The Hindu Business Line : Max NY Life embarks on major expansion drive

With business nearly doubling in a year in terms of sum assured, MNYL plansto add 36 new offices in 2006. Currently, it has 57 offices spread across 37 cities.

"We have set out aggressive plans for 2006. We would be opening another 36 offices mostly in B and C towns during the current calendar year," the Managing Director and CEO, Mr Gary R. Bennett, told Business Line.

He said the expansion drive came at the back of a substantial growth in business volumes.

"Our sum assured has grown from Rs 15,000 crore at the end of December 2004 to around Rs 23,500 crore on December 31, 2005. During the period, we have doubled out agency force from 6,500 agents to 13,000 agents," Mr Bennett said.

He said the company planned to focus aggressively on the rural market.

"Rural business presents terrific opportunities. We are developing a separate rural agency force team to tap the market," he said.

Bancassurance tie-ups: He said the company was also expanding its bancassurance relationships.

"During 2005, we have added 7 new bancassurance relationships taking the total to a dozen. Some more could be in the offing," Mr Bennett said.

Mr Bennett said the company's focus on improving the quality standards was to prepare the joint venture between the Max India group and New York Life for the long haul in the Indian market.

The aim is also to devise `simple and articulate' policies for the customers and to bring about an efficient delivery mechanism.

He said the company had put in place a large team to oversee the quality processes.

"We believe we must identify the real `value' that customers expect and deliver that. Quality is more than a measure of how well something is done — it is about increasing profitability over the long term and about maintaining lead over the competition, and, ultimately, about staying in the business in the long term," Mr Bennett said.