Canara HSBC Oriental Bank of Commerce Life Insurance is aiming at 30 per cent increase in its business this year with focus on tier-II and tier-III locations.
“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 BusinessLine.
The insurer had posted a total premium income of about ₹2,300 crore during the year ended March 2017, including ₹983 crore of new business premium. “For the last two years, we have been growing at 35-40 per cent and hope to repeat the same this year,” Seth said.
To achieve this, the company will expand its bancassurance and digital channels. It will be focussing on addition of customers from tier-II and tier-III locations through its network of over 8,000 branches.
In the last two years, it has recruited 1,000 relationship executives who will help the company to grow, Seth added.
The insurer recently launched Jeevan Nivesh, a new product, and will soon be introducing another Point-of-Sale (PoS) plan. The company has about 30 products in the market as of now.
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 per cent in the next three years.
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