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• Max Life Insurance Reported Hike in Individual Death Claims Paid Ratio for FY 2018-19

  For the financial year 2018-19, Max Life Insurance, India’s most reputed private life insurance companies reported a total hike in the individual death claims. The figure rose to a stupendous 98.74%. The claim settlement ration (CSR) is one of the primary elements that people take into consideration while purchasing a life insurance policy. It is basically an indicator of the number of claims that the company has settled. Higher the CSR, better the chances of the claim amount being paid by the insurer. The total amount of claims that Max Life Insurance has paid during the FY 2018-19 stands at Rs.452 crore. Mr. Manik Nangia, Senior Director and Chief Operations Officer of Max Life Insurance commented on the issue saying, ‘We truly believe that ‘Claims Paid Ratio’ is the ultimate manifestation of a life insurer’s commitment towards its customers and overall reliability’. He further said that ‘Our strong position in paying claims is a validation which we hope to further leverage by investing in underwriting capabilities, technological intervention and building an overall robust claims ecosystem.’ In a country like ours, where life insurance uptake is still fairly poor, high-grade claims paid ratio helps provide the right assurance to customers and their families against future uncertainties thereby encouraging them to buy pure protection life insurance’.

  23 July 2019

• Max Life Insurance launches new financial protection tool – My Protection Quotient

  My Protection Quotient (MyPQ), a new financial protection tool, has been launched by Max Life Insurance Co. Ltd. It is a smart tool that measures how much financial protection an individual has and promotes awareness of term plans in protecting the future of families. It will guide customers in choosing the right financial product that suits their financial goals and budget. The tool will do this through a set of questions that will uncover their awareness about life insurance products, how prepared they are for any financial responsibilities, and existing life insurance coverage, if any. The final output is a quotient that is on a scale of 100. A reasonable quotient would be in the range of 75 to 100 while 0 to 25 would indicate a poor financial awareness and preparedness for any of life’s eventualities. Through this, customers will get to know where they need to fill in the gaps in their financial preparedness and what needs to be upgraded if they already have a plan in place. The 6th of every month has been dedicated as ‘Protection Day’. Max Life Insurance aims to provide life insurance products that offers risk protection with achievement of life goals.

  7 July 2019

• IRDAI’s new sandbox regulations will see Max Life innovate

  Max Life Insurance’s deputy managing director V Viswanand said the new sandbox regulation, the Insurance Regulatory and Development Authority (IRDA) is looking to implement may allow the insurance company to innovate and help other insurer’s come up with new ideas and experiment with products before launching them to the market.

  One of the ideas kept forth by the insurance company was to give a premium holiday to its customers after five years which would allow them to grapple with the after effects of losing a job or other financial tensions that they may face. However, the current rule clearly states that the policyholder must pay premiums in order to enjoy the benefits of its insurance plan.

  24 April 2019

• Mr. Aalok Bhan appointed as the Director and Chief Marketing Officer of Max Life Insurance

  Max Life Insurance has recently announced that it has appointed Mr. Aalok Bhan as its Director and Chief Marketing Officer. Mr. Bhan will be in charge of overseeing Max Life’s corporate communication, branding, and product operations with the objective of strengthening the company’s marketing endeavours, brand positioning, and product design strategies.

  He will be based out of Max Life Insurance’s corporate office, which is located in Gurugram, and will report to Mr. Prashant Tripathy, who is the MD and CEO of Max Life Insurance.

  Mr. Bhan joined the Executive Management Committee of Max Life Insurance in 2012. After serving as the Head of Products, Customer Marketing, and Corporate Communications, he took on the role of Chief Distribution Officer at Max Life Insurance in October 2016. Under him, the company’s distribution footprint expanded exponentially across the country.

  Before joining Max Life Insurance, Mr. Bhan was employed as the CEO and MD of Dresdner Bank AG, India. He established FAB Advisors in the year 2009. He has also served ABN Amro, Royal Bank of Scotland, and Standard Chartered Bank in various capacities in the past.

  30 January 2019

• Max Life to pay claims worth up to Rs.50 lakh in just 1 day through its ‘InstaClaim’ feature

  Renowned private life insurer Max Life Insurance has launched a new claim settlement feature called ‘InstaClaim’. Under this new initiative, the company promises to disburse claims worth up to Rs.50 lakh in a single day. This is subject to the condition that all the mandatory documents are received by the company.

