max new york life insurance inks pact with ioc

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Max New York Life Insurance inks pact with IOC

1 Submitted by Gaurav Mehra on Fri, 07/11/2008 - 16:17.

y Company Updates

y Insurance Sector

y India News

Max New York Life Insurance has entered into a tie-up with Indian Oil

Corporation (IOC) to sell its insurance products across India through IOC

network.

Under the deal, IOC would make available around 2,000 Kisan Seva

Kendras across the country, for the sale of insurance products to the rural

masses.

Max New York Life would initially start its working by setting up offices at 100 such Indian Oil's Kisan Seva

Kendras across Punjab, Haryana, Gujarat and western Uttar Pradesh. Subsequently, it will expand it to

2,000 outlets after ascertaining the initial response from the market.

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 currently

has more than 7500 employees.

Earlier during the week, Max New York has entered into an agreement with Indian Railways as a part of

brand promotion exercise.

Max New York Life Insurance accorded µSuperbrand¶ status

2 New Delhi, 23rd March 2009 : Max New York Life

Insurance, one of India¶s leading life insurance companies has been declared one of India¶s

strongest consumer brands by Superbrands India, an independent brand authority, formed

with the objective of identifying and paying tribute to exceptional brands.

The Superbrand status has been conferred after an extensive and robust selection process.

Approximately 60,000 consumers participated in an on-line survey followed by the

Superbrands Council (consisting of marketing & business professionals) scoring the short

listed brands and arriving at the final list. Max New York Life, one of the few Life Insurance

brands in India to have been accorded this status after only eight years of its existence will

be featured in the 3rd edition of µConsumer Superbrands 2008¶, a book that identifies and



recognizes the strongest consumer brands in the country.

Ms. Anisha Motwani, Executive Vice President, Marketing, Max New York Life

Insurance said, ³Endorsement in the league of being recognized as an Indian Superbrand

gives further credence to the trust and customer relevance of the brand we represent and

re-affirms the fact that we are progressing well on our journey of becoming one of India's

most admired life insurance companies. This recognition also reiterates the exceptional

brand performance of Max New York Life over the years to its present avatar of ³Karo

Zyaada ka Iraada.´

³We firmly believe that brands are not formed just by communications; it is a cumulative

consumer experience through various touch points. Our emphasis on quality of advice

through our trained agent advisors, superior claims management, multiple payment options,

engaged employees and use of technology to provide better products and service to our

various stakeholders helped us in creating a Superbrand in just 8 years of our existence.

The Superbrand status is a testimony to the fact that the sum total of all our efforts over the

past years, are now positively impacting the consumer perception about the company,´ she

further added.

Max New York Life Insurance was recognized for its achievements across various business

parameters in the year 2008 including the CII-Exim Bank Commendation Certificate for

Business Excellence, Golden Peacock Innovation Award for Max Vijay and the BT-Mercer-

TNS ranking MNYL as the 7th Best Company to Work For.

The Company¶s brand awareness score moved up by ~ 20% from 2006 year end, to

December 2008- one of the highest jumps the industry has ever witnessed. The previous

year also witnessed Industry "firsts" with Max New York Life as an exclusive life insurance

sponsor with IPL, one of the biggest cricket extravaganzas of recent times. The company

also collaborated with The Indian Railways in a 'first' of its kind marketing partnership in

Indian insurance

3

Max New York Life achieves 122% growth in policy sales in Uttar Pradesh

Announces plans for presence in 2,500 retail shops in UP, for Max Vijay

Agra, March 26, 2009 : Max New York Life, one of India¶s leading private life insurancecompanies, today announced that it has achieved 122% growth in UP, for its first year

premium income in 2008. Uttar Pradesh is one of the largest markets for Max New York Life

Insurance, and contributed 9% of the company¶s total first year premium income in 2008. In

order to further consolidate this growth, Max New York Life plans to have over 12,500 agent

advisors, by the end of 2009.

