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Max Life Appointed as Lead Insurer for Uttar Pradesh Under IRDAI's State Insurance Plan | ||
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Jul 28, 2023 12:43 IST
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New Delhi, Delhi, India
Max Life Insurance Company Ltd. (“Max Life” / “Company”) has been appointed as the “Lead Insurer” for the State of Uttar Pradesh by the Insurance Regulatory and Development Authority of India (IRDAI). Under the State Insurance Plan, IRDAI has initiated a collaborative platform with insurers by assigning two states to each insurer to enhance financial awareness and drive insurance inclusion.
Supporting this vision, Max Life aims to create awareness, enhance accessibility and drive affordable insurance coverage across Uttar Pradesh in a phased manner. The Company has initiated digital insurance awareness activities in Chandauli and Varanasi in the first phase, reaching more than 1,45,000 individuals. The Company plans to roll out similar initiatives panning other districts of Balrampur, Bahraich, Chitrakoot, Fatehpur, Kaushambi, Siddharthnagar, and Shravasti, in the next six months. These districts are also a part of the Government of India’s ‘Aspirational Districts Programme’ that aims to increase financial inclusion and skill development.
Echoing the need to drive awareness and adoption of life insurance in rural India, Max Life also conducted a survey recently, India Protection Quotient (IPQ)* Rural edition, conducted in association with KANTAR, in 113 villages that shed light on the urban-rural financial protection divide in the country. The findings reveal that rural India has a significantly lower score of 12 points on the protection quotient scale, as compared to urban India's score of 43, indicating the opportunity and need of driving awareness around financial protection in rural areas.
V. Viswanand, Deputy Managing Director, Max Life said, “A financially protected Bharat is India’s next big milestone. Max Life is committed to empowering our heartlands by partnering with the State Government and local bodies to offer protection solutions to the rural populace. Keeping the philosophy of ‘for rural-with rural’ at the base, we aim to bridge the insurance gap between rural and urban India and create a financially secure future for all citizens.”
Max Life also plans to strengthen its presence in state. Currently, Max Life has 25 offices in 18 districts and more than 11,000 insurance agents in Uttar Pradesh, where it aims to enhance its presence by onboarding more than 1000 Point of Sales Persons (POSPs). The Company is committed to building a digitally managed distribution ecosystem and has initiated online onboarding of POSPs through video-based training and virtual call support. Not only does it support the objective of raising financial awareness but also backs micro-entrepreneurship and employment capabilities especially amongst women, by adopting the IRDAI’s Bima Vahak model in near term. Max Life will open eight new agency offices this year in the State alongside its existing strong banca presence across 438 branches. The Company has also launched a comprehensive market research program to understand the local challenges and design customized products addressing the evolving needs.
Max Life has also been appointed as the lead insurer for Arunachal Pradesh and aims to expand its presence within the state in a phased manner.
* About India Protection Quotient
Instituted in 2019, India Protection Quotient is an annual survey by Max Life in association with Kantar aimed to understand the pulse of the Indian consumers in the financial protection space. Launched with the sub-objective to increase uptake of term insurance, as the most fundamental and economical form of life insurance, the survey aims to reveal the state of urban Indians with regards to current financial security levels, changing savings & investment patterns, key anxieties & triggers of financial protection in a contemporary world. India Protection Quotient the degree to which Indians feel protected from future uncertainties, on a scale of 0 to 100, is a proprietary tool developed in partnership with Kantar. It is based on the attitudes, mental preparedness around future uncertainties, awareness, and ownership of life insurance product categories (term, endowment and Unit Linked plans). Disclaimer The study is conducted in top 25 Urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of Urban India only.
* Wherever 5th anniversary is mentioned, means 5th anniversary edition of India Protection Quotient.
About Kantar
Kantar is the world’s leading marketing data and analytics company. We have a complete, unique and rounded understanding of how people think, feel and act; globally and locally in over 90 markets. By combining the deep expertise of our people, our data resources and benchmarks and our innovative analytics and technology, we help our clients understand people and inspire growth.
About Max Life Insurance Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY 2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company’s website at www.maxlifeinsurance.com.
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