized in the
country). In 2003 all shares oI our company held by the General Insurance Corporation oI
India has been transIerred to Central Government.

The Company is a pioneer in laying down systems Ior smooth and orderly conduct oI the
business. The strength oI the company lies in its highly trained and motivated work Iorce
that covers various disciplines and has vast expertise. Oriental specializes in devising
special covers Ior large proiects like power plants, petrochemical, steel and chemical
plants. The company has developed various types oI insurance covers to cater to the
needs oI both the urban and rural population oI India. The Company has a highly
technically qualiIied and competent team oI proIessionals to render the best customer
service.
Oriental Insurance made a modest beginning with a Iirst year premium oI Rs.99,946 in
1950. The goal oI the Company was 'Service to clients¨ and achievement thereoI was
helped by the strong traditions built up overtime.
ORIENTAL with its head OIIice at New Delhi has 26 Regional OIIices and nearly 900¹
operating OIIices in various cities oI the country. The Company has overseas operations
in Nepal, Kuwait and Dubai. The Company has a total strength oI around 15,000¹
employees. From less than a lakh at inception, the Gross Premium went up to Rs.58
crores in 1973 and during 2008-09 the Iigure stood at a mammoth Rs. 4077.90 crores.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta

Corporate Mission

To contribute to the socio economic obiectives oI the nation by being a vibrant
and viable organization catering to the growing insurance needs oI the community.
Towards this end we will strive Ior eIIective management oI business operations.

Corporate Objectives

1. To serve better the insurance needs oI the entire community, keeping CUSTOMER as
the Iocus.
2. To strengthen our tradition oI being CUSTOMER - FRIENDLY, in order to provide
quality
service.
3. To manage Business proIitably, manage Iunds iudiciously and deploy investible Iunds
Ior
optimum yield.
4. To optimise the retention oI Indian business and conduct reinsurance and international
operations in the best interest oI the country.
5. To work towards minimisation oI losses and develop Risk Management Technologies.
6. To Iunction as a strong and dynamic non-liIe insurer.
Values:
· Highest priority to customer needs.
· High standards oI public conduct.
· Transparency in operations.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Commitment

TO THE CITIZENS WE WILL
· In areas coming within competence oI GIC respond to all commercially viable
general insurance requirements oI the citizens, not hitherto available within three months
Irom the date on which such a demand is received.
· In areas covered by tariII, appropriate proposals will be submitted to the TariII
Advisory Committee with appropriate comments within two months.
· Continue to provide customized insurance products Ior weaker sections oI the
society at aIIordable price within six months oI receipt oI a request Ior a speciIic type oI
cover.
· Establish customer inIormation counters at all regional centers by December, 1997
and computerise these centers by March, 1998. These computerised centers will be
extended to divisional oIIices in stages by December, 1999.
· Establish May I Help You` Iacility to cater to customers inIormation requirements
at the Headquarters oI the insurance companies by 15th August, 1997.
· Ensure issuance oI 90° oI documents within a period oI 30 days Irom 15th August,
1997 and progressively reduce the period to 15 days by August, 1998 and to 7 days by
August, 1999.
· Prepare booklets on standard policy covers setting out essential inIormation and
make such booklets readily available Ior purchase at suitable places.
· Set up Zonal Advisory Committees at the Iour metropolitan cities by December, 1997
to interact with customers and get Ieedback on insurance services.
· Promote customer education in general insurance service by holding workshops in
important regional centers.
· Make available to a customer, on request to the policy issuing oIIice, the status oI his
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


claimand/or claim settlement details within 7 working days.
· Settle all claims within a times schedule envisaged hereunder :-

a) Personal line insurance claims within 30 days on completion oI all requirements.
b) Property claims within 60 days on completion oI all requirements.
c) Liability claims within 30 days on completion oI process oI law.
· Endeavour to set up a system oI Ombudsman at the Iour metropolitan cities to
conciliate disputes on personal line insurance claims.
Management

Oriental Insurance is a proIessionally managed independent Board-run Company.
Illustrious personalities like ShriT.A.Pai ( who later became Cabinet Minister in the Union
Government ), Shri K. R. Puri, who rose to be the Governor oI RBI and ShriB.D.Pande
(who later became the Governor oI West Bengal) were among our past Chairmen. At
present Dr. R.K.Kaul is Chairman-Cum-Managing Director oI our Company. The Board
oI Directors oI our Company include eminent personalities in various Iields.








Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Goal Setting Flow

Exclusive Features
O Immediate policy issuance through online Iacility.
O On line approval Ior minor claims through cashless network dealers.
O Availability oI 24x7 call centers.
O Lightning Iast claims settlement.
O Simple and Iast documentation.
O Tax saving health insurance plans.





