Archive · 13 Sep 2026
OICL Chief Outlines Insurance’s Role in National Economic Growth
Insurance does more than pay money after something goes wrong.
Sanjay Joshi of OICL said it helps people feel confident about making plans.
It can help business owners start or expand their businesses.
It can also help farmers manage risks, especially those connected to climate change.
When many people and businesses are protected, the whole economy can better handle unexpected problems.
OICL wants to grow in a steady and lasting way.
It also plans to use more technology and improve customer service.
The company wants better risk assessment, faster claims support and stronger training for young workers.
OICL Chairman Sanjay Joshi said insurance builds confidence among people, entrepreneurs and farmers.
He said insurance helps economies absorb unforeseen shocks and pursue larger development plans.
Joshi identified sustainable profitability, digitisation and customer-centricity as OICL priorities.
The company plans to improve underwriting services and claims management.
OICL also aims to develop young employees as future insurance professionals and leaders.
- Who
- Sanjay Joshi, Chairman and Managing Director of Oriental Insurance Company Limited, discussed the role and future priorities of insurance and OICL.
- What
- Joshi said insurance supports confidence, entrepreneurship, farming and national economic planning, while outlining OICL’s business priorities.
- When
- The comments were made as OICL marked its 80th foundation day.
- Where
- In an exclusive interaction with The Statesman.
- Why
- To explain the broader economic role of insurance and OICL’s plans for sustainable growth, digitisation, customer service and workforce development.
- Company
- Oriental Insurance Company Limited (OICL)
- Executive quoted
- Sanjay Joshi, Chairman and Managing Director
- Occasion
- OICL’s 80th foundation day
- Economic role
- Insurance can build confidence, support entrepreneurs and farmers, and help economies absorb unforeseen shocks.
- Growth strategy
- OICL plans to focus on profitability through sustainable growth rather than short-term gains.
- Operational priorities
- Digitisation, customer-centricity, improved underwriting and stronger claims management.
- Workforce priority
- Developing young employees into the next generation of professionals and leaders.