Renew all policies online through Oriental Insurance Portal

Oriental Insurance Company takes another major step towards being the leader in implementing IT through its portal.

The OICL Web Portal was launched in September 2009 and has been running successfully in terms of online issuance of policies pertaining to selected products. The response from the insuring public and agents was the  encouraging factor to enable more products for online issuance of policies through the Portal.

Until now online issuance of new policies and renewal of only the following products was enabled through the Portal:


Renew all Policies Online*

1. Motor-Private Car- Package Policy and Liability Only Policy
2. Motor- Two Wheelers- Package Policy and Liability Only Policy
3. Individual Mediclaim
4. Overseas Mediclaim (Business and Holiday)
5. Happy Family Floater (only new policy)
6. Individual P.A.
7. Householders Insurance Policy
8. Shopkeepers Insurance Policy

It was felt that considering the enormous potential of the Portal and to make it a significant channel for delivery of services it is required that the online issuance of policies be enabled for many more products so that the insuring public / Agents find the Portal to be a highly efficient and effective channel for issuance of policies.

The Portal allows continuous renewal of all the policies which have already been issued by the Company, subject to the following conditions

A.        There should not be any claim on the previous policy. This will be authenticated by the system.
B.        There will be no break in insurance. This will be authenticated by the system.
C.        The renewal will be without any change in the expiring policy. Thus no additional data entry will be required.
D.        The Customer will declare on the Portal  that there is no known loss / claim on the expiring policy.
E.        If there is a Claim on the existing policy or if there is a break in insurance, the system will generate a message “Please contact our Office for renewal of this Policy”. This would be required to take care of any loading in premium / revised excess etc. This message will also be generated if the renewal requires R.I. approval.
F.        The limit of sum insured for renewal through the Portal will be  50 crores. This may be suitably revised subsequently as we gain experience in respect of renewals through the Portal. 

Continuous renewal of all policies issued by OICL has been enabled on the Portal ( subject to certain exclusions) Thus now 112 products have been enabled for renewal through the Portal

 Policies excluded for renewal through the Portal:

The Portal will allow continuous renewal of all policies issued by “Oriental” by the Customers / Agents. However some of the policies which require a detailed analysis at each renewal ( even if there is no claim on the expiring policies) have been excluded for renewal through the Portal. The list of such policies is as under:

1.        Consequential Loss (Fire) Policy
2.        Consequential Loss (Machinery Breakdown) Policy
3.        Consequential Loss ( Boiler) Policy
4.        Advance Loss of Profit
5.        Industrial All Risk Insurance Policy
6.        Mega Risk Policy
7.        Advance Loss of Profit Policy
8.        Delay In Start Up Insurance Policy
9.        Deterioration Of Stocks Insurance Policy
10.        All Marine Hull Policies
11.        Oil And Energy Risks Insurance Policies
12.        Employers Liability Insurance
13.        Public Liability (Industrial Risk)
14.        Product Liability Policy
15.        Directors And Officers Liability Policy
16.        Special Contingency Policy
17.        Aircraft Hull/Liability Insurance Policy
18.        Aircraft Spares Insurance Policy
19.        Hull War And Allied Peril Policy
20.        Aircraft Hull And Spares All Risks And Aviation Liability Insurance(Airlines)
21.        Hull War And Allied Perils Insurance (Airlines) Policy
22.        Hull Deductible Insurance Policy
23.        Sailing Vessels Policy
24.        Aviation Fuelling / Refueling Liability Insurance Policy
25.        Aviation Group Loss Of Licence Insurance
26.        Depository And Depository Participants Indemnity Insurance
27.        Indemnity Insurance Policy For Custodians Registrars And Share
28.        Comprehensive Risk Insurance (Exchange) Policy
29.        Default Insurance (Exchange) Policy
30.        Sub Brokers Default Insurance Policy
31.        Contract Guarantee Policy
32.        Hire Purchase Bank Guarantee Policy
33.        Travel Agent Policy(Guarantee)
34.        EAR/CAR /Long Term Policies
35.        Marine Cargo Policies
36.        Overseas Mediclaim Policies
37.        Stand Alone Terrorism Policy
38.        Special Contingency Policy
39.        Group Mediclaim Policies
40.        Kidnap and Ransom Policy
41.        Group Personal Accident Policy

In essence, the Portal will allow the Customers and Agents to renew all the annual policies for a further period of one year without any additional data entry provided there is no Claim / known loss on the existing policy and there is no break in insurance. This is expected to drastically enhance the reach of the Portal and will facilitate a much higher number of renewals of policies issued by the Company. Since the policy due for renewal would have already gone through the process of acceptance / rating etc. therefore these considerations would not arise as the process involves a renewal on the same terms and conditions for a further period of one year.