Company at a Glance: TheCompany was launched on 16 June 2008 withheadquarter in Gurgaon.It is a joint venture between two of India’s largest publicsector banks, Canara Bank and Oriental Bank ofCommerce, and HSBC Insurance (Asia Pacific) HoldingsLimited.Network of 4400 branches , 29 Regional offices, 60 millioncustomers, and 822 employees. Have 3 Individual products and 2 Group Products170,364 policies sold ( as on July 31, 2010).
Ranked as top 2nd in terms of Customer service.Convenient ways of paying your premiumsTools and calculator.The backbone of the Companys operations isa highly IT-enabled.The huge international brand equity of HSBC.Faster claim processing.
Customer database of two nationalized banks.The effective bank assurance model has enabled thecompany in reaching to customer in rural and socialsector.Better product knowledge.In Group plans (group loan protection plan & Groupterm plan) minimum premium 23000. Canara HSBC has an advantage because of havingBoth public sector (Oriental, Canara) and privatesector (HSBC) share holders.
Being a new entrant in the market it does not havefirst mover advantage.Smaller sales force.High premium for individual plans. (minimumpremium for Growth Smart Plan and Dream smartplan is 25,000/- ) Small product portfolio.
Low penetration and untapped markets.Can leverage share holders strong corporaterelationship to sell group policies to large companies.Can absorb the existing customers of the threeentities.
High competition among different players. Many foreign bank giants are going to enterIndian market. They have very large portfolio ofvarious verticals and products with them.Rolling out of innovative products by competitors. Fluctuating policies by regulators.
1) Adherence to Regulations2) After Sales Support / Warranty Support3) Authenticity / Transparency / Ethics4) Customer Friendliness /Loyalty & Promotional Programs5) Professionalism / Qualification of Staff6) Range / Selection / Customizability7) Reliability/ Value for Money8) SafetyConsumer Satisfaction Level Summary