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OBC, its life insurance partner launches Webassurance, POS
Business

OBC, its life insurance partner launches Webassurance, POS

Agency News

New Delhi, May 29 : Public sector lender Oriental Bank of Commerce and their life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance announced the launch of Webassurance and Point of Sale (POS) product 'POS - Easy Bima Plan' to enable people to purchase life insurance through a seamless journey starting from the bank’s website and through bank terminal.

Webassurance is a significant step towards providing the bank’s customers a one-stop, convenient online solution empowering customers to address their financial needs through a completely digital and paperless process. At the same time, with introduction of POS - Easy Bima Plan purchase of life insurance over the counter will be very easy.

Four life insurance products of Canara HSBC Oriental Bank of Commerce Life Insurance would be made available to customers of Oriental Bank of Commerce in Webassurance, covering the key needs of child future, savings, retirement planning and protection.

The launch of this initiative is in line with the Company’s strategy of expanding its distribution reach to cover all segments of the bank’s customers, across all channels or touch points through which they engage with the Bank.Webassurance further strengthens the digital positioning of the Company. The online journey is being enabled through the Insurance Self Network platform (ISNP) of the Company where Oriental Bank of Commerce is a participant as the corporate agent of the insurer.

The POS product offered is insurance cum saving product that can be bought over the counter. The bank’s customer can simply purchase this product from any Oriental Bank of Commerce branch through their banking terminal. Integration between Bank and Canara HSBC Oriental Bank of Commerce Life Insurance Company will help in pre populating the customer details in the bank system which will further help in faster issuance of policy. CKYC enabled account holders are not required to share any physical document. UNI