The Hindu Business Line : Max NY Life aims to double business

(From left) Mr Sushanto Mukherjee, Vice-President, South, Max New York Life; Mr Gary R. Bennett, Managing Director and CEO, Max New York Life and Mr Rajesh Sud, Executive Director (Agency, Bancassurance and Direct Sales) , at a press conference in Chennai on Friday. - - Bijoy Ghosh

Chennai , Sept 9

MAX New York Life plans to double in size in the next three years, according to its Managing Director and CEO, Mr Gary R. Bennett, told mediapersons at the inauguration of a direct sales office in Chennai.

He said the company had sold over six lakh policies sincce it started operations four-and-a-half years ago, and recorded a sum assured of over Rs 18,300 crore. The capital base has crossed Rs 500 crore.

Mr Bennett said that it was significant that the company sold six lakh policies in a market that continued to be dominated by pure savings products. The focus has been on protection-oriented life insurance solutions.

He said that there were over 11,000 agent advisors. The company was building additional arms of distribution such as bancassurance and direct sales offices. Max New York Life was also looking at forming strategic alliances with 10 distribution companies, Mr Bennett said.

Mr Rajesh Sud, Executive Director, Max New York Life, said that the company had an extensive agency management programme to train agent advisors.

This is the fourth direct sales office in the country after Delhi, Mumbai and Bangalore. Direct selling is a distribution system where the company's employees distribute life insurance products.

The company has five offices in the southern region and has expansion plans for Madurai, Andhra Pradesh and Karnataka.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
ICAI revises bank audit report format

Cheque truncation system to begin from March 2006 — High service charge not desirable, RBI tells banks

Rupee tad weaker; bond prices fall

LIC Housing Fin to engage loan recovery agents

Repco Home Fin loan camp in Thiruvananthapuram

Max NY Life aims to double business

Cover for Maharashtra students dents insurers, post-floods — Death claims, replacing lost textbooks, repairs to schools

Debt revamp: SMEs get a leg up from RBI

RBI to approve opening, closing of bank branches, ATMs on annual basis

Pru ICICI MF to tie up with UCO Bank

Govt issues oil bonds worth Rs 5,762.8 cr

Review norms governing co-op credit bodies: PM

Chidambaram hopeful of Centre-States consensus