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Overview |
Max New York Life Insurance Company Ltd. is a joint venture between Max India
Limited, one of India's leading multi-business corporations and New York Life International,
the international arm of New York Life, a Fortune 100 company. The company has positioned
itself on the quality platform. In line with its vision to be the most admired life
insurance company in India, it has developed a strong corporate governance
model based on the core values of excellence, honesty, knowledge, caring, integrity
and teamwork.
Incorporated in 2000, Max New York Life started commercial operation in April 2001.
In line with its values of financial responsibility, Max New York Life has adopted
prudent financial practices to ensure safety of policyholder's funds. The Company's
paid up capital as on 30th May, 2009 is Rs 1,973 crore.
Max New York Life has multi-channel distribution spread across the country. Agency
distribution is the primary channel complemented by partnership distribution, bancassurance,
alliance marketing and dedicated distribution for emerging markets. The Company
places a lot of emphasis on its selection process for agent advisors, which comprises
four stages - screening, psychometric test, career seminar and final interview.
The agent advisors are trained in-house to ensure optimal control on quality of
training. The company currently has around 69,778 agent advisors at 674 offices
across 389 cities. The company also has 36 referral tie-ups with banks, 24 partnership
distribution and alliance marketing relationships each. Max New York Life has put
in place a unique hub and spoke model of distribution to deepen our rural penetration.
This is the first time such a model has been put in place for rural marketing of
insurance. The company has 139 offices dedicated to rural areas.
Max New York Life offers a suite of flexible products. It now has 21 products covering
both life and health insurance and 8 riders that can be customized to over 800 combinations
enabling customers to choose the policy that best fits their need. Besides this,
the company offers 6 products and 7 riders in group insurance business.
The company currently has more than 11,666 employees.
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