The management of public sector non-life insurer The Oriental Insurance Company Ltd will discuss with the employee unions before fixing the new key performance indicators (KPI), said the Officers’ Association in the company.
In a communication to its members, The Oriental Insurance Company Officers’ Association has said: “The Management has assured to discuss with us before finalisation on KPI.”
The Association said the management informed at its meeting held on Monday that the consultancy firm Ernst & Young (EY) is designing the individual KPIs for the employees and the roles are being defined in such a way that there shall be no discretionary intervention.
The EY has also suggested a three tier organisational structure and the corporate business to be handled by Corporate Business Regional Office (CBRO) reporting directly to the Head Office.
The suggested three tier organisatioal structure: underwriting offices for business procurement, regional offices (along with underwriting hub, claims hub, legal hub, accounts hub) for Business Support & Servicing and the Head Office.
“On the wage revision, the offer is still at 12 per cent hike though we have been asking parity with the 15 per cent hike given to the employees of Life Insurance Corporation of India. We are planning to meet the Finance Minister Nirmala Sitharaman in this connection,” Vishnu Aggarwal, General Secretary told IANS.
Aggarwal said the management also spoke about the challenge in restructuring the company as about 1,000 employees are retiring by 2025.