Vision, Mission,
Business GoaIs
Strategy Budget
AnnuaI
Business pIan
Company
Objectives
RegionaI/
DepartmentaI/
FunctionaI
Business PIan
IndividuaI
Objectives
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Performance Flow









Performanc
e
PIanning/O
bjective
Setting
Performanc
e
Assessmen
t AnnuaI
Review
Performanc
e
DeveIopme
nt
Rewards
and
Recognitio
n
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


2.3 Product Profile
A Iew oI Oriental Insurance most widely sold and most useIul policies are:
O PNB - Oriental Royal Mediclaim Policy
Exclusively Ior Puniab National Bank Customers with Elaborate Coverage & Most
Competitive Cost
O Motor Policy
Motor insurance is mandatory Ior every vehicle. This is one oI the reasons why we
take it Ior granted. The Oriental Insurance Company Ltd, motor insurance policy is
comprehensive vehicle insurance as governed by the Indian motor TariII.
It covers For:
O Loss or Damage to the Vehicle, due to Natural Calamities:
Fire, explosion, selI ignition or lighting, earthquake, Ilood, typhoon, storm etc.
Man-made Calamities:
Burglary, theIt, riot, strike, malicious act, accident by external means etc.
O Personal Accident Cover:
The motor insurance provides compulsory personal accident cover Ior individual
owners and optional Ior passengers.



Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O Third Party Legal Liability
Covers Ior legal liability due to accidental damage Ior:-
Any permanent iniury/ death oI a person
Any damage caused to the property.
O Additional Covers
Electrical/ Non-electrical accessories, bi-Iuel system etc can be covered.
O Motor Policies - Terms & Conditions
1. Two wheeler Package Policy
2. Private Car Package Policy
3. Commercial Vehicle Package Policy
4. Liability Only Policies (Applicable Ior all types oI vehicles) Motor Trade Policy
wordings.

(i) Standard Form Ior Motor Trade Package Policies
(ii) Motor Trade Internal Risk
5. India Motor TariII (IMT) Endorsements .
6. OIC Endorsements: New Endorsements Ior Add-On Covers Ior Motor Package
Policy.




Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O COMPREHENSIVE HEALTH INSURANCE SCHEME

Under National Common Minimum Programme, Comprehensive Health Insurance
Scheme Ior one district in each state in 2004-05 has been Iormulated Ior implementation
with community participation.

The Salient Features oI the Scheme are:

Primary Iocus oI Health Insurance in the Pilot District would be the poorer section oI
the society i.e. both BPL and Non-BPL.

The experience gained Irom the outcome in implementing the scheme in these Pilot
Districts would Iorm the basis Ior possible expansion and its replication in other districts
in Iuture.

To Iocus on the health insurance needs oI the Population by marketing the entire range
oI existing Health Insurance products catering to the needs oI all income groups such as
Mediclaim,BhavishyaArogya, Jan Arogya, Universal Health, SwasthyaBima
Policies etc.

All the existing Health Insurance products would be marketed to the population in the
Pilot District in a holistic manner by mobilizing support Irom diIIerent agencies viz.
State Government, Local bodies,Community based organizations, NGOs, Cooperatives
and other organizations involved in Social Sector activities.

The Iour Public Sector Insurance Companies would market the product by utilizing
the existing marketing channels.




Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


The claims settlement process would be simpliIied depending upon the availability oI
the Third Party Administrators (TPAs) or throughTie-up arrangements with Service
Providers, medical Iacilities would be provided cash-less, as Iar as possible
.
Theprogramme will be undertaken, in one District in each State ideally be the one that
have a strong presence oI Community Based Organizations and having a reasonable
health inIrastructure and delivery mechanism.

O Electronic Equipment Insurance Policy

This policy oIIers Iinancial protection in case your electronic equipment suIIers
accidental electrical and machinery breakdown requiring repairs and /or replacement.
This policy covers all types oI computers including micro - processors, word -
processors, tele - communication instruments, machine Ior medical use, Iilms and
television studio equipment, electronic score boards etc.
Covered Risks :
Under this insurance are covered against all kinds oI accidental, Electrical and
Mechanical breakdowns due to internal causes ,external causes and operational
deIiciencies.
Major Exclusions :
Damage due to any cause Ior which the manuIacture and/ or supplier is responsible,
DeIects existing at the time oI taking insurance known to the insured but not known to
the Insurers, Loss or damage due to interruption caused by the Iailure oI electricity
service or supply.








Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O Group Mediclaim Policy
Mediclaim Insurance is a cover which takes care oI medical expenses Iollowing
Hospitalisation/Domiciliary Hospitalisation oI the Insured in respect oI the Iollowing
situations: (A) In case oI a sudden illness (B) In case oI an accident (C) In case oI any
surgery which is required in respect oI any disease which has arisen during the policy
period. The maior beneIit Ior taking a Group Mediclaim policy is that the insured gets a
Group discount, hence the premium per person is lower.
Covered Risks :

This cover is a hospitalisation cover and reimburse the medical expenses incurred in
respect oI covered disease /surgery while the insured was admitted in the hospital as an
in patient.The cover also extends to pre- hospitalsation and post- hospitalisation Ior
periods oI 30 days and 60 days respectively.
Major Exclusions :
Any pre-existing disease,any expense incurred during Iirst 30 days oI cover except iniury
due to accident,all expenses incurred in respect oI any treatment relating to pregnancy
and child birth. Treatment Ior Cataracts,Benign prostatic hypertrophy,Hysterectomy,
Menorrhagia or

Fibromyoma, Hernia,Fitula oI anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric
or Psychosomatic disorders are excluded Irom the scope oI the cover.




Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O Householders Insurance Policy

The House holder's Insurance Policy is a comprehensive shelter that protects your house
and the various contents in it against a variety oI risks. It is a single policy that takes care
oI a number oI contingencies. The policy is divided into 10 sections. Sec 1(B) and a
minimum oI any 2 other sections are compulsory. Section 1 : Fire and Allied Perils.
Section 2: Burglary. Section 3:All risks. Section 4 : Plate Glass. Section 5 : Breakdown
oI domestic appliances. Section 6: T.V. Set. Section 7 : Pedal Cycles. Section 8 :
Baggage Insurance. Section 9: Personal Accident. Section 10: Public Liability.

Covered Risks :
Buildings oI class 'A' construction, Plate Glass, Breakdown oI domestic
appliances, T.V. Set, Pedal Cycles,Baggage Insurance, Personal Accident,Public
Liability.


O Individual Mediclaim Policy


Mediclaim Insurance is a cover which takes care oI medical expenses Iollowing
Hospitalisation/Domiciliary Hospitalisation oI the Insured in respect oI the Iollowing
situations:
(A) In case oI a sudden illness (B) In case oI an accident (C) In case oI any surgery
which is required in respect oI any disease which has arisen during the policy
period.



Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Covered Risks :

This cover is a hospitalisation cover and reimburse the medical expenses incurred in
respect oI covered disease /surgery while the insured was admitted in the hospital as an
in patient.The cover also extends to pre- hospitalsation and post- hospitalisation Ior
periods oI 30 days and 60 days respectively.
Major Exclusions :

Any pre-existing disease,any expense incurred during Iirst 30 days oI cover except iniury
due to accident,all expenses incurred in respect oI any treatment relating to pregnancy
and child birth. Treatment Ior Cataracts,Benign prostatic hypertrophy,Hysterectomy,
Menorrhagia or Fibromyoma, Hernia,Fitula oI anus,Piles, Sinusitis, Asthma,Bronchitis,
All Psychiatric or Psychosomatic disorders are excluded Irom the scope oI the cover.


O issan Package Insurance

The Kissan Package policy is a comprehensive policy specially designed by Oriental that
seeks to cover losses arising out oI a wide variety oI risks and perils.It lets a Iarmer
concentrate on his business, Iree oI many worries.The policy is divided into 15 sections
oIIering protection to the Iarmer to his personal eIIects,householdgoods,livestock,
poultry, personal insurance and mediclaim
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta




Covered Risks :
Residential building against Iire and allied perils,stock oI Irom products,TV/VCR, Pedal
cycle, Personal accident,his cottage industry,Cattle and Livestock,agriculturalpumpset,
poultry,baggage while on tours,animal driven cart,honey bee, gun, hospitalisation
expenses Ior him and his Iamily.
O NagrikSuraksha Policy
A novel accidental insurance cover Ior any citizen oI India in the age group oI 5 years to
70 years Ior Iamily package and 18 years to 70 years Ior individual/group cover.
Individual policies ranging between one year to Iour years and group policies 12
months. minimum sum RS.one lac-maximum RS.Iivelacs with an option oI enhancement
oI minimum limit oI sum insured multiples oI RS.25,000/- upto a maximum oI
RS.5,00,000/-.

O Motor Cycle Package Policy
Any two wheeled vehicle (inclusive oI detachable side car) which is used only Ior
social,domestic and pleasure purposes and insured's own business can be covered under
this policy. The policy does not cover use Ior Hire or Reward, Organised racing, Speed
testing and carriage oI goods (other than samples) in connection with any trade or
business or use Ior any purpose in connection with MOTOR TRADE. On payment oI
extra premium the policy may be extended Ior Personal Accident cover as well.
Covered Risks :
Fire, Explosion, Lightning, Burglary and TheIt, Riot and Strike, Typhoon, Hurricane,
Storm, Tempest, Malicious act, Earthquake, Flood, Terrorist activity,
Landslide/Rockslide. It also covers damages by accidental, external means while in
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta

transit by rail/road, inland water, liIt or air in addition to the legal liability required by
law.

