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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 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 April, 2009 is Rs 1782 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 92,760 agent
advisors at 710 offices across 385 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 133 offices dedicated to rural areas.
Max New York Life offers a suite of flexible products. It now has 37 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 13,923 employees.
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