Topics: Life insurance, Term life insurance, Insurance Pages: 27 (6344 words) Published: January 21, 2013

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, One of India's leading multi-business corporations. 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. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business.

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 is Rs. 907.4 crore, which is more than the norm laid down by IRDA.

Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, 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.

Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 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 500 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.

345 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2006. 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.

Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances.

Max New York Life offers a suite of flexible products. It now has 31 life insurance products and 8 riders that can be customised to over 800 combinations enabling customers to choose the policy that best fits their need. HISTORY

Max India limited founded in 1985, it is a public limited company listed in NSE and BSE of India with over 36000 share holders. Max India Limited is a multi-business corporate, driven by the spirit of Enterprise which Focused on Knowledge, People and Service oriented businesses of Healthcare and Life Insurance. Max also maintains interests in various fields:

Healthcare (Max Healthcare)
Life Insurance (Max New York Life Insurance)
Clinical Insurance (Neemam Medical International)
Specialty Plastic Product for the packaging industry (Max Specialty Products Healthcare Staffing (Max Health Staff)

New York Life Insurance Company, a fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world .Headquartered in New York City, New York Life’s family of companies offer life insurance, annuities and long term care insurance. New York Life management LLC provides institutional asset management and retirement plan services. The mission of New York Life is to maintain its Superior ‘Financial Strength’, adhere to the highest Standards of ‘integrity. New York Life is one of the largest and...
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