Dun & Bradstreet India’s Leading BFSI Companies 2017

India’s Leading BFSI Companies 2017

Canara HSBC Oriental Bank of Commerce Life Insurance Company

Kindly brief us on Canara HSBC OBC Life Insurance’s bancassurance model. What are the key factors that have contributed to the success of the bancassurance model? We started business in 2008 and for the past eight years, we have been operating a bancassurance model. For us, bancassurance is not a distribution channel, it is a businessmodel. Considering the distribution strength, we launched a pure bancassurance business model with each aspect of the business customized to the specific needs of the customers of distributing banks. We have demonstrated the ability to harness the potential of private and public sector banks and have grown distribution over the years. The company has spent considerable time in understanding the customer, the operating ecosystem and the bank staff in each of the partner banks to optimize. This has resulted in a good understanding of the market on both the ‘buy-side’ and the ‘sell-side’, helping us to create the fastest growing life insurance company in India. Kindly provide details of your product portfolio. Which diverse groups do these products cater to? We have a good mix of products in both ULIP and the Traditional space, which cover needs such as wealth accumulation, planned guaranteed payouts and guaranteed monthly income. Currently, we do see a higher proportion of ULIPs in our portfolio as compared to traditional plans, perhaps due to the positive outcomes seen by our long-term loyal ULIP customers and positive market direction. Over a longer period, we do see a balanced mix of traditional and ULIPs based on our customer research on product preferences, especially for mass market customers where we believe the risk appetite is lower. So overall, our product pipeline looks very healthy. The new set of products aim towards a sharper customer proposition to address key needs like retirement accumulation, children’s education and marriage for

risk-averse customers, pure protection, and guaranteed savings to plan for life’s milestones. Also, at present we have our product suite which caters to all relevant customer segments; we are exploring the possibility of designing customized products for HNI’s and NRI’s. What are the marketing strategies employed by your company to reach out to a larger audience? Being a pure bancassurer, we only sell to the customers of our partner banks through their branch network. The Company’s brand ‘Canara HSBC Oriental Bank of Commerce Life Insurance’ has the names of three of our partner banks and that is our biggest USP. We seek to provide the convenience of having one’s banking and insurance needs fulfilled under one roof, from a brand that is well trusted. Our marketing strategies are focused on empowering the licensed branch staff to provide effective life insurance solutions to their customers by providing visibility in and around the bank branch, through simple and easy to use sales aids for the bank staff. We also run 1,000+ OOH screens out of selected Canara and OBC bank branches. The screens are put at prominent locations within the bank branch. It has helped us create an instant connect with customers. Kindly provide the details of initiatives taken in educating the customers and increasing the transparency of sales. Our policies arebasedon the fundamentals of “Treating customers fairly”. The Company is committed to delivering ‘Value for Money’ to the customers, which is also an integral part of the corporate strategy. This ensures that the customers will always be first in every initiative that we take. Be it at the sales stage or during the processing stage or the entire service cycle. A ‘detailed needs analysis’ and ‘financial health-check’ is done to ensure that the right product is pitched for the right customer need. Customers are provided with clear information and are kept appropriately informed during the entire product life cycle. We make sure customers have a smooth post-sales journey with respect to servicing needs

Anuj Mathur Chief Executive Officer

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