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CHANNEL DEVELOPMENT AT MAX NEW YORK LIFE

BY PANKAJ KHERAJ SHAH

TABLE OF CONTENTS.

SECTION A: INTRODUCTION

A.1 ABOUT INSURANCE INDUSTRY

A.2 ABOUT MAX NEW YORK LIFE

A.3 ABOUT PROJECT

SECTION B: CHANNEL DEVELOPMENT STRATEGIES

B.1 ELIGIBILITY MODEL

B.2 DEVELOPMENT STRATEGIES

B.3 SCRIPTS AND OBJECTION HANDLING

SECTION C: CHANNEL DEVELOPMENT PROCESS

C.1 NAME GATHERING IN-P200

C.2 SHORTLISTING

C.3 APPROACHING

C.4 INITIAL SCREENING

C.5 NAT

C.6 CAREER SEMINAR

C.7 CAREER INTERVIEW

C.8 FCS

C.9 CONTRACT

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SECTION D: STATUS REPORT

D.1 ACTIVITIY CHART

SECTION E: CONCLUSION

E.1 EXPERIENCE

E.2 SUMMARY

E.3 RECOMMENDATION

E.4 BIBLIOGRAPHY

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Personal observation: - Personal Observation can be defined as: a face toface contact made on an important basis in order to secure an appointment for

recruitment interview.

Nominator: - Nominators can be defined as: people with whom you have noprevious business relationship.

COI: - Centers of influence can be defined as: people with whom you alreadyhave an established relationship for referrals as an agent.

About the Insurance Sector in India

Insurance sector is an opportunity for India.This business is growing at the rate of 18-22 per cent annually.Presently it covers market of RS.450 billion.Together with banking sector it contributes about 7% to GDP.Gross premium collection is about 2% of GDP.Still 80% of Indian population is without life insurance.This is an indicator that growth potential for the insurance sector is immense.Insurance sector contribute a lot in economic development.It provides long term fund for infrastructure development.It is estimated that over the next ten years India would require investments of the

order of one trillion US dollar.

The Insurance sector, to some extent, can enable investments in infrastructuredevelopment to sustain economic growth of the country.

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There are two legislations that govern the sector-

The Insurance Act- 1938 the IRDA Act- 19

Historical Perspective

In 1818 it was conceived as a means to provide for English Widows.The Bombay Mutual Life Insurance Society started its business in 1870.It was the first company to charge same premium for both Indian and non-Indian

lives.

The Oriental Assurance Company was established in 1880.Till the end ofnineteenth century insurance business was almost entirely in the

hands of overseas companies.

Insurance regulation formally began in India with the passing of the LifeInsuranceCompanies Act of 1912 and the provident fund Act of 1912.

Several frauds during 20's and 30's sullied insurance business in India.By 1938 there were 176 insurance companies.The first comprehensive legislation was introduced with the Insurance Act of1938

that provided strict State Control over insurance business.

The insurance business grew at a faster pace after independence.The Government of India in 1956, brought together over 240 private life insurers

and provident societies under one nationalized monopoly corporation and Life

Insurance Corporation (LIC) was born.

Nationalization was justified on the grounds that it would create much needed fundsfor rapid industrialization.

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Important milestones in the life insurance business in India:

1912 The Indian Life Assurance Companies Act enacted as the first statute to regulate the life

insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the central

government and nationalised. LIC formed by an Act of Parliament- LIC Act 1956- with a

capital contribution of Rs. 5 crore from the Government of India.

Insurance Sector Reforms

In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor R.N.

Malhotra- was formed to evaluate the Indian insurance industry and recommend its future

direction. The Malhotra committee was aimed at creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping in mind the

structural changes currently underway and recognising that insurance is an important part

of the overall financial system where it was necessary to address the need for similar

reforms. In 1994, the committee submitted the report and some of the key

recommendations included:

I. Structure: Government stake in the insurance Companies to be brought down to50%. Government should take over the holdings of GIC and its subsidiaries so that

these subsidiaries can act as independent corporations. All the insurance companies

should be given greater freedom to operate.

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companies would have a trained workforce of insurance agents in place to sell their

products.

Present Scenario:-

The Government of India liberalised the insurance sector in March 2000 with the passage

of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry

restrictions for private players and allowing foreign players to enter the market with some

limits on direct foreign ownership. Under the current guidelines, there is a 26 percent

equity cap for foreign partners in an insurance company. There is a proposal to increase

this limit to 49 percent.