Max New York Life also announced expansion plans for its innovative savings cum life

insurance business model ± µMax Vijay¶, in Uttar Pradesh. Max New York Life will more



than double its presence for µMax Vijay¶ in Uttar Pradesh, from the current 1200

neighbourhood distribution points, to over 2,500 distribution points by the end of 2009 .

Acknowledging the high growth potential for Max Vijay, the company stated that µMax Vijay¶

has the potential to address the life insurance and savings needs of over 1.8 crore people

in Uttar Pradesh alone**.

Within Uttar Pradesh, the company has identified Agra as one of the key growth markets for

Max Vijay. With over 3.3 lakh people** who can benefit from Max Vijay in Agra, the company

is undertaking an intensive marketing campaign in the city, including Max Vijay roadshows,

advertising, colony contact programmes and outdoor hoardings.Max Vijay is currently

available at over 85 neighbourhood distribution points in Agra City and 15

neighbourhood distribution points in adjoining areas like Achnera, Kiravali, Fatehpur

Sikri etc.

Speaking on the occasion, Mr. Rajit Mehta, Chief Operating Officer, Max New York Life

Insurance, said, ³The faith and trust reposed by the people of Uttar Pradesh has helped us

become one of the fastest growing life insurance companies in the state. Keeping in view

large growth potential, we added 30 new offices in Uttar Pradesh in 2008 and now have atotal of 42 offices in the state. We will further consolidate our presence in the UP market, by

having over 12,500 agent advisors by the end of 2009. We are confident that the people of

Uttar Pradesh will repose the same confidence and trust in our latest offering - Max Vijay, to

secure a better financial future for their families.´

According to Mr. Anil Mehta, Senior Director ± New Markets SBU, Max New York Life

Insurance, ³We firmly believe that Max Vijay has the potential to positively impact the lives

of millions of people in the country. In today¶s age of ever-increasing expenses, people need

to save today to secure a better financial future for their families. Max Vijay provides a

solution to all people who do not have a regular income flow, to save how much they want,

when they want and where they want.´

³People can pay subsequent premiums under the Max Vijay policy subject to a minimum of

Rs. 10. This enables people to save even loose change, and create a large enough savings

corpus for their future needs. Max Vijay is currently available in 40 districts in UP. We plan

to triple this to cover 125 districts across 10 states by the year end, and include over 5,000

neighbourhood distribution points nationally´, Mr. Anil Mehta added.

Max New York Life Insurance is well positioned to continue its growth during the year

through its comprehensive product portfolio and high standards of service delivery. In one of

the toughest economic years, Max New York Life significantly outperformed the life

insurance industry, achieving 34% growth, as against an industry de-growth of 10% in the

first eleven months of the financial year. In 2008, Max New York Life opened over 250 new

offices in India and today the company has over 570 off ices across the country. Max New

York Life also more than doubled its Agent Advisors in 2008 to over 80,000 now. Till date,

Max New York Life has sold over 35 lakh policies, with a sum assured of over Rs. 94,000

crore.

4



Max New York Life launches UNIT BUILDER, a Unit Linked Insurance Plan

~ An insurance plan tailored to deliver secure returns during volatile market

conditions~

New Delhi, March 5, 2009 : In the backdrop of the prevailing volatility in capital markets,

Max New York Life Insurance Co. ltd, one of India¶s leading life insurance companies

launched the ³Max New York Life Unit Builder ́ , a flexible Unit Linked insurance Plan

(ULIP) which offers secure returns even during market volatility. Unit Builder has been

specially designed for the Partnership Distribution and Bancassurance channels and will

initially be available across India through Max New York Life¶s distribution partners Peerless

and Yes Bank. Moving forward the distribution rights will be spread across all partnership

distribution relationships.

