Our Differentiators

We have strong parent organizations, Max India Ltd. 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 is also led by a stable and committed management cadre who are focused on building a successful life insurance business and not an investment business.

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 a national presence with highly productive agent advisors across its offices in the country. The company also has referral tie-ups with banks, partnership distribution and alliance marketing relationships.

Max New York Life invests significantly in its training programme and each agent is trained for around 100 hours as opposed to the mandatory 50 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 400 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers.

193 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2009. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business.

Max New York Life offers a balanced suite of flexible products consisting of a healthy mix of both traditional and ULIPs. It now has 23 individual life and health insurance products and 9 riders that can be customised to suite every need of the customer. Besides this, the company offers 4 products and 7 riders in group insurance business.

Max New York Life has always believed that human capital is the key to the success of any organization. We have processes that are effective and transparent and engender employee trust and commitment.

All our employees believe that we have the potential to grow faster than industry because our business model is robust and built for superior performance.

Max New York Life has an employee value proposition which differentiates us from others It is our firm belief that there is glory in working together and getting things right. The company believes in fun at work and provides recreational opportunities for employees. It creates a work atmosphere where their self - esteem is recognized and where cliques don't form.

We also have a comprehensive reward and recognition platform for our employees that incentivizes good performance.

MNYL's products are backed by strong asset management operations. The company consistently outperformed the benchmarks during the 2009-10. The magazine, Outlook Money, recognised this performance and ranked MNYL as a top quartile fund manager.

While focusing on delivering maximum returns to policyholders, MNYL follows a prudent investment philosophy to optimise risk management. Investments are in safe instruments: the top five debt investments are AAA rated, and majority of the equity investments are in large cap companies, which are safe and provide good returns in the long run.

MNYL has always believed in investing in quality to achieve excellence in all our processes.

We were the first company in the industry to receive ISO certification during our first full year of operation in 2003. We continue to maintain our certification without any break since then. We have also won multiple awards and recognition including CII commendation 'Strong Commitment to Excel in 2008 and 2009. Our projects have won at various events like QCI-DL Shah award, CII National Awards for Six Sigma, Qimpro, IQPC and other such events.

Main components of our quality framework are:

• Listening Posts - To create an 'outside-in' thinking by 'listening' to all our stakeholders with greater focus on our 'Customers & Distributors' through multiple listening mechanisms like surveys and focus groups.
• Business & Process Excellence - Based on Malcolm Baldridge & ISO 9001-2008 framework throughout the organizational processes.
• Continuous Improvement - By application of Lean & Six Sigma tools and methodology.
• Knowledge Management - Sharing and learning from anywhere and everywhere and to leverage our human capital.

MNYL quality program is an employee driven cultural transformation program and there are nearly 1600 of employees in our quality network who have taken formal training in quality related programs like ISO, Lean, Six Sigma and Business Excellence.

Providing superior customer experience is central to MNYL's vision of becoming the most admired life insurance company in India. The company has always focused on upgrading its service offering to customers and distributors, thus creating competitive differentiation in the market.