The Indian Insurance Industry Commerce Essay

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Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of Indias leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork.

Incorporated in 2000, Max New York Life (MNYL) started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital as on 30th April, 2009 is Rs 1782 crore.

MNYL has multi-channel distribution spread across the country. Agency distribution is the primary channel complemented by partnership distribution, banc assurance, alliance marketing and dedicated distribution for emerging markets. The Company places a lot of emphasis on its selection process for agent advisors, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training. The company currently has around 92,760 agent advisors at 710 offices across 385 cities. The company also has 36 referral tie-ups with banks, 24 partnership distribution and alliance marketing relationships each. Max New York Life has put in place a unique hub and spoke model of distribution to deepen our rural penetration. The company has 133 offices dedicated to rural areas.

New York Life International, INC., a Fortune 100 company, decided to select JOINT VENTURE as a medium to enter into the market of India. It has chosen MAX INDIA LTD., one of the India’s leading multi-business corporations. Through its wide network of highly competent wide network of highly competent agent advisors and flexible product solutions, MYNL is creating a partnership for life with its customers in INDIA to meet their life stage needs.

Max New York Life Insurance announced that it has clocked Rs. 2,100 crore in collected premiums for the period Jan - July 2008 recording a growth of 81% over the similar period last year.  Of this, first year premiums contributed Rs. 1195crore, while earnings from renewal premium stood at Rs.905 crore.  The company has acquired around 27 lakh policies since inception and is ranked number 3 amongst private life insurers in terms of number of policies sold (YTD June). The Assets under Management have also increased to over Rs.4138 crore on July 31, 2008 as compared to Rs.2271 crore on July 31, 2007. The capital base of the company is expected to expand to Rs.3600 crore from current equity base of Rs.1, 232 crore

Besides this the factors determined will also help in understanding the various threat possessed by the organization to survive in the market and the market conditions and come up with suitable solution. In comparison with other firms Max New York Life Insurance will be mainly able to determine where its services stand, as the consumers will state their preferences as to why they also prefer other Firms. With the view the customers in comparison, it can determine its weakness and strengths and use it as a strategy in retention of customers mainly not only in monetary terms but also by increasing customer relationship management strategies which will increase customer welfare.

As indicated in the above pilot survey findings, there were many customers who invested in a Max New York Life Insurance for many varied reasons. As receiving quality services was the main motive, besides this they expected other services which would really satisfy their criteria for investment in this industry.

To sustain in the market or to capture a huge market share, customer satisfaction is the main aspect in which Max New York Life Insurance is lacking in. A Marine solution strives to guarantee quality and Hassel free service. For this reason Max New York Life Insurance should study all the aspects or the major aspects which satisfies a customer

As on now Max New York Life Insurance has been in the market for a long time, it is very necessary that it does not lose out its market share in the coming future. The following research below will basically find out the various expectations of the customer and even determine the loopholes. The research will basically show customer preferences and depending on it make certain changes in the system.

Working with Max New York life insurance was a very nice and a good learning experience. It has helped me a lot learning about different kinds of investments and the pros-corns of its. It has also helped me to know about how works in a corporate world is done, as well as the most advisable and trust worthy players in the market, the competition faced by various other new entrants as well as well as the existing players.

The market survey carried out for Max New York life insurance was feedback surveys for Max New York life insurance by their customers. This helped me to analyze the problem faced by the company with regard to the services and facilities. Suitable suggestions was suggested to the company after analyzing the customer behavior, hoping it could be of help to increase their sales revenue and after sales services

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