Public sector general insurer Oriental Insurance Company is planning to invest around Rs 500 crore over the next three years to strengthen its digital capabilities, focusing on enhancing customer centricity.
“For a technological boost, we have our own resources and have budgeted for it. We won’t have any problem. The total expenditure would be around Rs 500 crore over three years.
“Already, some RFPs (Request for Proposals) have been floated, and the rest would be taken up over the next two years,” Oriental Insurance Company Ltd (OICL) Chairman and Managing Director Sanjay Joshi told PTI.
Elaborating on the company’s digital roadmap, he said OICL is working on a data lake project and taking steps to further strengthen its data security infrastructure.
A data lake project is a centralised storage repository that holds vast amounts of structured, semi-structured, and unstructured data in its raw format.
The insurer is also looking to onboard more digital products at the earliest as
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