Mumbai, Aug 12 (UNI) The latest entrant into the life insurance mart -- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited has earned a Rs 12 crore annualised premium for July, the Company's first full month of business.
Acclaimed to be the most successful launch for a private player, the Company in a release said the premium exceeded what many companies achieved in their entire first year of operation.
The Company operates a pure bancassurance distribution model, selling to the customers of Canara Bank, Oriental Bank of Commerce and HSBC Bank in India through their bank branches. It was progressively increasing its coverage of bank branches from 410 currently to over 900 in the coming weeks and extending its product range from two to eight products, the release said.
Harpal Karlcut, Chief Executive Officer of Canara HSBC Oriental Bank of Commerce Life said the successful launch demonstrates the strength of the bancassurance model. It was also pleasing to see that not only was a record-breaking level of new business written in the first month, but a high level of service was also provided to the banks and their customers. With operational stability having been quickly achieved, the focus would be to leverage the huge opportunity within the customer bases of the shareholders, he added.
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