Canara HSBC Oriental Bank of Commerce Life Insurance is aiming for 30 % increase in its business this year. The focus is on addition of customers from tier-II and tier-III locations with network of over 8000 branches. To achieve the target, the Company will expand its banc assurance and digital channels. New recruitment of 1000 relationship executives was made in last 2 years to held the company grow.
“We are strong in traditional products and as we increase our focus on urban markets, where the risk appetite is low, this will help us,” Gaurav Seth, Chief Financial Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, told Business Line.
The insurer had posted a total premium income of about Rs. 2,300 crore during the year ended March 2017, including Rs. 983 crore of new business premium. “For the last two years, we have been growing at 35-40 % and hope to repeat the same this year,” Seth said.
The insurer recently launched Jeevan Nivesh, a new product, and would be introducing another Point-of-Sale (PoS) plan.
Jeevan Nivesh is an endowment plan with whole life cover option, which helps build savings over a period of time.
On the industry scenario, Seth said it is estimated to grow at 15-20 % in the next three years. The company has about 30 products as of now.