Commenting on the launch Mr. Debashis Sarkar, Sr. Director & Chief Marketing Officer,

Max New York Life Insurance said, ³Max New York Life has designed this product keeping

in mind the financial goals and current risk perceptions of the majority of Indian consumersas a great protection cum long term wealth creation option that assures safety and optimum

returns on investment. The policy is aligned along the long term financial goals and the risk

appetite of an individual and provides the necessary corpus for fulfilling financial needs

arising at various life stages.³

Unit Builder ensures, up to 200% guaranteed loyalty additions at maturity or death. Fund

Management Charges are adjusted in NAV whereas administration and mortality charges

are adjusted in units.

The product offers 3 fund options ± Secure, Balanced and Dynamic Opportunities Fund.

One of the key features is availability of the Dynamic Opportunities Fund wherein the expert

fund managers dynamically shift the investment between equities, bonds and money marketinstruments depending on the market conditions. This takes away the burden of investment

decision from the policyholders and helps them protect against the downside while still being

able to participate in upsides offered by the market. Unit Builder offers the option of 6

switches and 3 redirections free every year.

Unit Builder offers an optimum balance of protection and wealth creation. Sum Assured is

10 times of annual premium. From third policy year onwards the death benefit is higher of

sum assured or fund value plus guaranteed loyalty additions. After 5 years, the product also

offers partial withdrawals to meet the unplanned needs.

5

02/03/2009

Max New York Life Insurance initiates Electronic Fund Transfer(EFT) facility for

claims settlement

A smooth & hassle-free claims settlement for its policyholders

New Delhi , Feb , 2009 : Max New York Life Insurance, one of India¶s leading life insurance



companies, today announced the launch of Electronic Fund Transfer (EFT) of claims

payment for its policyholders. The idea behind launching EFT is to cut down on the

settlement period to ensure smooth and hassle-free settlement of claims. Approved claims

can now be settled within 72 hours of submitting all documents. As per Insurance

Regulatory Development Authority claims to be settled within mandate of 30 days. The

amount due under the settlement of claims will be credited directly into the claimant¶s bank

account enabling us to reach the bereaved families at the earliest and when most needed.

Key Highlight¶s of EFT :

Settlement of claims can now be within 72 hours

Minimum paper work

Smooth and hassle free settlement of claims

During the month of December 2008 and January 2009, 50% of individual claims and 57%

of the group claims were settled through EFT.

Commenting on the achievement, Max New York Life Insurance, Executive VicePresident - Customer Operations & Service Delivery, Sanjeev Mago said: ³We at Max

New York Life Insurance are committed to providing a high standard of claims service. We

believe claims payment is at the core of life insurance business. Better claims management

gives an edge to our distributors in the market place. In line with our mission of being the

fairest, fastest and friendliest in claims settlement, we are pleased to share the

implementation of Electronic Fund Transfer for all claim settlements.´

Max New York Life Insurance has signed a memorandum of understanding (MoU) with

HSBC Bank for providing electronic fund transfer facility.

6

Max New York Life launches Smart Move Internship Program

~T o reach 10,000 IGNOU students across India

New Delhi, February 17, 2009 : Max New York Life Insurance today announced the launch

of Smart Move, an all India internship program to provide students an opportunity to µearn

while learn¶. Max New York Life also announced the first collaboration for this program with

IGNOU to offer internship to over 10,000 students.

Speaking on the occasion, , Mr. Rajender Sud, Director & Head - Agency Distribution.

Max New York Life Insurance said, µµwith the rapid growth in the Indian insurance industryover the last few years, there is an increasing need for skilled professionals in this sector.

One of the most effective ways to generate a ready pool of productive talent is by providing

students, specialized training and practical experience early in their careers. Keeping this

approach in mind, we have launched Smart Move Internship Program to partner with

multiple educational institutions across the country.´

³Through this Internship Program we look forward to providing a strong platform for students



to learn, earn and build careers in specialized functions of l ife insurance.´ he added.

