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  • Canara HSBC Oriental Bank of Commerce Life Insurance Forays into Group Business

    Published on October 27, 2010

    New Delhi : Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited – a joint venture between two of India’s largest public sector banks, Canara Bank and Oriental Bank of Commerce, and HSBC Insurance (Asia Pacific) Holdings Limited, has made a foray into Group Business. After achieving success in the retail business, where it established itself in the Top 10 among private life insurers, the Company has launched a new channel – Group Business – targeted at the corporate segment. The launch of this business will enable it to reach out to a larger number of customers, leveraging on the strong corporate relationships of the three partners.

    The Company will specifically focus on Employee Benefits for corporates and has launched Canara HSBC Oriental Bank of Commerce Life Insurance Group Traditional Plan that offers employee retirement benefits, namely Gratuity, Superannuation/Pension, Leave Encashment and other benefits, to allow trustees and administrators to enhance employee loyalty and manage their organisation’s liabilities in an efficient manner.

    Canara HSBC Oriental Bank of Commerce Life Insurance’s Group Business strategy follows a consultative approach, based on analysis of a client’s liability and funding status. To ensure seamless service, the Company will also be launching a web-enabled service for its Group clients to access their account on the Internet for status and transactions.

    Speaking about the launch, Mr Mario Perez, Head of Sales & Marketing, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said: “There is a strong demand for Group products, especially from our shareholders’ group companies and corporate customers of our shareholders. We have launched the channel after thorough market research and feedback.”

    Mr Perez added, “Given the huge opportunity, the Company is planning to launch a complete suite of products on the Group platform in the coming months, including a unit-linked option and Group Term Insurance for employer-employee groups. Through our consultative approach, we will provide a range of illustrations to our clients reflecting various sensitivities, such as future interest rates. Such illustrations will help the clients take informed decisions not only on asset allocation for existing schemes but also in designing new schemes. For this, the Company has already invested heavily in training the sales force and in a state-of-the-art group administration portal. Reflecting the future importance of Group Business to the Company, an independent, well qualified and experienced sales and operations team has been hired.”

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