Max New York Life plans expansion

Written by Monalisa Roy | Puri, Mar 30 | Updated: Mar 31 2008, 07:44am hrs
Max New York Life Insurance Co Ltd, a joint venture between New York Life, a Fortune 100 company, and Max India Ltd, is planning to increase the number of its offices and agent advisors in the eastern region as part of its latest expansion plan, Mission Everest.

"We plan to increase our agent advisor strength from 2475 to 5500 and number of offices to 31 in the eastern region by the end of this year," Kenneth Sannoo, senior vice-president, head-agency (north & east), told reporters at an insurance seminar organised by the company here.

As per Mission Everest, the company proposes to set up 500 offices by 2011 to boost health and pension schemes, said Sannoo. According to him, the company aims to set up build at least 100 offices per year.

At present, Max New York has 230 offices across the country. The company expects add another 100 by this year-end, he said. The mission also targets to increase the number of direct agents from the existing 30,000 to 2 lakh by 2011, he said. At present, the eastern region has got 24 offices. Out Of that, three are in West Bengal, he said.

"The company aims to sell more than 64,000 policies through direct agents in the eastern region by December 2008," Sannoo said. This region generates around 17% of the company's total revenue. On Max New York's future plans, Sannoo said, "We plan to introduce an insurance policy for the underserved within 90 days."

The travel for the story was sponsored by the company