  The company noted that death benefit claims are eligible for InstaClaim benefit as long as the policy is in force for three continuous years. The company has one of the best claim settlement ratios in the private life insurance industry. For the fiscal year 2017-18, the company’s claim settlement ratio improved to 98.26% from 97.81% in the previous year.

  The company also noted that a dedicated officer will be assigned for each claim to help policyholders and ensure a hassle-free claim settlement process. High claim settlement ratio provides assurance that the company will protect the families of its customers in the case of any unexpected eventualities.

  25 January 2019

• Max Life Insurance has the highest claims paid ratio in the life insurance industry

  The IRDAI report released recently has revealed that Max Life Insurance has the highest claims paid ratio for the fiscal year 2017-18. The company’s claims paid ratio for this period stood at 98.26%. During this period, the company received a total of 10,330 death claims from its consumers. After repudiating 178 claims, the remaining 10,152 claims were paid by the company.

  One of the notable achievements of this period is that the company’s claims paid ratio has outperformed India’s largest life insurer LIC. LIC took the second position with a claim paid ratio of 98.04%. During this period, the overall industry average stood at 97.68%.

  The company attributed this success to its two-pronged strategy, which involves leveraging technology and strengthening its customer on-boarding process. The company also noted that it has taken effective measures to weed out fraudulent claims.

  15 November 2018

• Max Financial Services announces 18% growth in Q2 revenues

  Max Financial Services (MFS) announced its financial results for the second quarter of the current fiscal year. The company has reported an 18% growth in consolidated revenues to Rs.4,075 crore. The company’s profit after tax declined 22% to Rs.53 crore owing to one-time expenses associated with various factors like product shift mix, a higher proportion of protection sales, and the attempted acquisition of IDBI Federal Life.

  Shareholders’ profit after tax for the second quarter increased 42% to Rs.185 crore compared to the same period of last year. Assets under management for the second quarter stood at Rs.56,070 crore, up 17% from the same period of previous year.

  MFS is the holding company of Max Life Insurance. Max Life is the largest non-bank owned life insurance company in India. The company is also one of the top 5 asset management companies in India.

  15 November 2018

• Rahul Talwar appointed as SVP and head-marketing by Max Life Insurance

  Rahul Talwar has been appointed as the Senior Vice President and Head-Marketing of Max Life Insurance. Talwar will be based in Gurugram and will report to Manik Nangia who is the Chief Digital Officer and Director-Marketing of the insurance company.

  Talwar will lead the insurance company’s marketing and brand activities and will accelerate the company’s journey across all touchpoints in India.

  Rahul Talwar has over 14 years of experience in the FMCG sector and he will join Max Life Insurance Company in his new role after having previously worked at McVitie’s where he took care of the marketing function for South Asia and India. Talwar has also worked for Pepsico and Aditya Birla Group.

  24 October 2018

• Vice President and Managing Director of Max Life Insurance Steps Down

  In a recent development, Mr. Rajesh Sud, the Vice Chairman and Managing Director of Max Life Insurance, has stepped down from his position. Mr. Prashant Tripathy, the present Chief Financial Officer of Max Life Insurance, will be taking over Mr. Sud’s position next year. Mr. Sud was one of the founding members of Max Life Insurance and took over as Max Life Insurance’s CEO and MD in the year 2008. During his employment with Max Life, the company underwent rapid transformation and grew to become the fourth biggest private-sector life insurance company. To this end, Mr. Rahil Khosla, the Chairman of Max Life Insurance, said that Mr. Sud built a high-quality institution and a talented team. He added that Mr. Tripathy’s promotion was in line with the internal succession preference and in recognition of the company’s leadership team.

  04 October 2018

• Max Life Insurance improves its death payout ratio

  For the fourth year running, Max Life Insurance improved its death claims ratio and according to the Insurance Regulatory Development Authority of India, the death claim ratio of one of India’s largest life insurers was at 98.26%. According to the Life Insurer, the death claims touched Rs.353 crore for FY 2017-2018. In FY 2016-2017, the company registered a de. th claims ratio of 97.81%. According to the director of Max Life Insurance, Vishwanand, In line with Max Life Insurance’s vision, mission and values we have aimed at our claims philosophy to be the “fairest, fastest and friendliest” as an important pillar of TCF – Treat Customer Fairly. Through a dedicated claims officer, we also provide guidance to help claimants through hassle-free claims process. In a country which has low protection penetration, high claims paid ratio provides the assurance to life insurance customers that their families will be safe in case of any eventuality and thus encourages them to opt for pure protection products. The company is making use of high-tech softwares to settle death claims, while using a predictive analytic model which checks frauds as well

