Max New York Life aims for double digit growth

Max New York Life (MNYL) is looking at maintaining a double digit growth rate both in terms of premium collection and number of policy holders this year, despite volatile market conditions with more tailor made products.

The company launched its new unit linked insurance product Unit Builder in Kolkata today.

Speaking at the launch of the product, Debashis Sarkar, senior director & chief marketing officer, Max New York Life said, “We want to outperform the industry growth rate, maintain double digit growth rate both in terms of number of policy holders and premium collection and gain increased market share this year, despite the meltdown with increased focus on customer service and newer products.”

 

The company collected Rs 3,654 crore as total premium collection in January-December last year, almost a 60 per cent rise compared to the previous year.

While insurance industry witnessed a negative eight per cent growth, MNYL achieved a 41 per cent growth in first year premium collection with a single premium adjusted at 10 per cent and in terms of number policy holders MNYL grew by 59 per cent, while the industry grew by only one per cent, informed Sarkar.

Kolkata-based, The Peerless General Finance & Investment Company Limited, will be the sole corporate agent and third party distributor of this product across India, for now. The company plans to rope in Yes Bank and other corporate agents later on. The product was specially designed for partnership distribution, and right now our first priority was to use the network of third party distribution channels, said Sarkar.

The soft launch of Unit builder was one month back. The response was good, Peerless was able to collect Rs 4.56 crore as first year premium for this product alone, said P P Ray, vice president, compliances and legal, The Peerless. “We hope to achieve a total business of Rs 800 crore from MNYL's products alone by March 2011. Of which, till date we have achieved Rs 250 crore.

Up to February we had achieved another 120 crore, we hope to end the fiscal with another 180-200 crore business through MNYL's products alone,” he added. The new product launched today, Unit Builder, will give 110 per cent guranteed loyalty assurance at the end of 11 year, 150 per cent at the end of 15 year and 200 per cent at the end of 20 year, depending on the term of the policy with the sum assured being almost 10 times of annual premium.