Private life insurance company Max New York Life Insurance is of the opinion that there is a price to pay to become the No. 1 players in the country. However, it is not willing to pay it and would rather be content with the fifth or sixth slot.
“I think there is a price you have to pay to just get to the scale and we are just not willing to pay it,” Max New York Life Managing Director Rajesh Sud said, when asked why the company, whose parent includes the US insurance giant New York Life, was not aiming for the top slot.
Asked what the price was, he said, “If the price is (compromising on) quality of representation, if the price is to get your licence exam (for agents) passed through means that we don’t necessarily approve of or appreciate, if the price is for retaining clients because you are acquiring clients that you are not able to service them properly...
“If there is a price for financial discipline that you must follow in an organisation of our size and scale, these are things we would not like to do.” When asked if the price he was referring to means corruption in the system, including regulatory authorities, Sud said, “I am not saying who is doing what... It has nothing to do with rampant corruption, it has to do with risk return as I said.
