Canara HSBC Oriental Bank
of Commerce Life Insurance closes FY 19-20 with Individual Claims settlement
ratio at 98.12% and IEV of Rs. 2,907 Crs
Performance
driven by
-
Customer centric
approach
-
Digital selling amplification
-
Well versed distribution strength / Leveraging Banca-insurance model
-
Balanced product mix
-
Sustainable business driven approach
Canara HSBC
Oriental Bank of Commerce Life Insurance Company Limited announces annual
performance for the financial year 2019-20 reporting Indian Embedded Value of Rs.
2,907 Crs.
Key Highlights of Company performance for FY2019-20:
-
Individual New business premium income on weighted premium income
(WPI) grew by 7% at Rs. 975 crores in FY 2019-20 vs Rs. 915 crores
in previous year
-
Over the last five years, the Company's individual new business
premium (weighted premium income) has grown at a compounded annual rate of 24%
while the overall industry has grown by 12%
-
The Company's gross written premium has increased by 13% to Rs.
3,943
Crs in FY 19-20 from Rs. 3,491 crores in FY18-19
-
Indian Embedded Value of Rs. 2,907
crores as the March 31, 2020. Growth of 13% over previous year (Rs.
2,575
Crs as of 31st March 2019)
-
Company's Individual claims settlement ratio is 98.1% for FY 19-20
and at overall level (Individual plus group) claim settlement ratio is at 99.1%
-
Company's 13th month persistency stands at 81%, and 61st
month stood at 50%
-
Operating expense ratio stood at 13% for FY 19-20
-
Company recorded profit for 8th year in a row. For the
year FY 19-20, PBT stood at Rs. 105 Crs
-
Assets under management (AUM) is Rs. 15,374 crs as on March 31, 2020
-
Company's solvency margin is 365% as on March 31, 2020
-
Over 33 lakh lives covered under Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY)
-
Digitally enabled Insurance Self Network platform (ISNP) for one stop
solution of customer’s Insurance requirements
Over
the last 2 years, the Company has also enhanced its focus on growing its
digital business and direct sales channel over and above the bancassurance
channel. The Company has deployed various analytical and propensity models for
collections leading to significant increase in the persistency rates across
various buckets.
In
FY19-20 Company had launched several new products such as Guaranteed Income
Advantage plan, Health first plan (online), Pension4life, iSelect+, Titanium
plus; Group – Group term edge plan, group traditional plan to suit the
diversified needs of consumers.
Company
saw good success of its health product “Health First Plan” which sold more than
16,000 policies by 31st March 2020. Apart from this, Guaranteed
Income Plan and Guaranteed Savings Plan were introduced to offer long term
benefits with regular guaranteed income which has seen a sharp uptake across
various customer segments. Further, the Company had aligned its distribution
strategy to focus on the higher penetration through mass market products like
POS Easy Bima and POS Easy Bachat (Point of Sale product).
The Company continues to embrace newer
technologies to drive efficiency & productivity in its processes, enabling
process simplification and continued enhancement to customer experience and
delight. While the Company was one of
the early adopters of tab based sales process, the Company has also focused on
servicing through enhanced IVR servicing solutions, dedicated mobile servicing
portal with Whatsapp Bot and Video Tele-calling.
Commenting on the
financial results of the Company, Mr. Anuj Mathur, Managing Director & Chief
Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance said, “FY 19-20 has been good for us in terms of growth of overall business until COVID19 hit
the entire country. The Company was quick to react and was able to leverage on
the digital assets, platforms that it has created with bank partners, which
helped curtail the impact. The focus of the Company remains customer
centricity. We have launched many initiatives in the previous financial year in
customer servicing area, including servicing through whatsapp and various other
digital avenues. Our claims settlement
ratio is at 98.1% for individual business and 99.1% on overall basis, including
group business. The Indian Embedded Value of the Company as of 31st
March 2020 is Rs. 2,907 Crs. The Company has been generating profits for 8th
year in the row and the PBT for the year stood at Rs.105 Crs.
In the current year, we
shall continue to focus on transformation & simplicity in our business processes.
We are exploring various avenues wherein we can further
digitally integrate with our partner banks to make insuring lives a very simple
and seamless process with product offerings meeting all customer needs.
We have completed
12 years of operations on 16th June and I would like to thank all
our shareholders, distribution partners, customers and employees for their
trust and continued support and wishing everyone good health.”
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