The opening up of the sector is likely to lead to greater spread and deepening of insurance

in India and this may also include restructuring and revitalizing of the public sector

companies. In the private sector 15 life insurance companies have been registered. A host

of private Insurance companies operating in life segments have started selling their

insurance policies since 2001. Table shows the current market players in the life Insurance

Industry

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INSURANCE COMPANIES IN INDIA

Sr. No. Name of the Company

1 Bajaj Allianz Life Insurance Co. Limited

2 Birla Sun Life Insurance Co. Ltd

3 HDFC Standard Life Insurance Co. Ltd

4 ICICI Prudential Life Insurance Co. Ltd

5 ING Vysya Life Insurance Co. Ltd.

6 Life Insurance Corporation of India

7 Max New York Life Insurance Co. Ltd

8 Met Life India Insurance Co. Pvt. Ltd.

9 Kotak Mahindra Old Mutual Life Insurance Ltd.

10 SBI Life Insurance Co. Ltd.

11 Tata AIG Life Insurance Co. Ltd.

12 Reliance Life Insurance Co. Ltd.

13 Aviva Life Insurance Co. India Pvt. Ltd.

14 Sahara India Life Insurance Co. Ltd.

15 Shriram Life Insurance Co. Ltd.

16 Bharti AXA Life Insurance Co. Ltd.

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Innovative products, smart marketing and aggressive distribution. That's the triple

whammy combination thathas enabled fledgling private insurance companies to sign up

Indian customers faster than anyone ever expected. Indians, who have always seen life

insurance as a tax saving device, are now suddenly turning to the private sector and

snapping up the new innovative products on offer.

The growing popularity of the private insurers shows in other ways. They are COIning

money in new niches that they have introduced. The state owned companies still dominate

segments like endowments and money back policies. But in the annuity or pension

products business, the private insurers have already wrested over 33 percent of the

market. And in the popular unit-linked insurance schemes they have a virtual monopoly,

with over 90 percent of the customers.

The private insurers also seem to be scoring big in other ways- they are persuading people

to take out bigger policies. For instance, the average size of a life insurance policy before

privatisation was around Rs 50,000. Thathas risen to about Rs 80,000. But a rejuvenated

LIC is also trying to fight back to persuade new customers.

ABOUTMAX NEW YORK LIFE

Max New York Life Insurance Company Ltd. is a joint venture between New York Life and

Max India Limited. New York Life is a Fortune 100 company and Max India Limited is one

of India's leading multi-business corporations. The company has positioned itself on the

quality platform. Ithas developed a strong corporate governance model based on the core

values of excellence, honesty, knowledge, caring, integrity and teamwork.The strategy is to

establish itself as a trusted life insurance specialist through a quality approach to business.

In line with its values of financial responsibility, Max New York Life has adopted prudentfinancial practices to ensure safety of policyholder's funds. The Company's paid up capital

is Rs. 657 crore, which is more than the norm laid down by IRDA. Max New York Life has

identified individual agents as its primary channel of distribution. The Company places a

lot of emphasis on its selection process, which comprises four stages

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Screening,

Psychometric test,

Career seminar

Final interview.

The agent advisors are trained in-house to ensure optimal control on quality of training.

MaxNew York Life invests significantly in its training programme. Each agent is trained

for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before

beginning to sell in the marketplace. Training is a continuous process for agents 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 the agents have the highest productivity among private life

insurers. 201 agent advisors have qualified for the Million Dollar Round Table (MDRT)

membership in 2005. MDRT is an exclusive congregation of the worlds top selling

insurance agents and is internationally recognized as the standard of excellence in the

life insurance business. Having set a best in class agency distribution model in place, the

company is spearheading a major thrust into additional distribution channels to further

grow its business. The company is using a five-pronged strategy to pursue alternative

channels of distribution. These include the franchisee model, rural business, direct sales

force involving group insurance and telemarketing opportunities and corporate

alliances. Max New York Life offers a suite of flexible products. It now has 26 life

insurance products and 8 riders that can be customized to have more than 400

products.

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REWARD AND RECOGNITION

1)Premium Leader: -Qualifying Criteria- Rs. 1 Lakh AFYP in a month; Reward andRecognition- Mention in leaders Report, Lunch.