Major Exclusions :
Consequential loss, Depreciation, Wear & tear, Mechanical/ electrical breakdown,
Iailures or breakages, Damage to tyres unless the motor car is damaged at the same time
and any accidental loss or damage suIIered while the person driving is under the
inIluence oI intoxicating liquor or drugs.
O Office Umbrella Policy

The OIIice Umbrella Policy is a comprehensive insurance policy, specially designed by
'ORIENTAL' that seeks to provide protection to the OIIice against diIIerent kinds oI
risks and perils. By opting Ior this single policy, the oIIice owner covers the risks his
business is likely to encounter while concentrating on his business activity. This policy is
suitable Ior large oIIices owned by big companies as well as small and medium sized
oIIices like Travel Agencies, ProIessionals like Chartered Accountants, Consultants,
Architects, Interior Decorators, Engineersor any other service provider. These oIIices
could be the Corporate OIIices or Zonal OIIices or Area OIIices or any other operating
oIIice. In addition the policy has special provisions Ior covering Medical Establishments,
including Doctor's Clinics.
Covered Risks :
Section 1:- Buildings inclusive oI : Landlord's Fixture and Fittings, Boundary Wall and
Iences belonging to Insured's or Ior which he is responsible. Section 2A:-Contents
contained in the oIIice. Section 2B:-Tenant's legal liability. Section 3:-Money Insurance.
Section 4:-Fixed glass and sanitary Iittings. Section 5:-Fidelity Guarantee. Section 6:-
Electronic Equipment Insurance. Section 7:- Alternate Accomodation. Section 8:-
Personal accident. Section 9:- Breakdown oI oIIice appliances. Section 10:- Baggage.
Section 11:- Liability Insurance. Section 12 :- Business Interruption.


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta




O Overseas Mediclaim Business and Holiday

This policy provides indemnity Ior expenses incurred Ior medical treatment Ior illness,
disease contracted or iniury sustained during overseas travel and which is primarily in
the nature oI an emergency and which is necessary to be undertaken immediately.
Eligibility - 1) Indian Residents undertaking bonaIide trips abroad Ior: a) business and
oIIical purposes b) holiday purpose 2) Foreign Nationals working in India. This
insurance is valid Irom the Iirst day oI insurance and expires on the last day oI the
number oI days speciIied in the policy or on return to India, whichever is earlier. In case
oI a Irequent traveller abroad, there is a special policy which covers all the trips
undertaken during the period oI 12 months.

Covered Risks :

Since the cover is available as per plans, the expenses would be reimbursed up to limits
prescribed under the plan opted Ior.


O Overseas Mediclaim Employment and Study

This policy provides indemnity Ior expenses incurred Ior medical treatment Ior illness,
disease contracted or iniury sustained during overseas travel and which is primarily in
the nature oI an emergency and which is necessary to be undertaken immediately. The
minimum period oI cover is 2 months and maximium is 12 months. II necessary, the
policy can be renewed. The sum insured is US$ 75,000.The premium has to be paid in
US dollars irrespective oI the country oI visit.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta



Covered Risks :

The policy consists oI 2 sections covering diIIerent risks. Since the cover is available as
per plans, the expenses would be reimbursed up to limits prescribed under the plan opted
Ior.
Major Exclusions :
This policy cannot be issued Ior less than 2 months. Any claims Ior dental treatment
except as a result oI iniury; Pregnancy including miscarriage and child birth.

O Personal Accident - Individual

We all in our day to day liIe are exposed to the risks oI accidents. Despite all possible
precautions accidents do occur. This may result into disablement or loss oI limbs or
sometimes even death. To cater to this need insurers has devised an insurance cover,
known as Personal Accident Insurance. This policy provides compensation in the event
oI insured sustaining iniuries, solely and directly Irom an accident caused by violence,
visible and external means, resulting into death or disablement be it temporary or
permanent. There are some additional beneIits without paying additional premium.
Cumulative Bonus, Children Education Fund, Reimbursement oI expenses Ior the
carriage oI the dead body. There is a discount Ior Iamily package cover.
Covered Risks :

This policy provides compensation in the event oI insured sustaining iniuries, solely and
directly Irom an accident.
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta



Major Exclusions :
Intentional selI iniury, suicide or attempted suicide, Death or disablement resulting Irom
child birth and pregnancy; Accident while the insured is under the inIluence oI
intoxicating liquor or drugs; War and allied perils.
O Private Car Package Policy

