Max New York Life (MNYL) announced a strategic referral tie-up with District Cooperative Central Bank Ltd, Mahabubnagar in Andhra Pradesh on September 28, 2007. Max New York Life will utilize the branch network of the bank to sell its life insurance products. The tie up with District Cooperative Central Bank Ltd., Mahabubnagar will further strengthen Max New York Life’s rural presence in Andhra Pradesh.
Max New York Life’s insurance products will be sold through a network of 120 branches of The District Cooperative Central Bank Ltd., Mahabubnagar.
This alliance enables Max New York Life to reach its customized life insurance solutions to more than 2.5 lakh customers of District Cooperative Central Bank Ltd, Mahabubnagar With deposit base of Rs. 71 crore and loans to the tune of Rs 356crores the bank has a paid up capital of Rs 33.5 crores (The key objective of the bank has been to serve the rural people by providing financial assistance and guidance for various developmental and productive activities in the district of Mahabubnagar.
Max New York Life has pioneered a unique hub and spoke model of distribution that has helped deepen its rural penetration. A first of its kind model for rural marketing of insurance products, Max New York Life has already opened 31 offices including 8 Hub (Area Offices--in Patiala, Bhatinda, Sangrur, Phagwara, Hoshiarpur, Gurdaspur, Nawashahar, and Moga) and 23 Spoke offices at the Tehsil level. The rural business has a strong team of over 385 employees and 2500 agents. This is the tenth rural bancassurance tie up in India apart from one rural corporate agency tie up.
Max New York Life’s insurance products will be sold through a network of 120 branches of The District Cooperative Central Bank Ltd., Mahabubnagar.
This alliance enables Max New York Life to reach its customized life insurance solutions to more than 2.5 lakh customers of District Cooperative Central Bank Ltd, Mahabubnagar With deposit base of Rs. 71 crore and loans to the tune of Rs 356crores the bank has a paid up capital of Rs 33.5 crores (The key objective of the bank has been to serve the rural people by providing financial assistance and guidance for various developmental and productive activities in the district of Mahabubnagar.Max New York Life has pioneered a unique hub and spoke model of distribution that has helped deepen its rural penetration. A first of its kind model for rural marketing of insurance products, Max New York Life has already opened 31 offices including 8 Hub (Area Offices--in Patiala, Bhatinda, Sangrur, Phagwara, Hoshiarpur, Gurdaspur, Nawashahar, and Moga) and 23 Spoke offices at the Tehsil level. The rural business has a strong team of over 385 employees and 2500 agents. This is the tenth rural bancassurance tie up in India apart from one rural corporate agency tie up.
No comments:
Post a Comment