2)Ten-A-Monther :-Qualifying Criteria-10 applications in a month and Rs. 30,000AFYP; Reward and Recognition- MNYL Crystal Glass, mention in Leaders Report,

Lunch

3)Hi-Flier:-Qualifying Criteria- 20 applications in a month; Reward andRecognition- MNYL Silver Medal, MNYL Crystal Glass, Mention

In leaders Report, Lunch

4)Career Success Award:-Qualifying Criteria-15 paid cases & Rs. 40,000 FYC atthe end of month 3; Reward and Recognition- Recognition Award

5)Career Producer Award:- Qualifying Criteria- 25 paid cases & Rs. 80,000 FYCat the end of month 6; Reward and Recognition- Recognition Award

6)Career Foundation Club:- Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhsFYC in July- June for Recruits during this period. Reward and Recognition- Attend

CFC meeting to be held at Zone level

7)Paid Case, FYC, Persistency, rider, Referral and CEIP Leader:-Qualifying Criteria- Top Agent in each category in each GO; Reward and

Recognition- RecognitionPlaque

8)Agent of the Year:-Qualifying Criteria- HighestPoints in each GO; Reward andRecognition- Recognition Award

9)Centurion:-Qualifying Criteria-100 net paid cases in a year; Reward andRecognition- CenturionTrophy

10)Paul Colgan Trophy:-Qualifying Criteria- Highest FYC with 100 or more paidcases and 95% Or more 13th month persistency; Reward and Recognition-

RecognitionTrophy

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11)Executive Council:-Qualifying Criteria- July 2006 to June 2007: 4,30,000Council Credits January 07 to June 07: 1,60,000 Council Credits

40 paid cases in the Council Period; Reward and Recognition- Trip to Malaysia to

attend the Executive Council Meeting.

12)MDRT (Million Dollar Round Table):-Qualifying Criteria- MDRT FYC Rs. 7,19,800 Premium Rs.14, 39,600; Reward and Recognition- MDRT dues for all

qualifiers.Top 35 by FYC will bear domestic travel and visa costs, registration fees,

International airfare.

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REWARD AND RECOGNITION

C

E

MDRT

Ex. Council

Paul ColganTrophy

Centurion

Agent of the Year

PaidCases, FYC, Persistency, Rider,

Referral and CEIP Leader

Career Foundation Club

Career Producer Award

Career Success Award

Hi-Flier

Ten-A-Monther

Premium Leader

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PRODUCTS OF MNYL

Whole Life PlansUnit Linked Insurance PlansEndowmentPlansChildren PlanMoneyBackPlansPension PlansHealth & Accident Related Riders

Vision: -To become the most admired life Insurance Company in India.

Mission: -To become one of the top quartile life Insurance companies in India. Be a

national player. Be the brand of the first Choice.Be the Employer of the Choice. Become

principal of choice for agents.

Values: - This vision to become India's most admired life insurance company will be

realized through our unique set of values.

Achievements

First life insurance Company in India to have IS0 9001:2000 certifications.Top five most respected private life insurance in India according to Business World

survey.

Continuous presence in Top 50 MDRT global list.

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CSR

Max New York Life has been instrumental in changing the paradigm of life insurance in

India. It is the first life insurance company in India to introduce cause related marketing.

Children are at the very heart of Max New York Life's strategy. SOS Children's Villages of

India is internationally recognized for its work in giving underprivileged children a

wholesome life. The mission of SOS is "to help orphaned and abandoned children, by

providing them with a family, a permanenthome, education and strong foundation for an

independent life." It's mission ties in with Max New York Life's philosophy ofhelping

people secure the future of their near and dear ones.

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ABOUT PROJECT

The main objective of the Channel Development is to recruit quality Agent Advisors

(AA) for the company for providing life Insurance solutions to the customers. AA plays a

vital role in the growth of company with respect of companys earnings as well as they

create value for the organization after achieving some milestones. AA are integral part of

the team and sales manager assigned to them help them to groom them in terms of

personality development, selling skills and handling objections of customers.The company

donates a part of the total money collected on all policies sold, to SOS Children's Villages of

India at the end of the year.

Benefits of Becoming AA for MNYL:

Rewarding Career Help others to realize their financial goals. Changing li

is more rewarding and satisfying.

A Successful Team Countries Finest Agent AdvisorTeam. Maximum MDR

insurance Agents.

Attractive Remuneration Best remuneration system in the industry

Independence Be your Entrepreneur.

