Max New York To Strengthen Rural Network (05-Mar-2010)
Max New York Life Insurance is concentrating on boosting its rural network and the company has invested in 130 offices in rural markets.
The insurer has about 10,000 agents in the rural channels.
Meanwhile, the rural markets or "the emerging markets" contributes to about 8% of the insurer's total business.
It is also focusing on tie-ups with companies in and around important agricultural belts and rural banks.
Previously, it was said that with a view to meet its growth plan, Max New York Life Insurance is eyeing to invest nearly Rs. 200 crore by March, 2010.
Mr. Rajesh Sud, CEO and Managing Director of Max New York Life Insurance said depending on the company's growth, it expects capital addition of around Rs. 150-200 crore during this quarter ended March 2010.
The company has also made a capital investment of Rs. 2 crore during the current financial year and the paid-up capital of the company stands at Rs. 1,784 crore.
The company is expected to witness a growth of 15-20 % in the next financial year.
Earlier, Max New York announced its plans to infuse capital of around Rs. 200 crore by March this year in order to meet growth plans.
Max New York Life Insurance has restructured its ULIP portfolio by launching four new products.
The new products launched are- Max New York Life Fortune Builder as well as Max New York Life Unit Builder Plus, Smart Invest Pension Super and Smart Xpress.
These products have been specially designed as a hallmark of guarantee and safety to address the consumers' need of protection growth as well transparency.
All the four products are compliant to IRDA's regulation of capping of charge to reduce the reduction in net yield, the company said in a statement.
Max New York Life Insurance and BPO firm Genpact last year in December entered into pact under which, it is outsourcing customer service work to Genpact, as part of an internal restructuring exercise. The move is aimed at consolidating operations and synergising efficiencies within the organisation.
This will be a three year contract and the private life insurer is eyeing to transfer 100 people to Genpact for the purpose.
Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited and New York Life International.
Max New York Life has commenced its operation in April 2001 and is eyeing to break even by 2011.
Currently, the company has around 75,832 agent advisors at 715 offices across 389 cities in India. The company also has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing relationships each.
Max New York Life offers a suite of flexible products. It now has 39 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.
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