Canara HSBC Oriental Bank of Commerce Life Insurance has recorded 82% Growth in FY 2010-11. This is a result of a successful bancassurance model making it one of the few private players to post a positive growth.
The insurer has garnered Rs 265 crores in March and has closed FY 2010-11 with total gross written premiums (GWP) amounting to Rs 1532 crores. The company has sourced over 1,11,000 policies in this fiscal. These successful business figures now seats the company amongst the top 10 players in the private life insurance sector.
The life insurance company was launched in June 2008, making it a fairly new entrant in the industry. It is a joint venture between two of India’s largest public sector banks Canara Bank (51%) and Oriental Bank of Commerce (23%), and HSBC Insurance (Asia Pacific) Holdings Limited (26%).
With a network of 4600 branches of Canara Bank, Oriental Bank and HSBC; the life insurance company has access to 53 million customers in India.
John Holden, who was appointed in January this year as the Company’s Chief Executive Officer, said, “The Company’s consistent growth is a result of the efficient bancassurance model of distribution, high quality sales leading to the trust of the customers and the commitment of our shareholders and employees in positioning the Company as a strong private life insurance player in the year of significant regulatory changes.”
He added, “All products have been designed on the basis of insights gathered through extensive customer research. Impressive support from our shareholder banks, together with simple processes that are well integrated with the distributors, has resulted in the remarkable year-on-year growth for the company.”
Canara HSBC Oriental Bank of Commerce Life Insurance currently has 10 products in its product basket which includes 4 unit linked plans (Ulips) and 6 traditional plans.