Private life insurance company, Canara HSBC Oriental Bank of Commerce Life Insurance Thursday entered into a tie-up with Kerala-based Dhanlaxmi Bank. According to the agreement signed in Kochi, all life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Dhanlaxmi Bank and would be sold by licensed staff of the bank.
Dhanlaxmi Bank is having a network of 260 branches and 371 ATMs covering 129 cities across India in 15 states and one union territory and a customer base of over two million. As part of the agreement, the bank will be a Corporate Agent for three years.However, both aim to continue this relationship for long term, a release said.
Announcing the tie-up , Anuj Mathur, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited said, “We are a pure bancassurance company and our alliance with Dhanlaxmi Bank give us an opportunity to further expand and grow this channel.”
He said last year the company’s business recorded a growth rate of a 40 per cent.
“Year prior to that we grew by of 38 per cent. So we have seen two consecutive years where the growth has been in the range of 40 per cent. In this quarter, in the first quarter, we have seen growth of 50 per cent,” he told reporters here.
G Sreeram, Managing Director and Chief Executive Officer, Dhanlaxmi Bank, said the bank will be benefited from its distribution partnership with Canara HSBC Oriental Bank of Commerce Life Insurance.
“With this customers of Dhanlaxmi Bank will get access to bouquet of products which would cover their core financial needs and deliver good value through the range of solutions that the company offers,” he said.