Gross written premium crosses Rs. 24,000 crore mark securing 15 Lakh Indian families
Both partners recommit to create new benchmarks in business excellence
Max Life Insurance has achieved a new milestone in building one of the most admired bancassurance partnerships in India with Axis Bank by crossing Rs. 10,000 crore in new premium (individual and group) since the inception of this partnership in 2010. The partnership has now provided financial security to over 15 lakh customers by providing a total individual sum assured of over Rs. 88,960 crore. This Max Life – Axis Bank relationship has collected a total premium of over Rs. 24,000 crore since inception.
Max Life – Axis Bank relationship is one of the leading bancassurance partnerships in the country. This bancassurance relationship also has the distinction of maintaining on the highest 13th month persistency.
Rajesh Sud, Executive Vice Chairman & Managing Director, Max Life Insurance said, “Every milestone we achieve in our partnership with Axis Bank reflects the commitment of both partners towards their customers. These achievements reflect that this partnership is built on shared values and has stood the test of time. Together, we are constantly focused on providing superior products, world class services and delivering value to our customers.”
Speaking on achievement of this milestone, Rajiv Anand, Executive Director (Retail Banking), Axis Bank said, “Axis Bank and Max Life Insurance have built a strong bancassurance partnership to provide best in class life insurance solutions to our customers. While Max Life Insurance brings to the table its expertise to develop innovative product solutions, quality customer service and training expertise, Axis Bank has solid customer connect and good understanding of their financial planning needs. Together, we have developed common digital solutions for need based sales and efficient customer on-boarding processes, thereby enriching the value proposition for our customers.”
New Business Premium
The partnership achieved cumulative new business premium of Rs. 5,000 crore in 2015 and in just 3 years doubled that to Rs. 10,000 crore in 2018. Max Life – Axis Bank partnership has provided life insurance solutions to over 15 lakh customers till date. In new business premium, the partnership has achieved compound annual growth rate (CAGR) of 26% since inception.
Since inception, Max Life – Axis Bank partnership has collected renewal premium over Rs. 14,000 crore. This reflects strong trust customers have in this relationship and the solutions recommended by Axis Bank sellers. This partnership has one of the best customer retention.
Regular training on products and selling techniquesis provided to around 29,000 specified persons in Axis Bank. This training and the high quality of talent at Axis Bank has resulted in constant increase in productivity.
Payment of death claim is the most critical moment of truth. During almost a decade long relationship, Max Life has paid more than Rs. 420 crore in death claim to families of more than 8,300 customers. As per public disclosures, Max Life has reported a death claims paid ratio of 98.26% for FY 2017-18.
Customer Service and Loyalty
The quality of sales and service offered by both Max Life and Axis Bank has resulted in high customer satisfaction and low customer complaint incidence. Kantar IMRB has also recently ranked Max Life amongst the leaders in terms of customer loyalty for 2018 in their annual industry wide survey of over 7,000 policyholders across 13 public and private sector insurers.
About Max Life Insurance Co. Ltd. (www.maxlifeinsurance.com)
Max Life Insurance, one of the leading life insurers in India, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers. Max Life Insurance offers comprehensive long term savings, protection and retirement solutions through its high quality agency distribution and multi-channel distribution partners. A financially stable company with a strong track record over the last 18 years, Max Life Insurance offers superior investment expertise. The company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2017-18, Max Life Insurance achieved gross written premium of Rs. 12,501 crore and had sum assured in force of Rs. 5,11,541 Crore. As on 31st March 2018, the Company had Rs. 52,237 crore of assets under management (AUM) and a share capital including reserves and surplus of Rs. 2,689 crore. The Company has more than 32 lakh customers serviced by its 10,226 employees and 54,791 agent advisors through 210 offices across the country.