Max New York Life Insurance Co. Ltd
Max New York Life Insurance Co. Ltd: : Max New York Life Insurance Company Ltd. is a joint venture of 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.
Incorporated in the year 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 the safety of policyholder's funds. The Company's paid up Capital is Rs. 1,782 crore.
Having set the best in Class Agency Distribution Model, the company is spearheading a major thrust into additional distribution channels for further growth of its business. The company has multi-channel distribution including the agency distribution, partnership distribution, bancassurance, distribution focused on emerging markets and alliance marketing through employed sales force. The company currently has 33 bancassurance relationships, 14 corporate agency tie-ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and spoke model of distribution to deepen rural penetration. The company has 126 (13 hub offices, 113 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now has 35 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 these, the company offers 6 products and 4 riders in group insurance business. The company has more than 15,660 employees currently.