Max New York life insurance to add distribution channels

Puducherry, Jun 19 (UNI) Setting a best in class distribution-model in place, Max New York life insurance company is spearheading a major thrust into additional distribution channels to grow its business, Company Zonal VP (South), A P S Bhalla said.

Talking to newspersons here today, he said the company was using a five-pronged strategy to pursue alternative channels of distribution including the franchise model and rural business. Max New York Life had put in place a unique model of distribution to deepen its rural penetration and had sold over 1,11,492 polices in rural India, he added.

The company will offer a suite of flexible products and now has 38 life insurance products and eight riders.

Mr Bhalla said currently the company's business is valued at US Dollar 7,500 million, with a customer base of more than 15 million policy holders and total premium of US Dollar 3,500 million.

He said the company, which has started its operation in Puducherry on December 11, 2006, is planning to capture the entire market of ten lakh population.

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