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Wednesday, April 24, 2024

Canara HSBC Life Insurance ramps up presence in East


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Kolkata: Canara HSBC Life Insurance on Tuesday inaugurated their second branch office in Kolkata to amplify their presence in the state and to come a step closer to their customers.

Tarun Rustagi, Chief Financial Officer, Canara HSBC Life Insurance inaugurated the new branch office in presence of the regional staff of the Company.

The Company’s focus is to deliver wider insurance penetration in the state of West Bengal through a dedicated branch network and servicing team who can cater to the service requests and requirements of its customers.

As part of their expansion strategy the Company has opened several branches in current fiscal taking the overall branch network to 102 with more many more in the pipeline. These new branches will help Company’s objective to reach the customers who will also be able to access physical touch points, along with various other channels including online channel for their servicing needs in respect to their life insurance policies.

Sustaining the aggressive growth momentum, the Company has strong AUM of ₹ 27, 902 Cr.as of October 2022.In FY21-22,the Company’s gross written premium grew by 15% to ₹ 5,890 crore from₹5,116 crore. The Company’s individualclaim settlement ratio isat an all time high 98.6% and its overall claims settlement ratio, including group business is at 99.05%.

In the last 7 years, the Company has outpaced industry growth, having grown at about double the industry growth rate of 12% on Individual weighted premium income basis.The Company in FY21-22declared its maiden dividend to its shareholders along with customer bonus for all eligible policy holders amounting to ₹ 78 Crore for ninth consecutive year.

Canara HSBC Life Insurance targets to continue its growth momentum and is aiming to grow at double the industry growth rate by end of FY 22-23.

Rustagi, Chief Financial Officer, Canara HSBC Life Insurance said,“We reckon that today the consumers have realized the need for insurance and saving-oriented solutions. For us, customers have always been our first priority andall the products and services have been crafted keeping in mind their financial requirements. Our expansion strategy within the state will foster one on one client interactions, advisory and personalized services. We have taken substantial steps for increasing the capacity and integrating our systems with our banking partners to provide both sales and services at our new branch office. The Company enjoys trust of over 6 million customers whose families are secured through various insurance plans offered by Canara HSBC Life Insurance.”

Recently, Canara HSBC Life Insurance has launched innovative and competitive products with industry-first features including iSelect Smart360 Term plan, iSelect Guaranteed Future and Guaranteed One Pay Advantage. The brand new identity and positioning of the Company

“Promises Ka Partner” embodiesits customer promise that the Company will remain true to its commitment and secure the lives of individuals and their loved ones by focusing on product innovation and customer centricity.

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