Canara HSBC OBC Life Aims For 1 Mn Customers By 2020

Aims for digital integration with partner banks

According to the IRDAI data, first year premiums for the life insurance industry stood at 1.93 trillion in 2017-18, with a y/y growth of around 11%. In terms of individual policies, the individual annual premium equivalent (APE) grew 19% to 63,470 crore in the last fiscal.

PROFITABLE GROWTH

The Canara HSBC Oriental Bank of Commerce Life Insurance’s overall APE grew by 11% in the first half of the current FY over previous year against the industry growth of 5% as per IRDAI’s new business report). The company’s retail APE grew by 10% over previous year, which is in line with industry growth. The company has taken various strategic initiatives during the year to progress on the growth path. Anuj Mathur, MD & CEO, reveals: “The growth this year mainly comes from the nonmetros as we penetrated further into the tier 2 & 3 markets. We are steadily moving towards achieving cumulative break-even of our company and aspire to follow the profitable growth trajectory in FY19.”

CUSTOMER CENTRIC PRODUCTS

The company has introduced many new and innovative products in 2018-19 in line with the changing dynamics of the market. During the current year, as per its insight into customer needs and preferences, the company has launched its first health product ‘Health First Plan’ which also marks its foray into health space. Mathur claims: “It’s a unique 3-in-1 plan which provides fixed benefit coverage for cancer, heart diseases and other critical illnesses. The product has an option to pay regular monthly income in case you’re impacted by major cancer or heart disease or critical illnesses.”