New Delhi, July 10 (ANI/Business Wire India): Max New York Life Insurance Co Ltd, one of India's foremost private life insurance companies, today announced a tie-up with IndianOil Corporation.
With this, IndianOil will make available its around 2,000 Kisan Seva Kendras across the country for the sale of Max New York Life insurance products.
This will allow a significantly larger number of people in rural markets to have access to Max New York Life Insurance products.
Announcing the tie-up, Max New York Life Insurance Deputy Managing Director Mr. Rajesh Sud commented: "The tie-up will bring insurance to the masses and help boost financial security." He further added: "Emerging markets have immense need for financial protection and long-term saving instruments but are currently underserved. To reach such diverse and widely spread population Max New York Life Insurance has adopted a multi-channel strategy and utilizing existing Distribution Networks. This tie up is a step towards furthering our reach in Emerging Markets and serve these markets more efficiently."
"In line with our commitment of taking the benefit of Life insurance to the last mile, we have put in place a comprehensive strategy for Emerging Markets. We pioneered a unique Hub and Spoke distribution model, which is supported by corporate agency relationships, referral tie-ups with State and District Cooperative Banks and Regional Rural Banks to deepen our penetration in rural and semi urban markets. We offer need and aspiration based products and localized communication for these markets," said Mr. RP Singh, Executive Vice President and Head - Emerging Markets.
Speaking on the occasion, Indian Oil Corporation's General Manager, Retail Sales, K.R. Suresh Kumar said: "Through our Kisan Seva Kendras we have been successfully reaching vital products including petroleum products to rural India. From fuel to lubricants besides insecticides, fertilizers, financial services and FMCG products, our Kisan Seva Kendras have proved to be a lifeline for the millions of rural consumers they serve. In this context, IOCL has entered into various tie ups with leading companies like National Seeds Corporation, Indo Gulf Fertilizer, Bank of Baroda, Oriental Bank, Dena Bank, Dabur etc. to make available their products and services to rural population."
"Given the reach of IndianOil's Kisan Seva Kendras into India's hinterland, Max New York Life will have complete access to the rural markets, for reaching insurance products to them. This tie-up would also enable Kisan Sewa Kendras to move up the value chain by making life insurance available to the rural consumers."
Max New York Life will start by setting up offices at 100 such IndianOil's Kisan Seva Kendras across Punjab, Haryana, Gujarat and Western Uttar Pradesh. Eventually, this model will be extended to other Kisan Sewa Kandras also across the country.