Canara Bank’s Life Insurance Branch Launches Webassurance

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Canara Bank’s Life Insurance Branch Launches Webassurance
Nirmala Konjengbam - 29 April 2019

Public sector lender Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance Saturday announced the launch of 'Webassurance'.

Four life insurance products of Canara HSBC OBC Life would be made available to customers of Canara Bank, covering the key needs of child future, savings and investments, retirement planning and protection, a release issued in Mumbai said on Saturday.

Launching of Webassurance is a significant step towards providing the bank’s customers a one-stop, convenient online solution to meet their financial needs. It aims at empowering customers to address their financial needs in a completely paperless manner.

To bridge the gap between the banks and the potential customers Canara Bank and their life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance announced the launch of ‘Webassurance’ to enable bank customers to purchase life insurance through a seamless journey starting from the bank’s website. This initiative will provide greater control of the buying life insurance products online and won’t need to visit the branch.

Announcing the new initiative, Sh. R A Sankara Narayanan, Managing Director and Chief Executive Officer, Canara Bank said, “We are constantly working to empower our customers and stay relevant for their needs. A large and rapidly growing section of our customers are digitally savvy and prefer to engage online for their banking requirements. This customer segment also likes to have control over their purchase process and look for a convenient and 24x7 availability of products and services online to provide service and protection needs of the younger and internet-savvy customers of the Bank.”

The launch of this initiative is in line with the company’s strategy of expanding its distribution reach to cover all segments of the bank’s customers, across all channels or touchpoints through which they engage with the Bank. Webassurance further strengthens the digital positioning of Canara Bank and Canara HSBC Oriental Bank of Commerce Life Insurance. The online journey is being enabled through the Insurance Self Network Platform of the company, where Canara Bank is a participant as the corporate agent of the insurer.

Anuj Mathur, MD and CEO, Canara HSBC Oriental Bank of Commerce Life Insurance said,

" Webassurance is a key milestone in our journey with Canara Bank and the initiative integrates together, the digital capabilities of the bank and the company to provide a convenient and hassle-free option for customers to fulfill their insurance needs. This initiative will help further increase our reach into Canara Bank’s vast customer base and ensure we reach out with relevant solutions to all customers in the Canara Bank family."

Distribution and accessibility of insurance products through bank across the entire country, leading to greater convenience for customers and increasing insurance penetration across the markets (urban, semi urban, rural) of the country thus, contributing to the protection needs of the country. Customers can simply go to the website www.canarabank.com and in ‘Insurance Business’ select the need category.

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