"We have already modified our various non-life insurance schemes and would further develop schemes for our customers," OIC chairman and managing director, SN Mathur said. He said as part of the revamp, Oriental has launched innovative and customer-friendly schemes for households. Oriental has launched a simplified house-holder policy under which a single policy would insure all the items. Similarly, it has introduced a comprehensive policy for offices -- `Offices umbrella policy' -- where a single policy insures the entire office from unforseen incidents like fire, theft and others.Mathur said for big industrial houses, Oriental has introduced `Industrial all risk policy' with insurance of over Rs 100 crore. This new policy consists of a package under which a company's projects are insured against fire, natural calamities and machinery breakdown.

Elaborating on other innovative products launched by Oriental, Mathur said the company has also started insuring stock brokers under which theft of share certificates, forged or fake shares and loss of share certificates in transit would fall. Oriental insurance has also tied-up with National Securities Depository (NSDL) for providing insurance for shares kept with NSDL.

On the computerisation of offices, Mathur said this was aimed at improving the services to customers by faster settlement of claims. "Settling the claims in a faster way is on top of our priority," he said, adding that Oriental is also providing advisory services free of cost to companies on risk-management to reduce their insurance premia.

On the imminent competitionafter the opening of the insurance sector, Mathur said OIC is already competing with other state-owned insurance companies after the nationalisation of the sector.