World-ClassTraining In House training session from professionalTrainers

Commitment to Career Agency

System

Commitment to grow your career from AA to top

Management

Infrastructure Support Easy Access to IT tools and use ofTechnology in order

support stakeholders.

Full Range of Products and

Services

Customised product and flexible option for choosing

product.

Sales and Marketing Support The Sales, Promotions and Marketing collaterals whic

provide you to take your business to new heights.

Financial Strength Higher paid up capital of 587 crore more than the IRD

norms.

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Companys Expectation from AA:

Regular input activity.Follow the sales process.Achieve sales targets.Attend training programme.Participate in weekly reviews.Follow the MNYL ethics and business standards policy.

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Section B

CHANNEL DEVELOPMENT STRATEGIES.

ELIGIBILTY MODEL: - From this eligibility model company judge prospective person.

The company follows unique eligibility criteria for AA selection by which company is able is

to always justify its mission. The basic objective ofhaving an eligibility model for

recruitment is to have good retention and greater effectiveness in the delivery of service.

Four criterias for AA selection

1. 25 plus years of age: This age showsattainment of maturity and responsibility. People

are more consistent in this age.

2. Married: Married people have more eager to earn money. Family pressures increase

responsibility and secondly customers are convinced more by the stability of a married AA.

3. Staying in the same city for more than 5 years:Person who stays more than 5 year

has huge natural market whichhelps him to get more business in short period.

4. Graduate: Graduate people have basic skills like communication skills, numerical ability,

I.P relation, convincing abilities etc. so it is easy to teach them further.

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Other criteria for AA selection:

1. Financial stability: MNYL is focuses on classes and not on masses thus they select

strong agent advisors.

2. To have a rich and active social circle: Ithelps to gethigher case rate and case size.

Also the chances of policy lapsing can be less and renewals can be more.

3. Greed for money: Firm selects advisors who understand the language of commission.

Because people who want fix amount as their earnings are not suitable for this business.

4. Independent: MNYL select people who want to be entrepreneur. Housewives or brokers

who want flexible hours for work are prospective person for this business.

5. Persuasion: He should be persuasive in nature because the AA needs to follow up on

regular basis with prospective and new clients without being a nuisance value.

6. Excellent interpersonal skills:Because developing and maintaining good relations can

get policies. Secondly since most of the insurance companies provide a plethora of similar

products, sales depend on the convincing ability of the AA and the rapport the AA is bale tobuild. Also results in C of Is.

7. Excellent communication skills: Since AA needs to communicate about the

organization, products, career as AA, about why insurance is important, which product will

suithis requirement etc.

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Desirable Candidates

1.Housewives.2.Employeeshaving VRS.3.CAs.4.Mutual fund brokers.5.NSC brokers6.Tax consultants7.Businessman.8.Doctors9.Travel agents10.Lawyers11.Diamond merchants12.Social workers

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DEVELOPMENT STRATEGIES

Management team has developed certain strategies in order to expand channel distribution

network. These model are followed across the country uniformly and top management

feels that these rules are the building block of MNYLs success in India as well as across the

world. There are two basic principles that are required in order to execute these

strategies such as

1) Prospecting:Identify the right person who fits in the eligibility model.

2) Selection:Select them for further plan of actions.

RULE OF 31:-Rule of 31 is associated with the daily activities which is follow to

recruit quality advisors. It says that everyday collect at least 3 names of the prospective AA

and do one screening every day.

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Ways of Name Gathering

There are several ways for gathering names in order to follow rule of 31.

Natural Market:A natural market consist of people to whom you know well from your

family, friend circle, relative can be a good prospect. The most admired way for recruitment

in MNYL is through natural market. Natural market persons are easily approachable and

most of the successful recruitment in MNYL is from natural market.

Personal Observation:It means identify the right person through observation. For e.g.

a person residing in your locality and very famous in taking initiative in social activities can

be a good prospect.

Nominator Call: A nominator is a person who is very much influential in the market as

well as in societies. Name gathering and identification is easy in this case, but these people

are highly unapproachable. These people can be very productive in giving references of the

prospect. They are not prospect by default.

Centre of Influence (COI) Call: A centre of influence person is people who are

influential and you know them personally. They are approached for giving references of the

client.

Prospect Call:Prospects itself are approached. They can be anyone from natural market,

Nominators reference, COIs reference or by other means.

