NAME ------------------HARSH BANSAL

CLASS ------------------BBA 3SEM

ROLLNO -------------------RT1910B39

SNOPSIS ----------------------------QT STRATICS

SUBMITTED TO ---------------------MR SACHIN

SUBMITTED ------------------------HARSH BANSAL

(TOPIC)

MAX NEW YORK LIFE INSURANCE AN HDFC STANDARD

Max New York Life Insurance Company Ltd. is a joint venture between Max India
Limited. one of India's leading multi-business corporations and New York Life
Internation, the international arm of New York Life, a Fortune company . The
company has positioned itself on the quality platform.

1 PRODUCT
2 DISTIBUTION

• 3 Training
 • 4 Company Vision
• 5 Awards and Recognitions
• 6 References
• 7 External links

• 8 External links

Max New York Life - Life Plan

Max New York Life Insurance offers a suite of flexible products. It now has 25
individual life and health insurance products and 8 riders enabling customers to
choose the policy that best fits their need. Besides this, the company offers 6
products and 7 riders in group insurance business. [3][4][5]

]Distribution
Max New York Life - Office Networks
Max New York Life Insurance has multi-channel distribution spread across the
country. Agency distribution is the primary channel complemented by partnership
distribution, bancassurance, 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 more than 71,000 agent advisors at 676 offices across 389 cities.
The company also has 50 tie-ups with banks, 30 partnership distribution
relationships Max New York Life has put in place a unique hub and spoke model
of distribution to deepen our rural penetration. This is the first time such a model
has been put in place for rural marketing of insurance. The company has 139
offices dedicated to rural areas.

Training

Max New York Life - Training Programme

Max New York Life Insurance invests significantly in its training programme and
each agent is trained for around 100 hours as opposed to the mandatory 50
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 400 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. The company currently has around 10500 employees. 193 agent
advisors have qualified for the Million Dollar Round Table (MDRT) membership in
2009. MDRT is an exclusive congregation of the world’s top selling insurance
agents and is internationally recognized as the standard of excellence in the life
insurance business.
Company Vision

To be the most admired life insurance company in India

Awards and Recognitions

Max New York Life - Awards and Recognitions

The company has received recognition by winning awards such as:

1. Awarded the Asia Insurance Industry ‘Innovation of the Year’ Award 2009

2. Among the top 25 companies to work for in India, according to Businessworld

2003 ‘Great Workplaces of India’

3. Ranked 7th in BT-Mercer-TNS Best Companies to Work For Survey 2008

4. Among the top five most respected insurance companies in India as per
Businessworld 2004 & 2006 survey

5. Won Indo-American Corporate Excellence Award for Best Indo-US company in

Financial

MAX NEW YORK LIFE INSURANCE

Life @ MNYL
Max New York Life is a young and vibrant organization, proud of the excellent
track record it has established in a relatively short span of time. We are one of
the most ambitious and aggressive players in life insurance. A key factor in our
success has been our ability to attract some of the most talented professionals
from different industries.

We pride ourselves on being a learning organization that encourages personal

and professional development. We are serious about work and having fun. A
dynamic, flexible and fast paced work environment brings out the best in each
one of us. By developing structure, systems and a workplace culture that
provides challenging jobs, rewards performance and delivers opportunities
continuously, Max New York Life strives to get the best out of its most valuable
asset - its people.
About HDFC Standard Life Insurance

HDFC Standard Life Insurance Company Limited., being one of the

key players in the insurance sector in India, offers a host of individual
and group insurance solutions, suiting customer requirements. It
happens to be a joint venture between Housing Development Finance
Corporation Limited (HDFC Limited), and a Group Company of the
Standard Life Plc, UK. It was per the data on February 28, 2009 that
HDFC Ltd. held 72.43% and Standard Life (Mauritius Holding) 2006,
Ltd. held 26.00% of equity in the JV. The remaining stake is held by
others.

PERFORMANCE OF HDFC STANDARD LIFE INSURANCE

Gross premium income, for the year ending March 31, 2009 touched Rs.
5,564.69 crore

As on March 31, 2009, it has over 27 lakh polices

NEED FOR HDFC LIFE INSURANCE POLICY

1. Protection: One might need a healthy income cover in case there is an

unfortunate demise
2. Investment: For ensuring long-term growth of the money
3. Savings: Protecting the savings
4. Pension: Savings for an easy life post retirement
5. Health: Cover for health related emergencies

ASSOCIATE COMPANIES OF HDFC STANDARD LIFE INSURANCE

1. HDFC Limited
2. HDFC Bank
3. HDFC Mutual Fund
4. HDFC Sales
5. HDFC ERGO General Insurance
HDFC LIFE INSURANCE TARGET IN 25% GROWTH IN NEW BIZ INCOME

Mr Amitabh Chaudhry

Anjana Chandramouly

Bangalore, Aug. 1

Changing the operating model and at the same time maintaining growth rate are
big challenges for the insurance industry, and while doing so, smaller companies
might find the going tough, Mr Amitabh Chaudhry, CEO, HDFC Standard Life,
told Business Line.

Since smaller companies might struggle to sustain from here on, “consolidation
should happen; that's the way the industry would go… we will have to see in the
next 18-24 months,” he said.

While customers stand to gain in the wake of the new IRDA guidelines, insurance
companies will have to cut costs to ensure overall capital requirements do not go
up.

Though he said capital requirements for insurers will not go up right away, much
would “depend on the products” the companies offer.
“We will have to cut costs, find ways and means to conserve capital and also
retain revenues,” said Mr Chaudhry.

Insurers will also have to aim for higher sales now, he added.

His company, which targets a 25 per cent growth year on year in terms of new
business income this fiscal, hopes to maintain the growth rate, he added.

Last year, the company's new business income was Rs 2,560 crore, which he
hoped would reach about Rs 3,200 crore this year, adding that the company was
well on track as far as the first quarter of this fiscal was concerned.