Date:10/09/2005 URL: http://www.thehindubusinessline.com/2005/09/10/stories/2005091001930600.htm

Back Max NY Life aims to double business

Our Bureau

(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.