A Private Car is deIined as any transport vehicle /car /omnibus whose unladen weight
does not exceed 7,500 kgms and is used only Ior social, domestic and pleasure purpose
and insured's own business. The policy does not cover use Ior Hire or Reward, Organised
racing, Speed testing and carriage oI goods (other than samples) in connection with any
trade or business or use Ior any purpose in connection with MOTOR TRADE. On
payment oI extra premium the policy may be extended Ior Personal Accident cover as
well.
Covered Risks :
Fire, Explosion, Lightning, Burglary and TheIt, Riot and Strike, Typhoon, Hurricane,
Storm, Tempest, Malicious act, Earthquake, Flood, Terrorist activity,
Landslide/Rockslide. It also covers damages by accidental, external means while in
transit by rail/road, inland water, liIt or air in addition to the legal liability required by
law
Major Exclusions :
Consequential loss, Depreciation, Wear & tear, Mechanical/ electrical breakdown,
Iailures or breakages, Damage to tyres unless the motor car is damaged at the same time
and any accidental loss or damage suIIered while the person driving is under the
inIluence oI intoxicating liquor or drugs.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta



O Shopkeeper's Insurance Policy

The Shopkeepers Insurance Policy is a comprehensive, specially designed policy that
seeks to cover the losses arising out oI a wide variety oI risks and perils.It lets the
shopkeeper concentrate on running his business, Iree oI many worries. The policy is
divided into 11 convenient sections. Only Sec I(B), II and minimum oI two other
Sections are compulsory.
Covered Risks :
The contents in the shop against burglary and housebreaking, Money in transit,Pedal
Cycle, Plate glass, Neon and Glow Sign, Baggage, Personal Accident, Fidelity
Guarantee, Liability, Business Interruption.
O SwasthyaBima Policy

Salient Features:

Section I: Hospitalization
Reimbursement oI Hospitalization expenses upto Rs.10000/- to an individual member
Transportation:
Reimbursement oI the cost oI transportation oI Insured to hospital upto Rs.250/- during
policy period (Subiect to admissibility oI claims)
Meals:
Reimbursement oI the cost oI meal Ior the insured patient not exceeding Rs.50/- per day
oI hospitalization and not exceeding Rs.500/- during policy period (subiect to
admissibility oI claims)



Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta




Section II Personal Accident
Personal Accident Insurance:
Coverage against death and permanent total disability oI the insured (as named in the
schedule) due to accident Ior Rs.10000/-

Premium:

For Individual * Rs.120/-
Service Tax * As applicable

TPA Charges * As applicable

Scheme to be implemented Ior
SelI Help Groups (SHGs) and Credit Linked groups
Claims Settlement:
Settlement oI claims directly by Insurers or through TPAs Ior Section I only.

Main Exclusions:

1. All Pre-existing Diseases.
2. All diseases contracted during the Iirst 30 days Irom the commencement date oI the
policy provided that in the opinion oI the panel doctor/s the insured person could not
have known about the existence oI disease or its symptoms at the time oI making the
proposal and had not taken any consultation, treatment Ior the disease prior to taking the
insurance.
3. Some oI the diseases such as Cataract, Benign Prostatic Hypertrophy, Hysterectomy,
Hernia, Hydrocele, Fistula in anus, Sinusitis, Congenital Internal disease are not covered
in the Iirst year oI the policy.
4. Corrective, cosmetic or aesthetic, dental surgery or treatment.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta




5. Cost oI spectacles, contact lens and hearing aids.
6. Vaccination, inoculation, change oI liIe or cosmetic treatment or surgery, HIV,AIDS,
Sterility, Venereal Disease, Intentional SelI Iniury, use oI intoxicatingDrugs/Alcohol.
7. Primarily diagnostic expenses not related to sickness/iniury.
8. Treatment Ior pregnancy, Childbirth, Miscarriage, Abortion etc.

Age Limitation:

15 years to 65 years.
Hospital: All government hospitals where Iacility Ior treatment as inpatient is available.


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O Sweet Home Insurance Policy

On August 14 2003 Oriental Insurance launched a policy with a view to cater to the
requirements oI the middle-income group oI the society on First Loss Basis. This policy
has been named as "SWEET HOME INSURANCE ".

This policy is a miniature Iorm oI the existing Householders´ Package Policy and has
three distinct plans and each plans has Iive sections, with Section II and I on `Iirst loss
basis´. The insured has been oIIered the option oI not covering section I , which covers
building against Fire and Allied perils including Earthquake. The rest oI the Iour
sections are compulsory and they cover contents against Fire & Allied perils and
burglary, electrical and electronic gadgets against electrical/mechanical breakdown and
Personal Accident cover on Iloater basis amongst insured and his/her spouse.

The star attraction oI the policy is that the insured is not to Iile the details oI the contents
with the company except Ior the items Ior which coverage is sought under
electrical/mechanical breakdown section.

This policy is available to any person, including property owned by Ioreign nationals,
provided the property proposed Ior insurance is situated withinThe Indian territory. As
regards the settlement oI the claim , iI any, the same shall be in Indian currency only.









Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


HIGHLIGHTS OF THE POLICY

SECTION - I - BUILDING
This section covers building against Fire & Allied perils including earthquake. It is not
necessary that theproposer need be the owner to seek insurance coverage Ior the said
building. Persons under lease/tenancy agreement can also seek coverage oI the building
under this section. Insured has the option to choose amongst Rs.4, 6 & 8 lakhs under
Plan A , B, & C respectively.

