Canara HSBC OBC Life launches CHOICeNET

Wednesday 17, September, 2014 Canara HSBC Oriental Bank of Commerce Life Insurance today announced e-integration in bancassurance with the launch of CHOICeNET, a portal embedded with the partner banks' intranet that allows bank employees to provide end-to-end information for their customers' life insurance policies. The Company has already implemented several online facilities within its customer portal for net-savvy customers of all three banks. CHOICeNET was created to reach out to customers in Canara Bank and Oriental Bank of Commerce (OBC) who have a greater orientation and inclination towards dealing directly with their local bank branch. CHOICeNET, allows bank staff to see insurance policy details and to track the progress of applications, during the application process and after the policy has gone in-force. During the application process for a new policy, CHOICeNET provides benefit illustrations, with application tracking and other real time access to information on the policy. John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company, said, "Because we are an integrated bancassurer only selling through our banks' branches, we have lower operating costs and pass that saving onto the customer through better value-for-money products. This is our unique and sustainable competitive advantage and CHOICeNET is an example of how we do it." A customer can receive an acknowledgement for their first year premium and historical premium receipts. The portal also enables renewal premium payment using direct debit on Canara Bank and OBC's Core Banking System, together with instant renewal premium receipts. Customer service features include availability of duplicate copies and access to fund value statements, helping to make the banks a single point of contact for all their customers' financial needs. Canara Bank, HSBC and Oriental Bank of Commerce collectively have over 60 million customers in more than 7,000 branches across the country. Access to policy information is now available through all these touch-points.

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