Activities: Doing activities such as brand awareness in Public places such as mall,

multiplexes can be a good strategy for name gathering. We can have a questionnaire format

to fill by applicant for the lucky draw atPhoenix mill; Nakshatra mall; Hirra Panna;

Siddhivinayak temple; Nirmal life style; BSE.

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COLD/ WARM/ HOT

This is another method thathelps the management trainee and the sales managers keep a

track of the names he has from his natural market as well as through name gathering,

ColdCold is like what u are having. In this column we include all the names which we

have as a prospect. It includes C o I names, references, nominators,PO names and so

on. It is a list of all the names that we wish to contact in future.

WarmOnce the names mentioned in the cold column are contacted and if any

appointments scheduled at the office wherein initial screening is then conducted the

candidate is then entered in the warm list.

HotAfter being entered in the warm list if any candidatehas attended any of the

seminars held at Max New York Life after the initial screening done and if the

candidatehas been given P200 (project 200) then the prospective agent is then said

to be entered in the hot list.

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COLD. WARM. HOT.

70 20 10

Sales

1st Qtr

2ndQtr

3rd Qtr

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SCRIPTS AND HANDLING OBJECTIONS

MNYL has its own scientifically handled script they use worldwide for approaching the

future AA for the Company. The company periodically modifies the versions of the scripts if

needed as per requirement. All the mangers are required to follow the scripts. There are

several kinds of scripts. The classification of scripts is follows:

1) Nominator Script:Nominator is a person who is not prospect for firm buthe gives

reference to firm. The main objective of this script is to fix an appointment with the

nominator.

2) COI Script: Centre of influence is a people whom you know. The main objective of this

script is to fix an appointment with the COI or to collect the references from them.

3) Prospect Call Script: With the help of this script, firm tries to motivate people to visit

MNYL office. The main objective of this script is to call the prospect in MNYL for the initial

screening.

4) In person Nominator Script: This script includes many questions whichhelp to get

references quickly. This script is used to entertain Nominators and influence them to

collect references from them.

5)COI in person Nominator Script:This script is used to collect references from COIs.

All the scripts are also contained with expected objections from the

prospects/COI/nominators. These objections are based on the rich experiences and have

adequate strategy to avoid objection. In any Case, an objection is found to be unlisted it is

responsibility ofSM to bring back in the spirit of original script provided them.

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Section C

CHANNEL DEVELOPMENT PROCESS.

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Flow Based approach to Channel Development Process

YES

NO

NO

YES

Start

Name Gatheringin P200

Short listin

Contactin

Interested?End

Initial Screening

NAT

Career Seminar & P200

Interested?End

Careerinterview

FCS

Contractwith MNYL

IC-33 Reappear

End

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NAME GATHERING IN P200

Name gathering in P200 consists of people whom you know from natural market and

references you get from their sources. As a management trainee were given a task to gather

200 names. Figure shows the P200 format in which the database is created.

1.Name of the prospective Agent.2.Address of contact.3.Age.4.Marital Status.5.Qualification.6.No. of years in city.7.Financial status.8.Profession9.Annual Income.10.Natural market.11.Comments.

SHORT LISTING: - Candidates are shortlisted from the P200 as per the eligibility criteria

laid down by the company. Only eligible candidates are considered for the next process.

CONTACTING: - Candidates are called either as nominator, COI, Prospective Agents and a

meeting is fixed with them according to the convenience of both the party. Here script plays

very important role in fixing appointment with the prospect.

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INITIAL SCREENING: - Initial screening is taken if candidate is found eligible using 4 point

model. In initial screening, a sales manager first gives the introduction about the company.

Then several questions such as his family background, his natural market, traits for a sales

person, and his present and past experiences ofhis jobs are questioned. Every candidate is

required to get at least 3 points in eligibility model the company. The eligibility standards

for AA selection are as follows. In case of score less than 3, special zonal head approval is

required.

Five Point System:-

NAT: - Numerical Ability test is taken. Passing Score is 50%.

CAREER SEMINAR AND P200:- All the prospects are required to attend career seminar at

MNYL which provides broader aspects of growth as an Agent Advisor. P200 is a worksheet

which is given to each prospect to judge his natural market. The prospects are required to

mention at least 100 contacts from their natural market.

CAREER INTERVIEW:- P200 is evaluated in Career Interview. If candidates market is

found worth, he is selected to attend training and Development programme.

FCS: - All the selected candidates are required to attend 22 day training session for

receiving the license from IRDA to become an Agent Advisor.

