Saravana
| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2000 |
| Founder(s) | Analjit Singh |
| Headquarters | New Delhi, India |
| Number of locations | 466 |
| Area served | India |
| Key people | Analjit Singh Executive Chairman, Rajesh Sud Chief executive officer and Managing director |
| Products | Individual Insurance (23 products and 9 riders/options) and Group Insurance (4 products and 7 riders/options) |
| Website | http://www.maxnewyorklife.com |
Max New York Life 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. Incorporated in 2000, Max New York Life started commercial operation in 2001 and today is one of India’s leading private life insurance companies and has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The company offers long term savings and protection solutions through a suite of individual and group life insurance products and is present across the country through a wide distribution network of multi channel distribution.
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Max New York Life offers a suite of flexible products. It has 23 individual life and health insurance products and 9 riders that can be customised to suite every need of the customer. Besides this, the company offers 4 products and 7 riders in group insurance business. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital as on 31st March, 2011 was Rs. 1976 crore.
Agency distribution is at the core of our multi-channel distribution network [1] complemented by bancassurance, partnership distribution and employed sales force. The Company places a lot of emphasis on its selection process [2] for agent advisors, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training. 195 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2010. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business. The company corporate agency and broking tie-ups with banks and other distributors of financial products.
Vision To become the most admired Life Insurance Company in India for all stakeholders.
Mission
The company has received recognition by winning awards such as:
1. Awarded the Asia Insurance Industry ‘Innovation of the Year’ Award 2009 [5]
2. Among the top 25 companies to work for in India, according to Businessworld 2003 ‘Great Workplaces of India’ [6]
3. Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008
4. Among the top five most respected insurance companies in India as per Businessworld 2004 & 2006 survey
5. Won Indo-American Corporate Excellence Award for Best Indo-US company in Financial Services Category in 2006
6. Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006
7. Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia Insurance Review
8. Golden Peacock Award for Excellence in Product Innovation for Max Vijay
9. CIO 100 Technology Award 2008
10. CII – Exim Bank Commendation Certificate for Strong Commitment to Excel’ for the year 2008 [7]
11. Awarded the Gallup Great Work Place Award 2009 [8]
12. Outlook Money survey - recognized as the only company to have funds amongst the top quartile in all funds category [9]
13. Recognized as a Superbrand [10]