Canara HSBC Oriental Bank of Commerce Life Insurance

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Canara HSBC Oriental Bank of Commerce Life Insurance
TypePublic sector undertaken
IndustryLife insurance
Founded2008; 14 years ago (2008)
Headquarters
Gurgaon, Haryana
,
India
Area served
Worldwide
Key people
  • L.V. Prabhakar (Chairman)[1]
  • Anuj Mathur (MD & CEO)[2][3]
Products
Owner
Websitewww.canarahsbclife.com/index.html

Canara HSBC Oriental Bank of Commerce Life Insurance is a Life insurance company in India.[4] Established in 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%).[5] The company brings together the trust and market knowledge of two big public sector banks in India i.e. Canara Bank and Punjab National Bank combined with the global insurance expertise of HSBC.

Headquartered in Gurugram, the company has branch offices PAN India. The company sells and services its customers through partner bank branches.

The company offers various products across individual and group space consisting of life, health, online term plans, retirement solutions, credit life and employee benefit segments.[6][7]

History and overview[]

The company was set up in 2008. In February 2014, Canara HSBC OBC Life Insurance introduced the concept of online revival of the policy, enabling customers to reinstate a lapsed policy and allows to pay their premium online.[8]

It has also partnered with 3 rural regional banks, Pragathi Gramin Bank in Karnataka and Shreyas Gramin Bank in Uttar Pradesh in 2009 and South Malabar Gramin Bank in 2010.[9] The company was partnered with Dhanlaxmi Bank in June 2017.[10] It is also tied up with Can Fin Homes and[11] IndianMoneyInsurance.com.[12] In April 2020, Oriental Bank of Commerce had merged with Punjab National Bank.[13][14]

Financials[]

The company registered a profit of ₹105 crore (US$19 million) for the financial year ended in March 2020,[15] And ₹165 crore (US$22 million) for the financial year ended in March 2019. It registered Gross Written Premium (GWP) at ₹3,491 crore (US$464 million), a growth of 26% compared to fiscal 2017–18.[16] The company registered with a rise of 51% in its net profit at ₹168 crore (US$22 million) in fiscal 2017–18.[17][18]

In January 2021, according to the Insurance Regulatory and Development Authority of India (IRDAI), the company registered a profit of ₹163.51 crore (US$22 million) in the new business premium with 47.49% more as compared to the last year in January 2020.[19] In February 2021, the company registered a profit of ₹186.99 crore (US$25 million) in the new business premium with 56% more as compared to the last year in February 2020.[20]

The company's Assets under management rose to ₹14,854 crore (US$2 billion), and the solvency margin stood at 394% as of March 31, 2019. The paid-up capital of Canara HSBC OBC Life Insurance was ₹950 crore (US$126 million).[16][21]

Key people[]

  • L. V. Prabhakar as Chairman
  • Anuj Mathur as Managing Director & CEO[22]
  • Tarun Rustagi as Chief Finance Officer[23]
  • Kiran Yadav as Chief People Officer[5]
  • Tarannum Hasib as Chief Distribution Officer[24]
  • Rishi Mathur as Chief Digital & Strategy Officer[25]
  • Deven Sangoi as Chief Investment Officer (CIO)[26]
  • Sachin Dutta as Chief Operating Officer (COO)[27]
  • Vikas Gupta as Chief Compliance Officer[28]
  • Akshay Dhand as Appointed Actuary[29]

Products[]

  • Guaranteed Income4Life is a non-linked, non-par individual life insurance savings-cum-protection plan[30]

Advertising and marketing campaigns[]

On 1 March 2021, the firm released a series of short films as digital campaign, depicting different life stages and their respective life insurance goals. It is a brand awareness campaign of a product "iSelect Star Term Plan" with a theme of "Raho Life Ke Har Twist Ke Liye Tayyar".[31][32]

Corporate Social Responsibility initiatives[]

On 5 June 2021, the company has initiated the plantation drive of 1,300 trees across India in collaboration with the defence channel network (Indian Armed forces), targeting various cities during the company's 13th foundation day. They have successfully culminated the plantation in 10 days on 15 June 2021.[33][34]

See also[]

References[]