Max New York Life is a joint venture between Max India Ltd., one of India¶s leading multi-

business corporations and New York Life, a Fortune 100 company. Max New York Life

Insurance, incorporated in 2000, is one of India¶s leading private life insurance companies.

The company offers both individual and group life insurance solutions. It has established a

wide distribution network across India. Through its wide network of highly competent life

insurance agent advisors and flexible product solutions, Max New York life Insurance is

creating a partnership for life with its customers in India.

Prof. V N Rajasekharan Pillai, Vice Chancellor, IGNOU said, "Today, one of the end

objectives of most teaching learning transactions is gainful employment in areas of ones

own choice and aptitude. IGNOU is acting as a dynamic interface by providing an interactive

platform for corporate world on one hand and the learner population on the other side, to

facilitate learning. One such initiative has been the country wide launch of an internship

program with Max New York Life Insurance Company."

Interested students, as part of their internship will be provided three days of intense trainingon all concepts and aspects of Life Insurance, the organization and the recruitment process.

This knowledge gained at the initial stage of their academic pursuit will be instrumental to

their professional career. Trained Interns can recruit agent advisors and on each successful

recruitment of an agent advisor, they will be remunerated as per Smart Move Internship

Program. In addition to the rewards and recognition schemes offered by Max New York Life,

if an intern recruits three or more agents, he qualifies for a pre placement interview, clearing

which he may be absorbed as a permanent employee.

7

MAX NEW YORK LIFE INSURANCE FORGES STRATEGIC BUSINESS ALLIANCE WITH

Indian Mercantile Co-operative Bank

T o utilize branch network of bank to sell life insurance products

LUCKNOW, January 14, 2008 : Max New York Life Insurance, one of India¶s leading life

insurance companies, today announced a strategic business alliance with Indian Mercantile

co-operative Bank as referral partner relationship. Max New York Life Insurance will utilize

the branch network of the Bank to sell its life insurance products. Indian Mercantile Co-

operative Bank, launched in 1989. The tie-up with Indian Mercantile Co-operative Bank will

provide Max New York Life Insurance a channel to reach out to the Bank¶s customers, and

in turn provide solutions to all financial needs of the customers under one roof.

Max New York Life Insurance¶s products will be sold through a network of the 9 branches of

Indian Mercantile Co-operative Bank. This alliance enables Max New York Life Insurance to

make its customized life insurance solutions available to more than 150 thousand people

through the Bank.

³Our partnership with Indian Mercantile Co-operative Bank is based on mutual commitment

to provide best of products and services to the customers to help them meet substitute life

stages needs. Life Insurance is an important tool in financial planning and it provides



financial protection and help in long-term wealth creation for meeting the needs at various

stages of life. Through this tie-up, we are able to provide the customers a bouquet of

financial products under one roof.

Life insurance is a bond of trust between the policyholder and insurer. In recognition of this

customer need, we have focused our strategy on partnering with financial institutions that

have increased and strengthened customer relationships. We believe that institutions such

as Indian Mercantile Co-operative Bank, given their geographical focus, have very strong

customer relationships and provide an excellent opportunity for Max New York Life

Insurance to further strengthen its presence in Uttar Pradesh. ³, said V.Viswanand,

Director & Head - Banca & DST, Max New York Life Insurance, after signing the

agreement.

Speaking after signing of the agreement, Dr.V.P.Sinha, Chief Executive of Indian

Mercantile Co-operative Bank, said, ³This Bancassurance agreement marks a positive

development in the Bank¶s business expansion strategy. This is an evidence to corroborate

the fact that this relationship between the Bank and Max New York Life Insurance is built on

our common belief of consumer orientation. We are confident of providing even better valueto our customers through this relationship.´

Max New York Life Insurance tailors its products according to the needs of customer groups

served by the Bank. Important factors like education of children, social obligations such as

daughter¶s marriage; and flexible premium payment options are taken into account while

planning the products for the customers of the Bank. All processes and procedures are so

simple and help improve customer experience/relationship.

