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Our Bureau

Chennai, Sept. 10 Private life insurance player Max New York Life plans to penetrate the yet untapped life insurance market in India through expansion of distribution network, increase in employees and branch offices.

The company, a joint venture between Max India and New York Life, seeks to expand its agent network seven-fold to 3,50,000 agents by 2011. It has already been tapping alternative distribution channels such as tie-ups with corporates.

At a workshop sponsored by the company at Kumarakom, Kerala, Mr A.P.S. Bhalla, Zonal Vice-President-South (Agency), said only 24 per cent of Indian household owned a life insuranceMNYL plans to convert the above opportunity by embarking on an aggressive growth strategy. The company, which presently has Rs 3,600 crore of assets under management, has added over 5,000 employees between January and July 2008 and plans to take the headcount to 25,000 by 2011. It also plans to increase its capital base to Rs 3,600 crore from Rs 1,200 crore at present.

It also plans to augment its market share through higher brand awareness. As a step towards this, it has unveiled its new brand tagline – “Karo Zyaada Ka Iraada” – in partnership with you for life to get you more. With a planned advertisement campaign spend of Rs 25 crore, the company would publicise the above through the television and print media among other channels. The company has already resorted to ‘train advertising’ where it has been allowed to brand three Rajdhani trains for six months.

MNYL offers pure life protection policies and protection cum saving policies. In a more recent venture to tap the rural and semi-urban market, the company launched ‘Max Vijay’ – a policy to fulfil the needs of the underserved, with very low premiums and minimum documentation hassles.

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