Rakesh answers that question here. What’s your take?
Max Life Insurance, the largest* non-bank private life insurer, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is currently amongst the top 10 general insurers in the world.
Max Life Insurance offers comprehensive life insurance and retirement solutions for long-term savings and protection. A financially stable company with sound investment expertise, Max Life Insurance has a strong customer-centric approach focused on advice based sales and quality service.
In the financial year 2011-12 Max Life Insurance ranked fourth among private life insurers with a market share of 8.6%. The Company has been one of the fastest growing life insurance companies with total revenue of Rs.6,391 crore and enterprise profit of Rs.733 crore for the Financial Year 2011-12. The Company’s share capital of Rs. 2,127 crore with a solvency margin of 534% is indicative of its financial strength and stability. As on 31st March 2012, Max Life Insurance had assets under management of Rs.17,215 crore.
Financial strength: Max Life insurance is a strong, profitable, and successful institution built on strong foundations with a customer base of over 30 lakh customers. In the financial year 2011-12, the Company has become the largest non bank private life insurer, with total revenue of Rs.6,391 crore and enterprise profit of Rs.733 crore. The company’s financial strength and stability is evident in the solvency ratio of 534% which is 3 times the mandatory requirement. As on 31st March 2012, we had Assets Under Management of Rs.17,215 crore.
Quality of Advice: Max Life Insurance firmly believes in its consultative sales model. Our agency distribution with well trained and knowledgeable agent advisors who are completely equipped to engage with you and offer customized solutions for life stage needs.
Diversified distribution model: Max Life Insurance has one of the most balanced diversified distribution model based on three pillars – agency distribution, bancassurance and partnership distribution. In addition to the fact that Max Life Insurance agents advisors are one of the most productive in the market, the company also has the largest non captive bancassurance relationship with Axis Bank and a strong Partnership Distribution with financial services distributors like Peerless and Amsure. This ensures our presence in more than 1100 cities of India.
Comprehensive product portfolio: Max Life Insurance offers a comprehensive suite of life insurance and retirement solutions for long term savings and protection needs consisting of a healthy mix of both traditional and ULIPs. It now has 24 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.
Customer centricity: Providing superior customer experience is central to Max Life Insurances vision of becoming the most admired life insurance company in India. The company has always focused on upgrading its service offering to customers and distributors, thus creating competitive differentiation in the market.
Open and ethical culture: Max Life Insurance has always believed that human capital is the key to the success of any organization. The company has processes that are effective and transparent and engender employee trust and commitment. Max Life Insurances employee value proposition differentiates the company from others. Our ethical and value driven corporate culture ensures greater commitment to the company’s principle of customer centricity.
*Basis Individual adjusted first year premium FY 2012