Max New York Life to set up 300 offices by Dec 2008

Bhubaneswar, Aug 2 (UNI) Max New York Life, one of India's leading life insurance companies, has set a target to establish 300 offices in the country by December 2008.

Company's senior vice-president Kenneth Sannoo, who was here in connection with the opening of office in Cuttack, the second after Bhubaneswar in Orissa, told newsmen that so far it had sold 16.4 lakh individual policy holders across the country.

Mr Sannoo said with 172 offices across 120 cities in the country the company had emerged as the fastest growing occupying third position during the past six years.

On the company's vision and expansion plan, he said the Max New York Life wanted the people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool.

Since the launch of operation in India, the focus, he said, had always been on providing risk protection and long-term wealth creation solution to the customers.

With a diverse product portfolio to meet customer requirement, the company, Mr Sannoo said had set benchmarks in the market place to become India's most admired life insurance company.

The Max New Life, which had till date sold over 1.64 million policies and recorded a sum assured of over Rs 49,800 crore, had positioned itself on the quality platform.

He said the company has over 27,700 agent advisors, widely considered the best in the business, adding their number would touch 35,000 by the end of December 2008.

The senior vice-president said India had also emerged as the highest contributor to the Max New York Life Insurance Company in the world outside the United States.

Mr Sannoo said the company was now focusing on widening its distribution mix by perusing the franchise model, rural business and direct sales force involving group insurance and telemarketing opportunities.

He said India has vast scope for the penetration of the private insurance companies, now enjoying nearly 35 per cent of market share within a span of six years.

UNI