Shimla: Having consolidated its presence in rural Punjab, Max New York Life Insurance intends to expand it operations in North India.
Kenneth Sannoo, vice-president Max New Life Insurance said that the company was going to expand operations in Himachal, Haryana and Jammu & Kashmir. â€œWe will soon be moving into two other locations in Himachal,â€ said Sannoo.
Products for underserved markets were being developed and they were being made more flexible, he said.
RP Singh, senior vice-president Max New Life Insurance who looks after rural business told My Himachal News, â€œthe same hub and spoke model that has proved a success in Punjab would be extended to Haryana.â€
We are to open 7 hubs in Haryana soon and are targeting to achieve 25 percent of first year premiumâ€™s (FYP) of our total new business volume from rural areas within a 3 year time frame, said Singh.
We are not focusing on the rural market for mandatory regulatory compliance purposes but see tremendous opportunity in this sector, said Singh. Of the 229 offices opened up around the country, 39 are in rural areas, he added. From last financial years 18 percent of FYP from rural areas, this year the insurance company intends to secure 19 percent share from the rural India.
In eight years of its operations in India, Max New Life Insurance clocked a first year premium of Rs 1490 crore in the last financial year.