TO STUDY CHANNEL

DEVELOPMENT PROCESS OF
MAX NEW YORK LIFE
PREPARED BY ASSIGNED BY
MR. SANJAY KEHAR
1. Max New York Life is a joint venture between New York Life (ranked 68th in the
fortune 500 list, 2005) and Max India limited.

2. Max India Limited is a multi-business corporate, driven by the spirit of

Enterprise, focused on Knowledge, People and Service oriented businesses of
Healthcare and Life Insurance. Max also maintains interests in Clinical
Research, IT and Telecom Services, and Specialty Plastic Products businesses.

3. Max New York Life invests significantly in its training programme and each
agent is trained for 152 hours as opposed to the mandatory 100 hrs stipulated by
the IRDA before beginning to sell in the marketplace. Training is a continuous
process for A&As at Max New York Life and ensures development of skills and
knowledge through a structured programme spread over 500 hours in two years.
This focus on continuous quality training has resulted in the company having
amongst the highest agent pass rate in IRDA examinations and over 126 of its A
Advisor & Agents qualifying to be nominated to the Million Dollar Round Table,
which is among the highest among the private life insurers in the country.
• The mission of New York Life is to maintain its superior 'financial
strength', adhere to the highest standards of 'integrity' and
demonstrate 'humanity' by treating its customers, agents and
employees with compassion, consideration and respect.

• New York Life Insurance Company, has been ranked at Fortune 68, in
the 2005 Fortune 500 listing of companies, is one of the largest
mutual life insurance company in the United States and one of the
largest life insurers in the world. Headquartered in New York City,
New York Life's family of companies offers life insurance, annuities
and long-term care insurance. New York Life Investment
Management LLC provides institutional asset management and
retirement plan services. Other New York Life affiliates provide an
array of securities products and services, as well as institutional and
retail mutual funds, Founded in 1845, the Company has over US$215
billion in assets under management.
 VISION
Become the most admired Life Insurance Company in India.

MISSION
• Become one of the top 3 new life insurance companies
• Become a national player - dominant in north India
• Be the brand of first choice among all stake holders
• Become the employer of choice.
• Be the principal of choice for agents.
 ECONOMIC GROWTH
MAX NEW YORK LIFE- GROWING PRESENCE:
 No. of Cities 37
 No. of Offices 57
 No. of Agents13000+

 No. of Policies 8,00,000

 Sum Assured 23,500 Cr.+
 SWOT ANALYSIS
STRENGTHS
•Knowledge based
•Quality module
•In house training
•Only private company having Whole life policy

WEAKNESSES
Low Brand Awareness
•Process based

OPPORTUNITIES
General insurance sector
•Rural expansion

THREATS
Competition
•People still believe in lie because it is public sector company.
•Big and better players are entering the market.
•The smaller players are in a dilemma of getting wiped out.
 CHANNEL DEVELOPMENT PROCESS

MNYL

Bank Alternative Cooperative

Agency
Assurance Channel
MARKET SHARE OF MNYL

Market Share of Private Players

25% 24%

2%

2%

11%
2%
3%
3% 6% 7%
4% 5% 6%

• BajajAllianz • HDFC Standard • Birla Sun Life • Max New York • Kotak Mahindra
• Reliance Life • Sahara Life • ICICI Prudential • SBI Life • Tata Aig
• Aviva • ING Vyasya • Met Life
 RECOMMENDATIONS /
SUGGESTIOINS
 MNYL should use the method of newspaper advertisement as this
will help them in tapping the market that has remained untouched
till now.

 MNYL needs to spend more on brand awareness, because while

talking to people we realized that they don't even recognize the
company.

 MNYL should start part time training (like other insurance

companies) because for people like C.A.'s and Self- Employed it is
difficult to spend 21 days on training.

 Sales Managers should try new activities to find potential advisors.

 Follow-ups should be done in case of those people who had attended

the it career seminar in the past but were not able to join for some
reasons.