Business

Max New York to add more products in health, retirement

KUMARAKOM: Max New York Life Insurance, a joint venture between Max India and the U.S.-based New York Life Insurance, targets a six-fold growth in its business by 2011. This would be achieved through expanding the distribution network significantly, increasing the number of employees and opening a number of offices in emerging markets.

Addressing a workshop on life insurance held at Kumarakom near Kottayam on Thursday and Friday, A. P. S. Bhalla, Zone Vice President-South (Agency), said the company would also be coming out with unique products and services for the underserved markets. It had already launched some products for these markets where people could not afford to pay sizable premiums but were ambitious to take insurance. It would be adding more products under its structured product segments — in health and retirement.

Mr. Balla said insurance penetration in India was only 4-6 per cent and the endeavour was to secure a good market share in this large untapped market. The company was planning to add 14,000 employees to its present strength of 11,000 to reach 25,000 by 2011 and open 250 new offices every year to reach more than 1,600 offices in different locations. The growth in agency distribution would also be complemented by a strong growth in partnership distribution, he said.

Max New York Life Insurance’s efforts in creating brand awareness had helped to garner a significant increase its share in the insurance business. Enthused by this, the company had unveiled its new brand positioning “Karo Zyaada Ka Iraada” meaning “in partnership with you for life to get you more”.

An amount of Rs. 25 crore had been allocated for the brand promotion measures that would be implemented through TV commercials, print campaign, outdoor and online advertisements.

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