Canara HSBC Oriental Bank of Commerce Life Insurance closes

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 31^st 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 13^th month persistency stands at 81%, and 61^st month stood at 50%

-       Operating expense ratio stood at 13% for FY 19-20

-       Company recorded profit for 8^th 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 31^st 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 31^st March 2020 is Rs. 2,907 Crs. The Company has been generating profits for 8^th 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 16^th 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.”

JLL, the country’s largest real estate consultancy firm has launched

JLL, the country’s largest real estate consultancy firm has launched a whitepaper ‘Future of workplace: Is it time to reimagine?’ that deep dives into how the office, as we know it today, will transform into a more greener, healthier and sustainable place to re-welcome its employees post COVID-19.

Attached, please find the complete report along with the press release for your reference.

Key highlights:

• 66% of employees in India immediately shifted to working from home after the outbreak of the pandemic
• 30% of Indian working population has said that the lockdown has given them an enhanced opportunity to balance their work and life
• Health and wellness to be the key motivator for employees to re-enter office spaces
• 76% of millennials will consider a company’s social and environmental commitments before deciding to work there
• Workplaces would also witness new techniques and ways of operating, collaboration and engagements

  

41% Employees Miss the Professional Environment of Office: JLL

• 66% of employees in India immediately shifted to working from home after the outbreak of the pandemic
• 30% of Indian working population has said that the lockdown has given them an enhanced opportunity to balance their work and life
• Health and wellness to be the key motivator for employees to re-enter office spaces
• 76% of millennials will consider a company’s social and environmental commitments before deciding to work there
• Workplaces would also witness new techniques and ways of operating, collaboration and engagements

While the likely reality is that working population will eventually return to a collective workplace, but by then, the workplace would have drastically changed beyond previously imagined. As the country unlocks and “working from office” gains back the momentum, many companies are looking forward to making the necessary changes at their offices.

New COVID-19 protocols will require greater physical separation in workplaces via spatial, physical, and temporal means. JLL, the country’s largest real estate consultancy firm has come out with a whitepaper ‘Future of workplace: Is it time to reimagine?’ that deep dives into how the office, as we know it today, will transform into a more greener, healthier and sustainable place to re-welcome its employees post COVID-19.

This report highlights workplace solutions needed to cope with the pandemic as employees begin to migrate back to offices. It discusses five major aspects of the “Future of Work” and how it will change with respect to the changing paradigm of businesses. The key to the transformation is spacing:  Workstations will be spaced further apart, conference rooms will be depopulated, space-dividing partitions erected, and staff issued rotating schedules for some time now.

“While we all know that work from home is an interim solution in the current situation, it has its own drawbacks including challenges like the feeling of isolation and lack of face to face connectivity with our colleagues. It is very difficult to replicate an office environment and the collaboration opportunities in a WFH model. 

Our survey shows that as much as 41% of employees are missing the professional environment of a workplace. Also, workplace design is increasingly gaining importance in the current context and will be influenced by the fact that people shape the spaces they occupy, with focus on human experience, innovation in technology, wellness and sustainability,” said Ramesh Nair, CEO and Country Head, India, JLL.

Workplace design will see a shift over time due to COVID-19 with a mixed response from occupants. While telecommuting will become more mainstream, leading companies across the globe will be seen embracing flexible workplace arrangements and taking preventive measures to ensure social distancing and good hygiene, highlights the report.

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(Re) entry

As India fights COVID-19, business leaders are planning their ‘return to work strategies.’ There will be changes that employees will witness as they reenter their offices. De-densification, reconfiguration, enhanced seating plans and collaboration devices, are some of the measures that will be adopted for re-entry.

“Most space planners, architects and product providers are proactively thinking ahead of time to bring in new concepts and technologies to provide a healthier and more sustainable workplace for the future. Occupiers have embraced the preliminary phase to accelerate the short-term transition and have started partnering with organizations like JLL to plan a safer and informed re-entry at the workplace to ensure social distancing and workplace wellness,” says MV Harish, Managing Director, PDS, India. 

(Re) imagine

A phase of acceptance where employees will be introduced to new norms of work and workplace such as providing flexible designed spaces, density-the deciding factor for office design, 90 degree rotation of desks and workstations to be incorporated, wide agile practices, health and well-being of employees and contact free spaces.

Future of re-imagine

Use of smart materials, flexible arrangement of furniture, hub and club model, employee experience, digital ecosystems, holistic environment will be the focus of the future workplaces.

What is next for workplace?

The future of workplace pivot around the five dimensions which will propel the new workplace designs. The incorporation of these aspects at workplace will corroborate the effect of the pandemic.

1)    Human Experience: The impact an organization casts on its people is beyond its tangible domains, which results in larger engagement, professional empowerment and a sense of fulfilment.

2)    Health and Wellness: Health and wellness will be key motivation for the employees to re-enter the office spaces and organisations.

3)    Sustainability: Companies will continue to focus on greener spaces and sustainable building will continue to be in vogue.

4)    Health and Safety: Periodic sanitisation of workplace, use of anti-microbial coatings, and minimal use of touch prone surfaces will be encouraged.

5)    Digital Drive: Companies will start investing in contactless technologies to reduce disease transmission. Standalone technology will replace by integral solutions that connects building facilities with the occupier’s premise.

The post-COVID world is not simply about measures that focus on employee wellness. It is also about efficiency, speed, and cost-effectiveness. Organisations need to optimise the existing spaces by making meaningful moves.  Ultimately, the time spent optimising space will have the deepest impact.

Click here to view the report: https://www.jll.co.in/en/trends-and-insights/research/future-of-workplace-is-it-time-to-reimagine?utm_source=pr&utm_medium=referral&utm_campaign=ap-in-corp