CONTRACT: - All the successful candidates having legal license of IRDA are contracted with

MNYL.

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In this firm has its own statistic.That means if we will contact 60 person in a month.

Then we can convert 2 people for a batch as an AA.

60 Cold prospects.

20 Initial screening.

16 Test.

08 Seminar.

04 Career Interview.

02 FCS Batch.

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Section D

STATUS REPORT.

Activity Chart

Particulars Status

1.Initial screening 302.Nat 63.Carrier seminar 84.P200 85.Career Interview 56.FCS -7.Total Recruitment -8.Contracted -

The above activity chart represents the work done by me in accordance with the channel

development process. The P200 sheet will be attached with this project where name and

contact numbers are stored in format prescribed by the MNYL.

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QUESTIONNAIRE

Hello. This is PANKAJ K SHAH from MaxNew York Life, working here as a managementtrainee. I would appreciate it if you could lend me just 2 minutes of your time for my

project on Insurance Industry. I would like to assess if you are interested in taking a

business opportunity available in the insurance sector which requires no investment of

yours.

1.Where do you invest your Money?a.Stock Marketsb.Mutual Fundsc.Life Insuranced.Property

2.Name any 3 Insurance Companies you are aware of?

a._____________________________________b._____________________________________c._____________________________________

3.In a year how much money do you invest? (approx)______________________________________

4.Are you aware of any Insurance products?a.____________________________________b.____________________________________c.____________________________________

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5.Which among the following products do you own?a.Whole Life/ Endowmentb.MoneyBackc.Unit Linked Insurance Pland.Term Plane.Education/ Child Plan

6.What is the reason ofhaving the above cover?a.Securityb.Investmentc.Tax Benefits

7.Are you aware of the earning potential in insurance sector?a.Rs.20,000 to 30,000b.Rs.30,000 to 50,000c.Rs.50,000 to 75,000d.Rs.75000 to 1,00,000

8.Would you like to add a business to your current profile?a.Yesb.No

9.Which is the quality according to you that would be required forBeing successful in business?

a.Communicationb.Networkingc.Both

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NAME: ______________________________________

ADDRESS: ______________________________________

______________________________________

CONTACTNO.: ______________________________________

ANNUAL SALARY: ______________________________________

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PRODUCTS OF MNYL

Whole Life Plans

Unit Linked Insurance Plans

EndowmentPlans

Children Plan

MoneyBackPlans

Pension Plans

Health & Accident Related Riders

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Vision

To become the most admired life Insurance Company in India.

Mission

To become one of the top quartile life Insurance companies in India.

Be a national player.

Be the brand of the first Choice.

Be the Employer of the Choice.

Become principal of choice for agents.

Values

This vision to become India's most admired life insurance company will be realized

through our unique set of values, which are as follows:

Knowledge: - knowledge leads to expertise; and our expertise is in helping peopleto protect themselves. Perfectly combining Global expertise with local knowledge,

we are Indias Life Insurance specialist. Max New York Life belives that for

knowledge to be of value.Caring: - MaxNew York Life is redefining the Life Insurance paradigm by focusing

on customers first. The service process is responsive, personalized, humane and

empathetic.

Honesty: - Honesty is the heart of the Life Insurance business. It is all about trust.Transparency, integrity and dependability form the cornerstones of the MNYL

experiences. The company ensures that everyone who represents the brand carries

a promise.

Excellence: - Excellence at MNYL implies the ability to perform at a consistentlyhigh level. Focused on the value of continuous improvement in people, processesand the organization, the company strives for the highest standards of quality in

every aspect of its business.

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Achievements

First life insurance Company in India to have IS0 9001:2000 certifications.Top five most respected private life insurance in India according to Business World

survey.

Continuous presence in Top 50 MDRT global list.

CSR

MaxNew York Life has been instrumental in changing the paradigm of life insurancein India. It is the first life insurance company in India to introduce cause related

marketing.

Children are at the very heart of Max New York Life's strategy. SOS Children'sVillages of India is internationally recognized for its work in giving underprivileged

children a wholesome life. The mission of SOS is "to help orphaned and abandoned

children, by providing them with a family, a permanenthome, education and strong

foundation for an independent life." It's mission ties in with Max New York Life's

philosophy ofhelping people secure the future of their near and dear ones.

The company donates a part of the total money collected on all policies sold, to SOSChildren's Villages of India at the end of the year.

mnyl

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