Max New York Life Insurance Company (MNYL) is looking at reaching uninsured population through unorganised Kirana shops. The company is currently implementing a pilot project in Uttar Pradesh and planning to implement across the country next year.
Speaking to reporters today at Chennai after announcing its tie-up with Pearless General Finance & Investment Company to distribute Max Vijay, an insurance cum saving plan, Rajit Mehta, executive director and chief operating officer, MNYL said that currently the company is running a pilot in Uttar Pradesh covering 30 districts and 100 retailers including grocery shops and other mini-retail outlets to sell Max Vijay.
He added, the company has entered into tie-up with distributors in each district who in turn will choose these retail outlets. The company will train both the distributors’ sales person and the shopkeeper, who are certified and qualified according to regulator’s norms and will work like a referral model, said Mehta.
Based on the success of the pilot the company is planning to replicate the concept across the country to sell Max Vijay, noted Mehta. This would be one of the new distribution channels others include micro finance institutions (MFIs), non-government organisations (NGOs) and even looking at post offices, for Max Vijaya.
Meanwhile the company had set a target of Rs 300 crore first year premium over the next 2-3 years by selling Max Vijay. The target customers would be 100 million population, who still not have access for any kind of financial products and who depends on house saving.
Company’s other potential customers would be 40 million customers of Peerless, said Samiran Lahiri, director – financial products, Pearless General Finance & Investment Company. He added, his company, corporate agent model, would sell the products through 154 branches across the state.
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