Canara HSBC Life Insurance Company Limited

Canara HSBC Life Insurance Company Limited, founded in 2008, combines financial expertise, knowledge, strength, and trust like no other. They are dedicated to securing their customers' financial futures. The company has been operating through various channels and a variegated network of Canara Bank and HSBC branches for more than 15 years now. They operate in various cities across India, from Tier 1 to Tier 3.

The company is an alliance between Canara Bank - which holds 51% - and HSBC Insurance (Asia Pacific) Holdings Limited, which holds 26%. Additionally, Punjab National Bank holds a 23% stake. It brings together the assurance and market awareness of both public and private banks.

It offers a wide range of life insurance solutions, catering to individuals and groups. Its product portfolio includes life insurance, Health insurance, term plans, retirement solutions, credit life, and employee benefits. It reaches out to customers through direct, digital, agency, and field force models. Thanks to its distribution partners, Canara HSBC Life Insurance Company Limited has experienced continuous growth since its establishment. It is committed to embracing agile and technologically advanced methods for business solicitation, customer service, and product marketing. And, it has a strong focus on simplicity and efficiency. It strives to provide easy insurance solutions and faster claim processes, staying true to its "Promises Ka Partner" philosophy.

In the financial year 2022-23, it issued 1,86,714 policies and successfully received 67,555 claims.

Awards & Recognition

The Canara HSBC Life Insurance Company Limited has bagged many awards and recognitions for its contributions to the insurance market -

• Canara HSBC Life Insurance Company Limited won “Insurance Company of The Year (Life Insurance)” at the 6th Insurance India Summit and Awards 2023 for innovation, uniqueness, business model and customer focus.

• It received the gold award at ACEF Customer Engagement Awards for the successful "Depend On Insurance Season 3" campaign, showcasing effective influencer marketing.

• Canara HSBC Life Insurance Company Limited was honoured with the silver award at ACEF Customer Engagement Awards for its impactful "Promise Ka Partner" brand campaign, highlighting market research and a dependable insurance philosophy.

• It was acknowledged for "Best Use of Technology to Enhance Customer Experience" at the 16th Edition of the Customer FEST Awards 2023, showcasing its implementation of emerging technologies.

• It was honoured with the best "Data Science Strategy" award at the 2nd edition of the Future of Data & AI Summit and Awards 2023 in Mumbai for exemplary use of data, analytics, and AI.

• Canara HSBC Life Insurance Company Limited's brand change campaign won "Marketing Campaign of the Year" at the Global Brand Excellence Awards 2023.

Claim Settlement Ratio

The Claim Settlement Ratio (CSR) is a measure that reveals how well an insurance company handles claim settlements. In the financial year 2021-22, Canara HSBC Life Insurance Company Limited achieved an impressive CSR of 98.44%. This means they successfully resolved a large majority of the claims they received, providing timely compensation to their policyholders. Additionally, their Claim Amount Settlement Ratio stood at 96.42% during the same period, which displays the proportion of the claim amount received that they have paid out.

Analysing an insurance company's CSR allows you to gauge its efficiency and ability to fulfil claims promptly. An insurer with a strong track record of maintaining a high CSR is considered more reliable and trustworthy. It is also important to examine their CSR track record over the past few years to ensure consistent performance.

Solvency Ratio

The solvency ratio helps evaluate the financial health and stability of an insurance company. According to the guidelines set by the Insurance Regulatory and Development Authority of India (IRDAI), insurers must maintain a minimum solvency ratio of 150%. This ensures that they have enough financial resources to fulfil their claim obligations.

As of March 31, 2023, Canara HSBC Life Insurance Company Limited boasts of an impressive solvency ratio of 252%. This indicates that the company is in a strong financial position, well above the required minimum. With this high solvency ratio, they have the financial capacity to meet claim payments and other responsibilities seamlessly.

Customer Service

• Toll-free Number
  If you ever need help or have questions about your insurance policies, you can easily reach Canara HSBC Life Insurance Company Limited’s customer support team by calling their toll-free number,1800-258-5899.

• E-mail
  If you prefer to communicate through email, you can send all your concerns, inquiries, or other matters to customerservice@canarahsbclife.in.

Canara HSBC Life Insurance Company Limited offers alternate contact options to help you with your doubts, questions, etc –

• Twitter: https://twitter.com/CanaraHSBCLI
  

• Facebook: https://www.facebook.com/CanaraHSBCLifeInsurance

Other Important Links

• You can manage your Canara HSBC Life Insurance account easily by visiting https://customer.canarahsbclife.com/#/login.

• You can keep tabs on your policy status by visiting https://www.canarahsbclife.com/manage-policy/track-application.

• You can stay updated on the status of your insurance claim by visiting https://www.canarahsbclife.com/claims/claim-status.