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| MNYL officials said the concept of appointing a corporate agent or a franchisee in Vadodara has been tremendously successful and attempts are on to replicate the concept in other centres as well.
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| MNYL at present has just three corporate agents in the country with one at Vadodara in Gujarat and the other two at Kochi and Coimbatore.
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| "The corporate agent functions like a franchisee, but is more valuable as the company has a presence in the area without opening an office. We are looking to extend this concept to other centres as well," said Rajender Sud, zonal vice-president, MNYL.
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| Sud added that the concept of corporate agents is one of an expanded agent, as the corporate agent or franchisee already has an infrastructure in place along with personnel.
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| "The franchisee gets the regular commission and a special status too. He becomes our representative in the city where we do not have a direct presence," the official said.
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| Jaydev Patel, a corporate agent of the company, was voted as one of the top 50 New York Life (NYL) agents in the US and has a 30-year experience in the life insurance business.
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| "With this background and excellent Indian connections, Patel was the right choice for being a corporate agent or a franchisee," Sud said.
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| "We are exploring possibilities of having a similar structure in place for other cities in Gujarat where we do not have an office. It would be ideal if the corporate agent is from the insurance business, but even related fields like those from the financial services industry and the like are welcome," Sud said.
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| MNYL chief executive officer Anuroop `Tony' Singh said that while it is difficult to get corporate agents, who can actually serve as a representative of the company in a city or town, attempts are on to look for agents like Patel.
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| "In the meantime, we have recently promoted five agents to the posts of sales managers, who now undertake greater responsibilities," Singh added. |
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