SECTION - II - CONTENTS (EXCLUDING 1EWELLERY) AGAINST FIRE &
ALLIED PERILS INCLUDING EARTHQUAE ON FIRST LOSS BASIS.
This section covers contents , which are kept and installed in the premises, as mentioned
in the schedule , against Iire and allied perils. The insured need not Iurnish a detailed list
oI the items Ior which insurance cover is sought. The maximum value oI the individual
item shall not exceed 10° oI the sum selected under plan A, B & C. The maximum
liability oI the company in this section is Rs.1,2, and 3 lakhs under Plan A, B & C
respectively.

SECTION - III - CONTENTS(EXCLUDING 1EWELLERY) AGSINST
BURGLARY & HOUSEBREAING
The sum insured and the limits oI liability oI the company this are same as section II.
Under this section also the insured need not Iurnish the details oI the items Ior which
insurance is sought.

SECTION - IV ELECTRICAL/MECHANICAL BREADOWN OF GADGETS.
Unlike section II & III the insured Iurnishes the details the electrical/electronic gadgets
Ior which coverage is sought under this section. The details oI such gadgets are called
Ior in the single page proposal Iorm itselI. The limits oI liability oI the company under
this sections is Rs.30000, Rs.50000 and Rs.70000 respectively. The value oI the gadgets
proposed Ior insurance under t his sections is part oI the sum insured under section II &
II.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta



SECTION - V PERSONAL ACCIDENT COVER FOR INSURED AND SPOUSE
The policy oIIers coverage against accidental death, loss oI limb(s) and permanent total
disablement to the insured and his/her spouse on Iloater basis. Age limit under the
section is 18-70 years . II either oI them is above 70 years oI age, the other would be
insured under this.

















Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


2.4 Organizational structure



Chairman-Cum-Managing Director

Directors
Company
Secretary
Chief Manager
(Personnel)
Chief
Manager
(Claims)
Chief Manager
(Finance)

Chief
Manager
(Operations)
Chief
Manager
(Marketing)
General Managers
Deputy
Manager

Manager
(Administration
)
Officer
(Administration
)
Assistants
Deputy
Manger
Associates

uepuLv Manaaer
(llnance/AudlL)

Accounts
Officer

Accounts
Officer

Assistants Assistant (Audit)
Manager
Associates
Deputy
Manager
Regional
Manager
Administra
tive.
Officer
Assistant
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


3.1 Personnel and Administration Department












The Personnel and Administration Department is an important Department oI the
organization being the one which is in close contact with both the management as well as
the employees. The Personnel Department is headed by the Personnel Manager and is
assisted by the Deputy Manager.


lef Manaaer (Þersonnel)
uepuLv Manaaer
Manaaer (AdmlnlsLraLlon)
Cfflcer (AdmlnlsLraLlon)
AsslsLanLs
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Functions
Recruitment
Recruitment is the process oI searching Ior prospective candidates and
stimulating them to apply Ior the iobs in the organization.
Recruitment can be deIined as the process oI Iinding and attracting capable
applicants Ior employment. The process begins when new recruits are sought and end
when their applicants Irom which new employees are selected.
Advertisement
The employers kept their requisition published in the newspaper .The
prospective candidates go through the advertisement and sent in their applications.
Recruitment through this source is the most economical as the candidates take the
candidates take the initiative to sent in applications.
Training and development
Training and development reIer to the imparting oI speciIic skills, abilities and
knowledge to be employee .Training and development can be deIined an employee`s
attitude or increasing his or her skills and knowledge. The need Ior training and
development is determined by the employee`s perIormance deIiciency , computed as
Training and development need÷Standard perIormance÷actual perIormance.
O On the job training
Under this method the trainee is given training in real raining is
organized .The working condition under the supervision oI a qualiIied trainer .OJT
is the most eIIective method as the trainee learns by experience making him or her
highly competent.


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


The trainee is highly motivated to learn since he or she is aware oI the Iact that
his or her success on the iob depends on the training received.
O Off the job training
This method oI training is given in a separate room where they make use oI
lecture, demonstrations and audio visual equipments. These can be used to provide a
wide range oI realistic example oI iob conditions and situations in the condensed period
oI time. Further, the quality oI the presentation can be controlled and will remain equal
Ior all training groups.
O Apprenticeship Training
Young persons desire to learn art, craIt and other technical iobs are trained
under this method .The training is usually arranged Ior longer periods Irom 2-5 years.
The trainee is paid nominal wages known as stipend during the period oI training. No
apprentice is allowed to do over time except with the approval oI the apprentice advisor.
This Trainee is paid nominal wages known as stipend during the period oI training

Performance Appraisal
PerIormance appraisal may be understood as an individual`s perIormance in a
systematic way. The perIormance may be measured against such Iactors as iob
knowledge, quality and quantity oI output, initiative, leadership abilities, supervision,
dependability, co-operation, iudgment , versatility, health, and the le deIined as the like.
PerIormance appraisal can be deIined as the systematic evaluation oI the individual with
respect to his or her perIormance on the iob and his or her potential Ior development.
PerIormance appraisal is a method oI evaluating and appraising the perIormance oI a
person in a particular iob .This helps to bring about the areas oI eIIiciency and deIiciency
in a person. In other words it helps to identiIy the strengths and weakness oI a person.

Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


O Checklist method.
Under this method a set oI questions are given with yes or no boxes on the side.
The rate has to ticket the appropriate box, which he thinks is correct. The checklist
contains a series oI questions to access the perIormance oI employee.
O Rating method
Under this method certain grades are set like A grade` stands Ior outstanding, `B grade
Ior very good`, , C grade Ior good`, D grade Ior satisIactory`, G grade Ior
unsatisIactory`. Secondly certain traits are set like iob knowledge, initiative,
communication skill, leadership quality, selI discipline etc. On the basis oI the Iollowing
traits the rates will give grades.
O Free Essay method
Under this method the rate will assess and give a brieI description about him to the
personnel department. The rates have to Iile a report about the employee based on his
assessment. The report should reveal the perIormance oI the employee, The areas to be
covered are production capacity, leadership qualities dependability, discipline, etc.
Monetary Benefits
O Basic salary
O Dearness Allowance
O Employer`s contribution to prevent Fund.
O Employer`s contribution to E.S.I scheme.
O Production bonus.
O ProIit bonus.
O Old Age Pension.
O Retirement gratuity


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Fringe Benefits
O Subsidized Iood
O Subsidized housing
O Subsidizing education
O Holiday Pay
O Recreational Facility
O Concessional Medical Facility
O Educational oI children oI workers
The total oI these beneIits given to the workers are suIIicient to attract and retain the
labor Iorce in the organization.
Time eeping
This is concerned with the recording oI time oI arrival and departure oI each
worker employed in the organization Ior the purpose oI attendance ensuring discipline
and wage calculations
Methods oI time keeping
This company uses two systems oI recording attendances:
O Attendance register method
O Punching system
Labor Turn Over
It means the rate oI change in the labor Iorce due to leaving oI some
workers and ioining oI some others in their place. This rate oI change is calculated as a
percentage on the average labor Iorce during a period high percentage oI labor turn over
denotes that labor is not stable. A high turnover is not desirable .


Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Personal causes.
O Domestic Troubles.
O Retirement due to old age.
O Accident making workers.
O Dislike Ior the iob or place.
O Death
Avoidable causes
O Low wages and allowances.
O UnsatisIactory working condition.
O Job dissatisIaction.
O Long hours oI work.
O Lack oI promotion opportunities
O Lack oI proper training Iacilities.
Unavoidable causes
O Workers may be discharged due to insubordination and ineIIiciency.
O Workers may be discharged due to short age oI work.
I got kind and hearty co-operation Irom the personnel department .I also got best
and true knowledge about the various Iunctioning oI personnel department.






Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


3.2 Claims Department








The Claims department is headed by the Claims manager; there is the Deputy Manager
and their associates to assist him
The claims department is responsible Ior the claim settlements arising Irom the
customers. In case oI a motor claim the department gets inIormation directly Irom the
customer or Irom the 24x7 cal centers.
The department authenticates the policy details and issues a claim number, and then
assigns the surveyor Ior valuation oI the vehicle. AIter repair oI the vehicle, it will be re
inspected and delivered to the customer.
In case oI reimbursement process, the customer will have to submit documents to
Oriental Insurance Company and they will make the payment within 5 days oI
completion oI documentation.

lef Manaer
(clalms)
uepuLv Manaer
AssoclaLes
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


3.3 Finance Department













The Finance Department is headed by the chieI Finance Manager and there is Deputy
Manager and Audit Manager to assist him.


lef Manaer (llnance)
uepuLv Manaaer
(llnance)
Manaaer (AudlL)
AsslsLanL (AudlL)
AccounLs
Cfflcer
AccounLs
Cfflcer
AsslsLanLs AsslsLanLs
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Functions
Preparation oI reports which means the summarized Irom oI management on the
monthly perIormance.
Finalization oI accounts; like the preparation oI proIit and loss accounts, schedules
and notes on accounts.
Preparation oI budges, which means managing the Iunds oI the department.
Treasury management which reIers to the management oI the available Iunds in a
suitable and convenient manner.
Calculation and preparation oI income tax & service tax.
Operation control means controlling the daily operations and transaction in the
department and controls them.
Calculation oI depreciation.
Preparation and disbursement oI salary.
Internal and external audit.











Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


3.4 Operations Department

















lef Manaaer
(CperaLlon)
uepuLv Manaaer
(CperaLlon)
Manaaer
(8ranc CperaLlon)
AssoclaLes AssoclaLes
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


The operation department is headed by the Operations Manager and is assisted by
the Deputy Manager. There is a Branch Operations Manager and his associates to assist
him.
The main Iunctions oI the Operations Department may be divided into three
Primary, Secondary & Tertiary Functions
The primary Iunctions involves the acceptance oI documents submitted Irom the
marketing department
The secondary Iunctions involves the detailed analysis and veriIication oI the
documents
The tertiary Iunctions include the punching and issuance oI policy documents to
the clients aIter veriIying it.











Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


3.5 Marketing Department










Marketing is the term used to reIer to the orientation oI an organization which has
established a separate department to look aIter its marketing activities.
Functions
Sales
Sales are a crucial Iunction oI the marketing department.
Planning
Planning is the act oI Iormulating a program Ior a deIinite course oI action.

lef Manaaer
(MarkeLlna)
8ealonal Manaaer
(MarkeLlna)
AdmlnŦ Cfflcer (MarkeLlna)
AaenL
AsslsLanL
Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Marketing Research
Marketing research analyses a given marketing opportunity or problem, deIines
the research and the data collection methods required to deal with a problem.
Customer Relations
Customer relations involves the conscious aim to develop and manage long term and or
trusting relationship with customers and other parties in the marketing department.
Competitors
The New India Assurance Company Ltd.
United India Insurance Company Ltd.
Reliance General Insurance Company Ltd.
Baiai Allianz General Insurance Company Ltd.









Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta

4.1. SWOT analysis
Strength
O India`s number one Government general insurance company.
O Brand image oI the company is good.
O The qualitative service oI the company is very high.
O Simple and Iast documentation.
O Lightning Iast claims settlement.
O Achieved Iinancial break even in Iirst Iull year oI the operation
O Good reputation oI the company especially through its corporate social
responsibilities
O Follows high ethical standards.
O Maximum utilization oI the production capacity is another strength oI the
company.
Weakness
O Absence oI new technique to compete with new trends in marketing.
O There is no smooth and Iast decision making.
O Lack oI co-ordination between department.
O Business space
O Lack oI eIIective promotional activities
O Lack oI proIessionalism in same areas.






Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta



Opportunities
O Increasing employment opportunities.
O Company provides economic growth
O More sales realization in national market.
O Mass customization.
O Active promotion oI training and development.
O Continuous improvement process.

Threats
O Increasing competition in national scenario.
O HarmIul Ior the Iuture oI private companies.









Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


5.1 Findings

O Oriental Insurance Company Ltd, achieved Iinancial break even in Iirst Iull year
oI operation.
O There is a good relation exist between the employees and management.
O There is the absence oI new techniques in marketing.
O There is lack oI co-ordination between departments.
O Employees wish to acquire skills through continuous training.
O Oriental Insurance Company Ltd,provides good welIare Iacilities.
O Due to very good traditional back ground and experience oI the company
has reputed stand among the public.
O Company website is an eIIective tool to provide inIormation about the
product and service
O Heavy growing completion Irom the other company is eIIecting marketing.








Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


5.2 Suggestions

O The company shall pay attention to improve the co-ordination between
departments.
O In the case motor insurance, it would be better iI the company is having more
automobile showroom tie-ups as it may increase the sales.
O The company shall introduce new techniques to compete with new trends in
marketing.
O There might be more co-ordination between departments.
O The decision making process might be Iaster.
O The attract and maintain top quality workers company has to develop to
attract compensation package.















Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


Conclusion


The visit to Oriental Insurance Company Ltd, Cochin helped me in getting a clear
view oI the current problem in hand. The various business activities which are
covered in our curriculum are portrayed in the company. This gave me an
opportunity to examine the diIIerent departments and its Iunctions. The
prolonged interaction with the staII, clients and the group leaders enabled me to
develop my communication skills and negotiating skills which was a positive
development in my career. I had an opportunity to interact and create a good
rapport with the entire team, which helped me with the completion oI the proiect.
This study enabled me to get an in-depth knowledge about the insurance industry.














Organizational Studv at Oriental Insurance Companv Ltd

Mount Zion College of Engineering. Kadammanitta


BIBLIOGRAPHY

BOO RESOURCES
Kothari CR, #esearch Methodologv, New Age International Pvt Ltd Publishers,
Second Edition.
Pandey IM, Financial Management, Vikas Publishing House Pvt Ltd, Ninth Edition.
Aswathappa K, Human #esource Management, Tata McGraw-Hill Publication
Company Ltd, Fourth Edition.
Ramaswamy T, !rinciples of Management, Himalaya Publication House, Seventh
Edition.

1OURNAL
Product ProIile

WEBSITE
www.orientalinsurance.org.in


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