Max New York Life Insurance, which has to date sold over 3.1 million policies and recorded

a sum assured of over Rs. 88,600 crore, has positioned itself on the quality platform. The

company has developed a strong corporate governance model based on defined core

values of caring, knowledge, excellence and honesty. Its strategy is to establish itself as atrusted life insurance specialist on the bedrock of quality of advice. The company has over

66,000 agent advisors, who are widely considered the best in the business

8

Max New York Life Insurance ranked among the µBest Companies to Work For¶ in the

BT-Mercer ±TNS survey

F irst & only Insurance Company to be featured in top 10 of the survey since its

inception in 2001

New Delhi, 19 January 2009 : Max New York Life Insurance, India¶s leading private life-

insurance company emerged as one of the best employer in the recently announced

Business Today-Mercer-TNS Survey of µThe Best Companies to Work For in India¶. Max

New York Life Insurance was ranked 7th in the survey and the best life insurance company

to work for in India. The top ranking in the survey, reiterates our relentless focus on making

Max New York Life a great place to develop work, maximize potential and build careers.



As one of the most premium survey for best employers in India; a four pronged methodology

i) HR Metrics

ii) HR Processes & Policies

iii) Employee Perception

iv) Stakeholder Perception forms the basis for the survey.

Max New York Life was a great performer in the ³Employee Satisfaction Level´-one of the

parameter of BT-Mercer-TNS Survey.

Commenting on the survey result, Mr.Rajesh Sud, CEO & Managing Director, Max New

York Life Insurance said, ³This is a moment of pride for us at Max New York Life. Over the

last 8 years of our operations in India, as we grew from strength to strength, we have

emerged winners in several aspects of our business. This is another feather in our cap to be

recognized among the Best Companies to Work For. This accreditation is a reflection of the

strong organizational values that each of us demonstrates, innovation at work enabled by an

open & empowering work culture, a learning culture which enables each one of us to be

effective in our roles´.

BT survey identifies Max New York Life as an excellent nurturing ground for grooming talent

systematically; which undoubtedly makes it a leader in HR practices.

³We at Max New York Life will continue to nurture and groom talent. Together we will strive

to move up the ranking in the years to come and continue with our best practices that keeps

us on top. Effective implementation of innovative HR policies and a passionate & committed

work force have won us the accolade´ says Mr.Rajan Kalia, Executive Vice President &

Head Human Resources, Max New York Life Insurance.

The survey saw participation from cross-section of industries

MAX NEW YORK LIFE INSURANCE FORGES STRATEGIC BUSINESS ALLIANCEWITH Etawah Urban Co-operative Bank

To utilize branch network of bank to sell life insurance products

ETWAHA, Dec 23, 2008 : Max New York Life Insurance, one of India¶s leading life insurance

companies, today announced a strategic business alliance with Etawah Urban co-operative

Bank as referral partner relationship. Max New York Life Insurance will utilize the branch

network of the Bank to sell its life insurance products. The tie-up with Etawaha Urban Co-

operative Bank will provide Max New York Life Insurance a channel to reach out to the

Bank¶s customers, and in turn provide solutions to all f inancial needs of the customers under

one roof.

Max New York Life Insurance¶s products will be sold through a network of the 5 branches of

Etawaha Urban Co-operative Bank. This alliance enables Max New York Life Insurance to

make its customized life insurance solutions available to more than 50 thousand people

through the Bank.

³Our partnership with Etawah Urban Co-operative Bank is based on mutual commitment to

provide best of products and services to the customers to help them meet substitute life

stages needs. Life Insurance is an important tool in financial planning and it provides

financial protection and help in long-term wealth creation for meeting the needs at various

stages of life. Through this tie-up, we are able to provide the customers a bouquet of



financial products under one roof.

