Andhra Pradesh - Guntur

Insurance firm’s office opened

GUNTUR: Max New York Life Insurance company opened its 113th office in the country on Tuesday.

Formally inaugurating the office, its South India head and vice-president A.P.S. Bhalla said that the company with 35 offices in Andhra Pradesh alone had chosen Guntur to be made the hub for entire coastal Andhra region operations.

Showing the swanky office premises in Arundelpet, he said that all policies and settlements would be routed through Guntur in the coastal districts from Srikakulam to Nellore and was proposing to take the number of branches to 1,000 within next three years.

From the revenue point of view, it proposes to improve its business from six to seven times by targeting the rural market, when it proposes to position 70 per cent of its offices in the days to come. With the ‘Karo Zyadaa Ka Iraada’ slogan for its customers and employees, the company aims at capturing the large untapped market in the rural areas.

It had so far sold 2.85 million policies and had never defaulted on any of the payments or settlements and the sum assured had risen to Rs.82,000 crores, he pointed out during a press conference.

It has a network of 54,000 agents/advisors, who earn on an average 20 per cent commission depending on the product they sell.

With 35 base products it was ranked among the top 20 companies globally, he announced and said that there was very little impact of the recent American banking economy meltdown as all its investments were in safe portfolios.

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