Canara Bank and Canara HSBC Oriental Bank of Commerce Life Insurance launch Webassurance for bank customers

India’s leading public sector bank 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. Webassurance is a significant step towards providing the bank’s customers a one-stop, convenient online solution empowering customers to address their financial needs through a completely digital and paperless process.  

Four life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Canara Bank, covering the key needs of child future, savings and investments, retirement planning and protection.

Key benefits to the customer:

  • Provides greater control of the buying process, for customers who prefer to transact online
  • ‘Always on’- buying life insurance at a time and place of their convenience, don’t need to visit the branch
  • Just a few clicks and quick fill of the proposal form online and your application form is submitted

Basis the customer’s requirements, the customer would be able to choose the relevant plan and can start the buying journey by filling in a few details about himself/ herself. The journey then guides the customers through an online process to complete the application. The customer can at any point engage with customer support associates on phone for immediate assistance in completing the application.

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 Company. The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Canara Bank is a participant as the corporate agent of the insurer.

Announcing the new initiative, Sh. R A Sankara Narayanan, Managing Director & 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 24×7 availability of products and services online. We are confident that with Webassurance, we will be able to service the protection needs of the younger and net-savvy customers of the Bank.

Mr. Anuj Mathur, Managing Director & Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, “We are delighted to announce Webassurance as a key milestone in our journey with Canara Bank, our shareholder and partner bank. 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 vast customer base and ensure we reach out with relevant solutions to all customers in the Canara Bank family.”

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