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Canara HSBC OBC Life launches online revival of policies

A significant effort to ensure persistency, it enables the customers to reinstate a lapsed policy

February 25, 2014 3:17 IST | India Infoline News Service
Canara HSBC Oriental Bank of Commerce Life Insurance Company, a pioneer in introducing innovative and customer centric modes of servicing, has launched an online facility to revive policies. A significant effort to ensure persistency, it enables the customers to reinstate a lapsed policy and pay their premium online, thereby, making the complete process convenient, faster and effortless.
This facility can be accessed by simply going on the company website, www.canarahsbclife.com and can be completed in three simple steps after the customer has logged into the portal and selected the lapsed policy – the customer will need to generate the premium due quote, fill in the health declaration and pay the premium through premium gateway.
Mr John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance, said, “The online revival facility has been designed keeping in mind the demanding lifestyle of customers. Although a lapse in paying the premium is not prudent, we understand that it may not always be possible for the customers to be physically present - the customer has to submit ‘health declaration’ form and may have to undergo medical tests.  Also, there is a tendency of not reviving the policy because you have to go to the insurer’s office. The online revival facility makes the process convenient for our valued customers and provides an immediate solution. It will also help in increasing persistency.”
Canara HSBC Oriental Bank of Commerce Life Insurance Company is a pioneer in using technology to simplify customer service and ensure customer delight. Currently, about 35% of the requests are already serviced through online mode.

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