Growth Story - Max Life Insurance Co. Ltd.
Max Life Insurance, the leading non-bank promoted private life insurer, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is part of the Max Group, a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading insurers in the world. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 15 years, Max Life Insurance offers superior investment expertise and has the vision 'To be the most admired life insurance company by securing the financial future of our customers'. The company has a strong customer-centric approach focused on advice-based sales and quality service delivered through its superior human capital.
Max Life Insurance has positioned itself on the quality platform and has developed a strong corporate governance model based on the core values of caring, credibility, collaborative and excellence.
Max Life Insurance is a quality business focused on delivering excellence to customers through an advice based sale process, customer centric approach to business, financial stability & investment expertise and strong human capital.
In the financial year 2014-15, Max Life Insurance ranked fourth among private life insurers with a market share of 9.7%. The Company has been one of the fastest growing life insurance companies with Gross Written Premium of Rs. 8172 crore with sum assured of Rs. 2, 26,701 crore. The Shareholders Profit After Tax stood at Rs. 414 crore for the Financial Year 2014-15. The Company's solvency margin of 425% is than 2.8 times the mandatory 150% is indicative of its financial strength and stability. As on 31st March 2015, Max Life Insurance had assets under management of Rs. 31,220 crore.
Max Life Insurance has a country-wide diversified distribution model spread across more than 750 cities which is based on three pillars – agency distribution, bancassurance and partnership distribution. The Agency distribution channel forms its core distribution channel using an advice based sales process implemented by its well trained and knowledgeable agent advisors. These agent advisors are equipped to engage with prospective customers and offer customized solutions for their various life stage needs. In its bid to provide maximize returns to policyholders, Max Life Insurance follows a prudent investment philosophy to optimize risk management whereby investments are usually made in instruments which are safe and provide good returns in the long run.
In bancassurance, the Company has a strong relationship with Axis Bank which in a short span has become the largest non-captive bancassurance relationship in India with its network of over 2000 branches providing life insurance solutions to its customers. Partnership Distribution, the third pillar of Max Life Insurance's distribution model is equally important and successful with long standing relationship with large distributors of financial products such as Amsure and Peerless. These three key distribution channels are complemented by Group Insurance and Customer Advocacy teams.
Max Life Insurance offers a comprehensive suite of Long Term Savings and Protection oriented products. It currently has 15 products and 6 riders that can be customized to suit every life stage need of the customer. Besides this, the company offers 4 products and 4 riders in the group insurance business.
At Max Life Insurance, providing a superior customer experience is central to its vision and the Company is committed to provide superior service experience to the customer. As a proactive step towards service excellence, Max Life Insurance has launched the "Treating Customer Fairly" (TCF) policy. The TCF policy aims to raise standards in the way the Company interacts with customers at every touch point right from the pre-sales engagement to the payment of benefits.
The company values human capital and considers it to be its competitive advantage. Max Life Insurance believes that people are its biggest organizational assets and hence lays a strong emphasis on employee friendly practices leading to high levels of employee engagement and motivation. This is reflected in the recognition that the company received from the Great Places To Work Institute, India, as one of the best workplaces in the industry.
Max Life Insurance believes that as a corporate it has a responsibility to engage with society. This engagement goes beyond being ethical and honest in our business practices along with providing the right products basis their needs. We believe in caring for society and have decided to focus on providing a safe and secure future for underprivileged children. The company works closely with the Max India Foundation, an independent social service organisation of the Max Group. The flagship program includes an immunization program which serves the societal agenda of protecting the next generation of the country against major ailments. Health Camps are also conducted across 6 permanent health centres across Punjab, Uttarakhand and Delhi where artificial limbs and polio callipers are provided to people affected by these ailments. The company has also adopted Dhakrani village in the Dehradun district of Uttrakhand, where it is working in the areas of healthcare, sanitation, safe drinking water, environment awareness & protection and financial literacy.
Max Life Insurance has always believed in setting new benchmarks in quality of service and product offerings to its stakeholders and its efforts have been duly recognized over the years. Some of the awards and accolades won by Max Life Insurance in the recent year are as follows:
- Celent Asia Insurance Technology Award - New Business Model Leveraging Mobile Applications
- Compliance 10/10 Award - Compliance Programme 2015
- Asia's Most Admired Brand, 2015-16 - Life Insurance Category
- Recognised as India's Most Trusted Brand 2015
- Indian Insurance Awards - Bancassurance Leader Award and Agent Productivity Award
- Ranked 51st Amongst 'India's top 100 Best Companies to work for 2015'- 2nd Best Insurance Company
- World Finance Best Life Insurance Company India, 2015
- Ranked No.1 in Claims Settlement in 2015
- Won Two Awards at The ASQ World Conference 2015
- Quality Impact Story Board and Use of Emerging Technology
2nd Runner up trophy in National Excellence Practice Competition (Service category)'by
Confederation of Indian Industry (CII)