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MAX NEW YORK LIFE :

AGENCY DISTRIBUTION
Max New York Life (MNYL) Insurance Company Ltd. is a joint venture between Max India Ltd., one of India s leading multi-business corporations and New York Life Enterprises, a business unit of New York Life, a Fortune 100 company. Started in 2001, only in 10 years MYNL has captured a market share of 7.5% in the life insurance sector and covering 127.63 lacs lives (in-force) provides a total insurance cover of over Rs. 1,54,000 crores to its customers. The company currently has more than 13,923 employees. With a total capital of Rs 1976 crore as on 31st March 2011, company's total revenue for 2010-11 was Rs. 5813 crocre (20% growth over 09-10).

Value Proposition
MNYL focuses more on life benefits than death benefits. With the vision of becoming the most admired life insurance company of India, MNYL has positioned itself on the quality platform. In line with its vision, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork.

Products
In the life insurance domain, MNYL has the following 7 kind of plans:

Target Segment
A live insurance as a product is for all, and therefore the company wishes to cater to every kind of customer, potential and present. However, the co. has identified 8 different target groups depending upon the plans and target market for each plan:
1. 2. 3. 4. 5. 6. 7. 8. Married people b/w 25-45 years People b/w 20-50 years Working population 18-70 years Health conscious people Large families Rural and semi urban masses NRI s Companies/Organisations/Business Children Plans 20 year endowment plan Pension Plans & Group Plans Life maker premium plan, Life line safety net MNYL's Five Year Renewable and Convertible Term Insurance Max Vijay Dedicated plans to cater to their needs Group Credit Plan for employees

Competitors
The leading player in the Indian life insurance sector is Life Insurance Corporation of India (LIC) which is in the public sector. Apart from that, in the private sector, there are 23 different players including MNYL. Few major names being SBI, Metlife India, ICICI Prudential, Bajaj Allianz Life, Tata AIG, Birla Sunlife, Kotak, Aviva Life Insurance, ING Vysya Life Insurance.

Distribution
MNYL s has a multi-channel distribution at the core of which is Agency Distribution and is complemented by bancassurance, employed sales force (direct selling), associate partnership distribution and internet. MNYL currently has nearly 92,760 agent advisors in 710 offices across 385 cities. It also has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing relationships each.

a) Agency Distribution:- MNYL mainly does business through this model. The agents could be in the form ofy y Individuals Corporate agents associate partners and banks

b) Bancassurance: Banc assurance is an innovative distribution channel where MNYL had partnered with banks to sell their insurance product. These banks act as the mediators between the co. and customer. MNYL has tied up with several banks like Yes bank, Axis Bank, Barclays and a few other co-operative banks. c) Direct Sales Team (DST):- Co. makes a data base of potential customers; and the various policies are marketed to them over the telephone.
d)

Alternate channel Internet :- Customers apply forinsurance through the co. website. These people then are serviced by the DST.

Recruitment Process for Individual Agents


The Company places a lot of emphasis on its selection process for agent advisors, which comprises four steps: Step 1) - Screening interview Here, MNYL conducts a simple interaction to find out more about the applicant. More than an interview, it is a getting to know each other exercise. Step 2) - Career seminar In the second step, co. discusses and makes one conversant with the complete agent value proposition. Step by step, applicants are introduced to their role and profile of a MNYL insurance agent. Step 3) - Project evaluation and compensation review At this stage, co. helps applicants decide whether insurance is the right career option for them. Candidates are explained the sales process, with the targets and other details and shown the clear picture of co. expectations. Step 4) - Step 4: Career interview The final step, this is the actual personal and final interview.