Leading Private Life Insurance Company Canara HSBC Oriental Bank of Commerce Life Insurance, the only company in the country selling products exclusively through banks, has entered into an alliance with Dhanlaxmi Bank, a leading private sector bank, with Kerala its headquarters, to sell Life Insurance Products.
Announcing the tie-up with Dhanlaxmi Bank, Canara HSBC Oriental Bank of Commerce Life Insurance Company Chief Executive Anuj Mathur said that this was for the first time the company was making a tie-up with a private bank in the country to sell life insurance products.
“We are a pure bank assurance Company and our alliance with Dhanlaxmi Bank give us an opportunity to further expand and grow this channel. India continues to remain a very large opportunity given the economic growth pattern, favorable demographic profile, increasing awareness and financial literacy on the need for insurance,’’ he said.
Claiming that their business model enables them to reach out to the vast population spread across the various parts of the country, Mr Mathur said that ‘’we continue to focus on meeting customer needs first and ensure that the life insurance solutions are made available to all segments of the population. We are proud of this association with Dhanlaxmi Bank and we look forward to serving their customer base as well with our wide range of products.”
In his address, Dhanlaxmi Bank Managing Director and Chief Executive Officer G Sreeram said that ‘’we are delighted to partner with Canara HSBC Oriental Bank of Commerce Life Insurance by way of this distribution tie up. We have consistently enhanced our portfolio to meet the diverse financial needs of our valued customers and this alliance is a step in that direction. With this customers of Dhanlaxmi Bank will get access to bouquet of products which would cover their core financial needs and deliver good value through the range of solutions that the company offers.”
With in-depth local market knowledge, both Canara HSBC Oriental Bank of Commerce Life Insurance and Dhanlaxmi Bank aim to provide long term value creation for its customers. As part of the agreement, the Bank would be a Corporate Agent for three years, however, both aim to continue this relationship for long term, they added.
Claiming that the sale of Insurance products through banks was highly successful, Mr Mathur said that out of the total sale of such products, about 55 to 65 per cent business was doing through banks.