Reported by: banking|Updated: February 4, 2019
The Canara HSBC OBC Life Insurance Co’s overall annual premium equivalent (APE) grew by 11% in the first half of the current financial year against the industry growth of 5%, says Anuj Mathur, MD & CEO. In an interview given to Banking Frontiers, Mathur says the growth this year comes from non-metros as the company has penetrated further into tier 2 and tier 3 markets.
Mathur says the company has introduced several new and innovative products in 2018-19 in line with the changing dynamics of the market. And it is also looking at enhancing its portfolio of products and partners to cater to the maximum number of rural people.
The Canara HSBC OBC Life Insurance Co has a pan-India network of over 10,000 branches – essentially of Canara Bank, HSBC and Oriental Bank of Commerce. By selling through the banks’ branches and through seamlessly integrated systems and processes to reduce costs, the company aims to pass on the savings to its customers, maintains Mathur, adding: “Our vision is to have 1 million customers on board by the year 2020.”