Thursday, June 21, 2012: Canara HSBC Oriental Bank of Commerce Life Insurance company was awarded the "Technology leader Award 2012” by Fintelekt, SP Media at the prestigious 'Indian Insurance Awards 2012' . The award honors technology leadership aligned with business goals. The Company received the award for deploying Straight Through Processing (STP) which has a direct impact on operational efficiencies and business growth through rules and validations to automatically underwrite its new business proposals.

The initiative has helped the Company improve efficiencies by standardization of decisions, improved customer experience by faster processing and reduction in the cost of processing. The Company achieved 50% STP pass percentage in just 5 months of launch. Mr Vilas Kanyal, Senior Vice President and Head, Business Development, Emerging Geographies – India, presented the award to Mr John Holden, Chief Executive Officer, Canara HSBC Oriental Bank of Commerce Life Insurance Company.

The Indian Insurance Awards, announced by SP Media were presented to honor performance and the commitment of top Indian Insurance Companies.