Canara HSBC Life Insurance targets to reach larger customer base through this new distribution tie-up
New Delhi, 22nd September 2023: Canara HSBC Life Insurance Company Limited (Canara HSBC Life Insurance) announced a strategic partnership with Himachal Pradesh Gramin Bank (HPGB) to offer a range of life insurance products through HPGB’s extensive branch network within the state. The collaboration marks a significant milestone, bringing the Company’s insurance solutions to customers of HPGB. HPGB is the 6th Regional Rural Bank (RRB) which has been added to the distribution network of the Company.
The strategic alliance will empower the Bank’s customers to choose from a wide range of life insurance offerings from Canara HSBC Life Insurance tailored to their unique needs and preferences. Leveraging HPGB’s strong presence of 274 branches in the state, it will enable Canara HSBC Life Insurance to make its products available to over 13.5 lakh customers of the Bank.
With this new tie-up, Canara HSBC Life Insurance is poised to further extend its distribution reach in the state, and reach out to HPGB customers across various districts of the state. It is also exploring further opportunities for distribution tie-ups within Himachal Pradesh.
Mr. Rishi Mathur, Chief Distribution Officer – Alternate Channels and Chief Strategy Officer, Canara HSBC Life Insurance, commented, “We are excited to partner with Himachal Pradesh Gramin Bank, a trusted name in the banking sector and has a tradition of serving customers across urban and rural areas in Himachal Pradesh. This partnership will allow us to extend our insurance solutions to a larger customer base, aligned to our mission to protect our customers’ dreams and aspirations. Insurance awareness is on the rise and this distribution tie up will empower company’s strategy to bridge the insurance gap at multiple levels across very part of Himachal Pradesh”.
Mr. Rajendra Singh, Chairman, Himachal Pradesh Gramin Bank, shared his thoughts on the partnership, stating, “We are committed to providing our customers with the best financial products and services. Our collaboration with Canara HSBC Life Insurance will enable us to offer comprehensive life insurance solutions to our valued customers, enhancing their financial security.”
The partnership represents a significant step forward, as Canara HSBC Life Insurance and Himachal Pradesh Gramin Bank join forces to provide essential financial protection and longer term investment and saving propositions to individuals and families across Himachal Pradesh.