Max New York Life to tap kirana shops

Max New York Life Insurance Company is looking at reaching out to the uninsured through kirana shops and is currently implementing a pilot project in Uttar Pradesh.

Company executive director and chief operating officer Rajit Mehta said the pilot was on in 30 districts of Uttar Pradesh involving 100 retailers, including grocery shops and mini-retail outlets, to sell Max Vijay, an insurance-cum-saving plan.

The company has tied up with distributors in each district who in turn would choose these retail outlets. Max New York Life will train both the distributors’ salesperson 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. This would be one of the new distribution channels with others including micro finance institutions and non-government organisations for Max Vijay.

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 do not have access to financial products and depend on house saving.

The company recently entered into a tie-up with Pearless General Finance & Investment Company to distribute Max Vijay.