KOLKATA: Max New York Life plans to move into the health space, and will introduce a string of products by April.
“We are likely to come up with four specific health insurance products, which we have filed with the insurance regulator, by the next three-four months. These will be health products which would include hospital cashless, specific illness and defined benefit products,” Gary R Bennett, managing director and chief executive, MNYL, told DNA Money.
The private insurer also plans to devise policies with low premium, targeted for towards the economy segment. It is looking to treble its business by 2011.
“We will end the year 2007 with an estimated premium collection of Rs 2,000 crore. This is likely to increase to Rs 7,000-8,000 crore over the next two to three years”, Bennett said.
With the health insurance segment promising attractive returns, life insurers, including Tata AIG Life, ICICI Prudential Life and Bajaj Allianz have entered the segment. A comprehensive health product from Life Insurance Corp is also expected.
MNYL, over the last few months, has devised innovative marketing formats for selling insurance products in the rural areas across northern and western states. “As part of project Everest, we are looking at a significant distribution reach of almost 600 branches and an agency force of 2 lakh in the next couple of years”, he said.
MNYL is also slated to get a capital boost in the coming years, with plans to infuse over Rs 2,600 crore by 2010-11. The company is likely to invest around Rs 600-700 crore to fund its expansion plans in the calendar year.
MNYL is the largest company for New York Life outside the US on almost all counts, including premium income and policy distribution.
On the biggest challenges facing MNYL, Bennet said they were talent retention and customer education. “We employ some of the best people and hence this a hunting ground for the Industry... Educating consumers is yet another challenge,” he said.
g_nandini@dnaindia.net
