Max New York to spruce up brand

An agent transformed into a chief executive officer (CEO), Gary R Bennett, the new head at Max New York Life Insurance Company, is all set to 'transform' the Indian joint venture.

"We have to lift the brand especially in a market, where brand recognition is very important," Bennett said over a luncheon meeting in Mumbai. The new chief who took over last week, outlined three critical priority areas "" push more new products into the market; improve the level of service to customers; and lift the brand.

New York Life is known to pump in money to build its brand. In Japan, the company invested $20 million to build its image. "There is need for more money to support the business and buy into some other opportunities," said Bennett.

He declined to comment what these "opportunities" could be, even as AMP Sanmar Life Insurance is up for sale.

"My direction will be to boost the product range for all distribution channels, without compromising one for another," said Bennett.

Max New York Life has a strong foot-hold in the agency business with its 7,500-strong force selling one policy a month on an average. "Some of our more active agents sell twice as much," said the new chief.

Bennett has already armored the agency force who have been inspired by his having come up the ranks from being an insurance agent to the CEO. He is no stranger to India, having made about 50 trips in the last 8 years.

However, his past visits were when he was with other global insurance companies, including Cologne (CMG) and the UK-based Prudential.

Passionate about how markets have failed when insurance companies over-sell unit-linked insurance plans (ULIPs), Bennett pointed out that Max New York Life would introduce ULIPs, but not single premium plans.

"We should allow the mutual fund industry look after single premium investments," said the new chief, commenting on how insurers tend to become unit providers instead of insurers. Max New York Life is a 26:74 joint venture between the US-based New York Life and the Max group.