Max New York Life re-training financial advisors

The current meltdown, which made companies rework their marketing strategies in the boardroom, has prompted private life insurer Max New York Life Insurance Company (MNYL) to re-train and certify its 85,000-odd financial advisors.

“The stock market crash has made people apprehensive about the prevailing investment climate. Thus, the financial advisors need a fresh perspective and communication skills to address their fears,” Anil Misra, company’s zonal vice-president, told Business Standard.

He said the process of re-training and certifying the financial advisors had already started and would be completed soon.

“Following the stock market meltdown, a large number of our financial advisors had stopped visiting the MNYL customers, since they did not know how to deal with their queries about the fall in the value of investment. This made us to go for re-training,” he added.

 

Meanwhile, the company is going to expand its footprint in Uttar Pradesh by opening four new branches in the eastern part of the state.

The company that has 34 branches across tier-II and III cities wants to focus on small areas hitherto neglected.

“Smaller towns in UP have a lot of potential owing to the large and educated middle class population,” Misra added.

He was in town to launch MNYL Smart Xpress, a flexible Unit Linked Insurance Plan (Ulip), which offers secure returns even during market volatility.

“Smart Xpress has been designed keeping in mind the financial goals and current risk perception of the majority of Indian consumers as a protection-cum-wealth creation option that assures safety and guaranteed returns on investment,” he said.

The new product that would be available in UP from tomorrow offers flexibility in premium payment through 3 years, 5 years and single payment option.