Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched in June 2008 and is jointly owned by two of India's largest public sector banks – Canara Bank (holding 51%) and Oriental Bank of Commerce (23%) – and HSBC Insurance (Asia Pacific) Holdings Limited (26%), the Asian insurance arm of one of the world's largest banking and financial services groups – HSBC.
With a combined experience of over 300 year in the financial services space in the country, the shareholder have a sound understanding of the socio-economic needs of the population. Backed by thorough research, they launched a pure bancassurance model, a first in India, with each aspect of the business tailored to the specific needs of the distributing banks including products, training, operational & service support and integration with bank sales processes resulting in an efficient, low cost, distribution model.
The Company's business strategy testifies thorough understanding of the market especially with veterans looking for bank partner or scaling up their bancassurance channels.
The formidable distribution strength and in-depth local market knowledge of Canara Bank and Oriental Bank of Commerce coupled with the considerable insurance experience, product range and proven bancassurance capabilities of HSBC make this an unparalleled union of financial strength, expertise and most importantly, trust.
The Company has access to around 60 million customers and a pan-India network of over 8000+ branches of Canara Bank, HSBC and Oriental Bank of Commerce. By selling through the three banks' branches, seeking to seamlessly integrate systems and processes to reduce costs, Canara HSBC Oriental Bank of Commerce Life Insurance aims to pass on the savings to customers through lower charges thus making the Company's policies among the most competitive and accessible in the market.