Canara HSBC Oriental Bank of Commerce(OBC) Life Insurance Company Limited(Canara HSBC OBC Life Insurance)and Andhra Pragathi Grameena Bank (APGB) have entered into a strategic tie up virtually. The distribution tie up is to sell life insurance, health and pension products at all the branches of APGB. It is the 1st virtual launch of Canara HSBC OBC Life Insurance tie up with APGB.
Points to be Noted
i.Initially, through this tie up, 20 insurance products (majorly traditional insurance) will be offered by Canara HSBC OBC Life Insurance to APGB customers.
ii.Further, the alliance will strengthen the insurance penetration in Tier 2 and 3 markets of Rayalaseema, Andhra Pradesh.
Benefits of the Tie up
i.The tie up will provide an opportunity and responsibility to the insurance company to create awareness in the rural market about the purpose of having a life insurance, health insurance and pension plans in unanticipated times like COVID-19 pandemic.
ii.The insurance company aims to connect with the rural areas and help them to financially secure their future.
iii.With the partnership, Canara HSBC OBC Life Insurance expects efficient technology synergies between 2 companies to provide a seamless customer experience with an extended reach.
iv.This target can be achieved in collaboration with the bank in a robust way even during the pandemic times through the customized & integrated solutions.
v.This collaboration will initiate many ways for Canara HSBC OBC Life Insurance to scale up their business in the Rural and Regional Banks(RRBs).
Shri.K.Muktheswar Rao, Shri B.S.Ananthapadmanabha Rao & Shri C.Venkateswarlu, General Managers of APGB were also present during the occasion.
Canara HSBC OBC Life Insurance is a Joint Venture(JV) between Canara Bank (51%), HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). It operates largely on a bancassurance model
APGB is sponsored by Canara Bank. It have 552 branches and 8 Regional Offices in 5 Districts of operation i.e. Ananthapuramu, YSR Kadapa, Kurnool, SPSR Nellore and Prakasam.
About Canara HSBC OBC Life Insurance Company Limited
MD & CEO- Anuj Mathur
Head Office– Gurugram, Haryana
About Andhra Pragathi Grameena Bank
Head Office– Kadapa, Andhra Pradesh
Chairman– Sri A Venkata Reddy
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