  1. ^ Srivats, KR (May 16, 2019). "Canara HSBC OBC Life 'aiming to make it to top-five league': Chairman". The Hindu Business Line.
  2. ^ "Canara HSBC OBC Life Insurance appoints Anuj Mathur as CEO". The Economic Times. June 10, 2015.
  3. ^ Dash, Sanchita (February 21, 2018). "These are the Next Big Things in Insurtech Believes this Insurance Top Honcho". Entrepreneur.
  4. ^ "Canara Bank, life insurance arm launch 'Webassurance'". Business Today. April 27, 2019.
  5. ^ a b Kalra, Aditi Sharma. "Canara HSBC OBC Life Insurance rolls out group COVID care policy for its employees". www.humanresourcesonline.net. Retrieved 2021-09-08.
  6. ^ "Bank Merger: 6 things OBC, UBI customers should know about debit cards, cheque books to passbooks post merger with PNB". . April 13, 2020.
  7. ^ "Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank". Punjab National Bank.
  8. ^ "HSBC Oriental Bank of Commerce Life Insurance Company launches online revival of policies". The Economic Times. February 25, 2014.
  9. ^ "Introduction". Canarahsbclife.com. Archived from the original on 2013-08-19. Retrieved 2020-07-12.
  10. ^ Kumar, Krishna (June 6, 2017). "Canara HSBC Oriental Bank of Commerce Life Insurance ties up with Dhanlaxmi Bank". The Economic Times.
  11. ^ "Canara HSBC OBC Life Insurance partners Can Fin Homes to sell policies". Moneycontrol.com. March 8, 2018.
  12. ^ "Canara HSBC OBC Life Insurance partners with IndianMoneyInsurance.com to sell policies". The Free Press Journal. October 17, 2019.
  13. ^ "Bank Merger News: Government unveils mega bank mergers to revive growth from 5-year low". The Times of India. August 30, 2019. Retrieved 2021-10-08.
  14. ^ Staff Writer (2019-08-30). "10 public sector banks to be merged into four". mint. Retrieved 2021-10-08.
  15. ^ "Canara HSBC OBC Life Insurance posts a profit of Rs 105 crore for FY20". The Economic Times. Retrieved 2020-07-29.
  16. ^ a b "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". Delhi, India: Business Standard. May 15, 2019.
  17. ^ "Canara HSBC OBC life Insurance net jumps 51 pc at Rs 168 cr in FY18". New Delhi: Daily Pioneer. May 30, 2018.
  18. ^ Palepu, Advait Rao (June 4, 2018). "Canara HSBC Life Q4 net up 69% at Rs 1.28 bn on bancassurance drive". Business Standard.
  19. ^ "New premium of life insurance firms rises 3.7% to ₹21,390 cr in January". mint. 2021-02-08. Retrieved 2021-09-10.
  20. ^ Panda, Subrata (2021-03-08). "Life insurers' new business premium up 21% in February at Rs 22,425 crore". Business Standard India. Retrieved 2021-09-10.
  21. ^ "Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19". The Free Press Journal. March 16, 2019.
  22. ^ "Budget 2021 expectations for health, life insurance: Increase Section 80C, 80D limits, experts suggest". The Financial Express. 2021-01-05. Retrieved 2021-09-08.
  23. ^ www.etcfo.com. "Tarun Rustagi, CFO, Canara HSBC Oriental Bank Of Commerce Life Insurance - The CFO Wall". ETCFO.com. Retrieved 2021-09-08.
  24. ^ Hasib, Tarannum (2021-04-19). "How To Read A Life Insurance Policy Document". Forbes Advisor INDIA. Retrieved 2021-09-08.
  25. ^ "Canara HSBC OBC Life Insurance Launches Digital Campaign "Raho Life Ke Har Twist Ke Liye Tayyar" | The News Strike". Retrieved 2021-09-10.
  26. ^ "Four Sectors From Midcap Space That Deven Sangoi Of Canara HSBC OBC Life Is Bullish On". Moneycontrol. Retrieved 2021-09-10.
  27. ^ Sarang, Bindisha. "Missing nominations can pose a challenge to heirs". Rediff. Retrieved 2021-09-10.
  28. ^ "21 Top Life, Health and Motor Insurance Policy Changes Every Policyholder Should Know in 2021". The Financial Express. 2021-06-28. Retrieved 2021-09-10.
  29. ^ Dubey, Navneet (2021-03-03). "Digitalization helped maintain persistency levels of insurance policies". mint. Retrieved 2021-09-10.
  30. ^ Srivats, K. R. "Post Covid insurance landscape: When life insurers pivot to guaranteed income products". @businessline. Retrieved 2021-09-10.
  31. ^ "Canara HSBC OBC Life Insurance launches digital campaign "Raho Life Ke Har Twist Ke Liye Tayyar" » PuneDiary.Com". PuneDiary.Com. 2021-03-02. Retrieved 2021-09-10.
  32. ^ www.ETBrandEquity.com. "Canara HSBC OBC Life Insurance's quirky campaign highlights an important message - ET BrandEquity". ETBrandEquity.com. Retrieved 2021-09-10.
  33. ^ "Canara HSBC Oriental Bank of Commerce Life Insurance initiates plantation drive » PuneDiary.Com". PuneDiary.Com. 2021-06-17. Retrieved 2021-09-10.
  34. ^ "CSR drive: Canara HSBC Oriental Bank of Commerce Life Insurance planted 1300 trees with the Indian Armed forces". The CSR Journal. 2021-06-17. Retrieved 2021-09-10.

External links[]

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