Canara HSBC Life Insurance, which is riding strong on its bancassurance model, wants to plumb deep into the large customer base of its promoter shareholder Canara Bank and is looking to double its penetration there from the current 1.5 per cent to 3 per cent over the next two years, Anuj Mathur, Managing Director & CEO, has said.
Mathur also said in the next 3-4 months, Canara HSBC Life Insurance will set up nearly 50 new standalone branches (besides the almost 10,000 branches of its shareholder banks), taking its overall branch network to 103 from 54 now.
The new physical branches of the life insurer are expected to enhance its footprint in Tier 2 and Tier 3 cities. They will be used both for customer service and for new business.
“Our decision to double the company’s branch network in next 3-4 months shows our confidence . You will not double up branches in three months if you are not very confident about business”, Mathur told.