Life insurance is a bond of trust between the policyholder and insurer. In recognition of this

customer need, we have focused our strategy on partnering with financial institutions that

have increased and strengthened customer relationships. We believe that institutions such

as Etawah Urban Co-operative Bank, given their geographical focus, have very strong

customer relationships and provide an excellent opportunity for Max New York Life

Insurance to further strengthen its presence in Uttar Pradesh. ³, said V.Viswanand, Director

& Head - Banca & DST, Max New York Life Insurance, after signing the agreement.

Speaking after signing of the agreement, Mr. Satish Kumar, Chief Executive of Etawah

Urban Co-operative Bank, said, ³This Bancassurance agreement marks a positive

development in the Bank¶s business expansion strategy. This is an evidence to corroborate

the fact that this relationship between the Bank and Max New York Life Insurance is built on

our common belief of consumer orientation. We are confident of providing even better value

to our customers through this relationship.´

Max New York Life Insurance tailors its products according to the needs of customer groups

served by the Bank. Important factors like education of children, social obligations such as

daughter¶s marriage; and flexible premium payment options are taken into account while

planning the products for the customers of the Bank. All processes and procedures are sosimple and help improve customer experience/relationship.

Max New York Life Insurance, which has to date sold over 3.1 million policies and recorded

a sum assured of over Rs. 88,600 crore, has positioned itself on the quality platform. The

company has developed a strong corporate governance model based on defined core

values of caring, knowledge, excellence and honesty. Its strategy is to establish itself as a

trusted life insurance specialist on the bedrock of quality of advice. The company has over

66,000 agent advisors, who are widely considered the best in the business

10

Max New York Life partners with Punjab College of Technical Education

~Launches Diploma Program in Insurance Management~

Delhi , January 9, 2009: Max New Life Insurance in partnership with PunjabTechnical University (PCTE) today announced the launch of a Diploma Program in

Insurance Management (DPIM). The program offers professional training in specialized

subjects such as Insurance Sales Practices and Management, Insurance Products, Legal

and Regulatory Aspects of Life Insurance and will also cover the fields of General and

Marketing management. The Memorandum of Understanding was signed between Mr.

Rajit Mehta, Executive Director and Chief Operating Officer, Max New York Life, and

Mr. Sandhir Sharma, Deputy Dean, PCTE.

Speaking on the occasion, Mr. Rajit Mehta, Executive Director and Chief OperatingOfficer, Max New York Life Insurance said, ''With the rapid growth in the Indian

insurance industry over the last few years, there is an increasing need for skilled

professionals in the sector. One of the most effective ways to provide a ready pool of

productive talent is to establish a strong industry-academia partnership. Keeping this

approach in mind, we have designed our strategy to partner with niche institutes to train

and develop insurance professionals.''

''Our tie-up with Punjab College of Technical Education is a part of this initiative and



we look forward to providing a strong platform for graduates to learn and build careersin specialized functions of life insurance. On successful completion of the course, they

will be offered the position of Associate Sales Manager at Max New York LifeInsurance´, he added.

Mr. Sandhir Sharma, Deputy Dean, Punjab College of Technical Education said, ''As a

leading institute in business management, we design courses to cater to the ever increasing learning and development needs of industry. We are privileged to partner

with Max New York Life Insurance to launch a program in insurance management. The

course is designed to provide students, a thorough understanding of the specialized

functions of Life Insurance Management and to enable them to take on challenges from

the very first day at work''.

In order to bring in the industry perspective in a classroom environment, the course

curricula have been developed by incorporating both the industry and the academic

perspective. The duration of this Diploma Program is ten and a half months. Those who

are admitted to this course would be offered the position of Associate Sales Manager

subject to successful completion of the course as per the criteria jointly decided by Max

New York Life Insurance Co. Ltd. and Punjab College of Technical Education,Ludhiana.

Interested candidates will undergo a selection process comprising a written test, group

discussion and personal interview. The first batch of 60 students will commence from

June 2009 at PCTE, Ludhiana. The Program details and application form are available

at www.pcte.edu.in

max new york life insurance inks pact with ioc

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