- Max New York Life Insurance
-
Saravana
Max New York Life Insurance 
Type Private Industry Financial Services Founded 2000 Founder(s) Analjit Singh Headquarters New Delhi, India Number of locations 674 offices (2010), 139 offices dedicated to rural business (2010) Area served India Key people Analjit Singh Executive Chairman, Rajesh Sud Chief executive officer and Managing director Products Individual Insurance (25 products and 8 riders/options) and Group Insurance (6 products and 7 riders/option
s)Employees 11,666 (2010), 69,778 Agent Advisors (2010) Website http://www.maxnewyorklife.com
Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited.[1], one of India's leading multi-business corporations and New York Life International[11], the international arm of New York Life, a Fortune 100 company [12][2]. The company has positioned itself on the quality platform.Contents
Products
Max New York Life - Life Plan
Max New York Life Insurance offers a suite of flexible products. It now has 25 individual life and health insurance products and 8 riders 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. [3][4][5]
Distribution
Max New York Life - Office NetworksMax New York Life Insurance 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 more than 71,000 agent advisors at 676 offices across 389 cities. The company also has 50 tie-ups with banks, 30 partnership distribution relationships 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.[6]
Training
Max New York Life - Training ProgrammeMax New York Life Insurance 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. The company currently has around 10500 employees. 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. [7]
Company Vision
To be the most admired life insurance company in India[8]
Awards and Recognitions
Max New York Life - Awards and RecognitionsThe company has received recognition by winning awards such as:
1. Awarded the Asia Insurance Industry ‘Innovation of the Year’ Award 2009 [9]
2. Among the top 25 companies to work for in India, according to Businessworld 2003 ‘Great Workplaces of India’ [10]
3. Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008
4. Among the top five most respected insurance companies in India as per Businessworld 2004 & 2006 survey
5. Won Indo-American Corporate Excellence Award for Best Indo-US company in Financial Services Category in 2006
6. Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006
7. Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review
8. Golden Peacock Award for Excellence in Product Innovation for Max Vijay
9. CIO 100 Technology Award 2008
10. CII – Exim Bank Commendation Certificate for Strong Commitment to Excel’ for the year 2008 [11]
11. Awarded the Gallup Great Work Place Award 2009 [12]
References
- ^ Max India Ltd.
- ^ CNN Money Fortune 500 2010 Full List (64. New York Life Insurance)
- ^ [1], Individual Plans.
- ^ [2], Corporate Plans.
- ^ [3], NRI Plans.
- ^ [4], MNYL Geographical Distribution.
- ^ [5], Training & Development in Max New York Life Insurance.
- ^ [6], Company Vision.
- ^ [7], Asia Insurance Industry Awards 2009.
- ^ [8], Businessworld 2003 ‘Great Workplaces of India’.
- ^ [9], CII - EXIM Bank Award for Business Excellence 2008.
- ^ [10], Gallup Great Work Place Award 2009.
External links
- Max New York Life Insurance Company Official Website
- [13] Max India Ltd. Official Website
External links
Categories:- Life insurance companies of India
- Companies based in New Delhi
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