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 here said.
Canara Bank Managing Director and CEO R A Sankara Narayanan said, "There is a large and rapidly growing section of our customers who 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 convenient availability of products and services online".
He said, with Webassurance the bank will be able to service the protection needs of its younger and net-savvy customers.
"This initiative integrates together the digital capabilities of the bank and the company to provide a convenient and hassle-free option for the bank customers to fulfill their insurance needs. We are confident that this initiative will help further increase our reach into Canara Bank's customer base and ensure we reach out with relevant solutions to all customers in the Canara Bank family," Canara HSBC OBC Life Managing Director and CEO Anuj Mathur said.
Canara HSBC OBC Life is jointly owned by two public sector banks Canara Bank (51 per cent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent), the Asian insurance arm of banking and financial services groups HSBC.