Canara Bank, Oriental Bank of Commerce (OBC) and HSBC Insurance (Asia Pacific) Holdings have collected over Rs 12 crore of annualized premiums in July, during its first month of business. According to market experts, this is the most successful launch of any of private player, with premiums exceeding what many companies achieved in their entire first year of operation. The Company operates a pure bancassurance distribution model, selling to the customers of Canara Bank, Oriental Bank of Commerce and HSBC Bank in India through their bank branches. Presently, the company sells two insurance products, which it plans to extend to eight products in coming weeks. The consortium would also increase its coverage of bank branches from present 410 to over 900.