  20 September 2018

• Max Life introduces Savings Advantage Plan

  Max Life Insurance has launched an all-new insurance plan named Savings Advantage Plan that has a host of benefits and is flexible in terms of the options available under the policy. Policyholders can choose the policy term and premium payment mode depending on their savings philosophy. This plan helps individuals achieve their short-term, medium-term, and long-term savings goals. Also, policyholders can decide whether the death benefit or maturity benefit should be paid as a lump sum or as annual/monthly installments. Additionally, on maturity of the policy each year, 5.5% of the sum assured is provided to the person. And a step-up death benefit is provided after completion of 10 years of the policy term. A superior maturity benefit equal to 110% of the sum assured of the policy is provided on maturity of the policy. This flexible life insurance plan helps people plan and make good amounts of savings.

  23 August 2018

• Max Life Insurance boasts of having the most loyal customer base

  In an independent survey conducted by Kantar IMRB, Max Life Insurance, one of the leading insurance companies in India has been ranked first in having the most loyal customer base. According to the survey, the insurance company has more than 77% of its customers who are loyal to the insurance company and has jumped from the 6th position it held last year to become the number one ranked insurance company to have the most loyal customer base. The data for this survey was collected with more than 7,000 customers from 15 cities contributing during the first quarter of the year 2018.

  17 August 2018

• Increase in Consolidated Net Profit for Max Financial Services in 2016-17 Recorded at 57%

  Max Financial Services revealed its consolidated net profit for FY 2016-17, showing an increase of Rs.396 crore which was a 57% increase in comparison with the previous year. For FY 2016-17, the sole operating subsidiary of Max Financial Services Limited, Max Life Insurance showed a profit before tax of Rs.768 crore, which was a 50% increase in comparison with FY 2015-16. The embedded value of Max Life Insurance was recorded at Rs.6,590 crore on the 31st of March, 2017, and the operating return on EV was recorded at 20%.

  1 June 2017

• Max Life Insurance Wins ASQ Bronze, Makes India Proud

  One of the biggest and most popular life insurance companies in India, Max Life Insurance, has won the AS Bronze award for ‘Improve 7 calendar day TAT for policy servicing; at the World Conference on Quality and Improvement. The project worked around the extensive utilisation of Lean Six Sigma tools and methodology – the results of which were lower servicing turnaround time by 50% of prescribed regulatory timelines of 15 days. A certificate of recognition for persistence in project management was also awarded to the project.

  A couple of other projects revolving around ‘Reducing Crude Death Rate’ and ‘Clearance of Unclaimed Balance’ also won certificates of recognition. Each of the aforementioned projects were in keeping with the mission of Max Life Insurance Company Ltd., which is “being an honest life insurance company, committed to doing what is right for the customer”.

  Max Life has made India proud not only with its work, but by also winning an award in which more than 300 projects participated from the world over this year. The Senior Director and COO of Max Life Insurance, Mr. V. Viswanand said, “We are pleased to receive this recognition on a global platform. This award is a testament to our constant endeavour in improving and delivering outstanding service to our customers to whom we offer comprehensive life insurance solution for long-term savings and protection as well as retirement solutions. The recognition received by all three participating projects from Max Life Insurance is a big recognition. The wins make it even more significant as our projects were representing India at this global platform and we proved that India can now compete with the world in terms of quality standards.”

  17 May 2017

• Rate Cut Up To 25 Basis Points Expected In Coming 12 Months Says Max Life CIO

  In a recent discussion, Mr. Mihir Vora, Director and Chief Investment Officer of Max Life Insurance, mentioned that the MPC (monetary policy committee) is likely to slash repo rates by 25 basis points in the coming 12 months. He also mentioned that structural liquidity available in the global system and local system has been a driving force in the past few months. For the future, Mr. Vora is hopeful of consistent consumption following the upcoming Pay Commission which will impact people’s spending power and help drive about a growth in the range of 6.5 % to 7%.

  Speaking about the growth, Mr. Vora commented that even though the environment has been positive, the market growth has not yet reflected in the physical economy. He said that government spending is the cause of the economic hold-up, along with urban and rural consumption that are stopping capital expenditure from coming in.

  4 May 2017