OICL Rolls Out Core Software Across All Branches
The Oriental Insurance Company Limited (OICL) has set a new benchmark for the Indian insurance industry by becoming the first Indian general insurance company to implement a core insurance solution across all its branches across the country.
The core software has been developed and supplied by 3i Infotech and is running on Oracle database with Sun hardware and the connectivity has been provided by Sify Technologies. The PCs and LAN infrastructure has been supplied by HCL Info System.
This implementation will enable OICL’s 8,000 users across all offices access to a centralized system, making it one of the largest centralized installations of core insurance application, processing over 1 crore policy documents and over 6 lakh claim per annum.
M. Ramadoss, CMD of OICL, said, "The solutions provided by our technology partners - 3i Infotech, Sun Microsystems, Sify and Oracle - will not only enable us to reduce the turnaround time and cost of operations, but also increase customer satisfaction significantly and improve our employee productivity."
Featuring Solaris operating system and Fusion Middleware, OICL said the solution has provided the company’s IT infrastructure with robustness, management features, security, scalability and performance to service 65,000 transactions a day and process 35,000 new policies everyday.
The new software will enable the customers of OICL to pay their premiums, or lodge their claims, at any of the offices of OICL. The software also provides a web-based interface that allows policyholders to access their policies instantly online, registering complaints & tracking them online.
The new software will also provide centralized statistics and also help OICL in generating the various returns and statistics to be filed with the various regulatory authorities.
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