For its radical new initiative 'Max Vijay,' Max New York Life Insurance has announced a referral tie-up with Confederation of NGOs of Rural India (CNRI), engaging around 6,000 NGOs working in rural India, as the company's corporate agents.
In the first phase of this initiative, the company targets to sell more than 1.5 lakh Max Vijay policies through the reach provided by 150 NGOs, which will gradually increase to all 6,000 NGOs.
Addressing mediapersons Analjit Singh, Chairnman, Max New York Life Insurance Company Limited said that it also tie up its first corporate agency relationship with Mass Insitute of Rural Development (MIRD), an NGO with rural focus operating across 23 districts of Andhra Pradesh, having around 300 member NGOs.
Singh said, "through this association with CNRI, we hope to achieve the true potential of 'Max Vijay' and thus be the pioneers in reaching out to the underserved segment of the society."
As an industry first it also gives us an opportunity to add a new dimension to IRDA's agenda of provding financial solutions to underseved consumers."
"CNRI has shown immense interest in playing an equal and active role in supporting us to take 'Max Vijay' to the remotest of locations and provide protection and saving accummulation opportunities, " Singh said.
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J Harinarayan, Chairman Insurance Regulatory and Development Authority, said that there was more scope for Micro Insurance to grow.
In reply to a question Harinarayan said that it was "satisfactory" but there was much scope to grow.
L V Saptharishi, Co-Chairman, CNRI said, "This referral tie-up with Max New York Life Insurance gives us an opportunity to promote 'Max Vijay'". We find it a unique concept, designed to provide better service to our customers. I am confident that this relationship will help the underserved masses and meet their aspiration from life."