it ppt-max new york life

8/3/2019 IT PPT-Max New York Life

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Agenda

Introduction- Max New York Life Insurance Vision

Core Values Financial strength

Business Operations of Max New York Life

IT implementation track record


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Max New York Life Insurance Company Ltd. is ajoint venture between Max India Limited, One ofIndia's leading multi-business corporations and

New York Life International. Specialist in the business since 1845

The international arm of New York Life, a Fortune100 company.

The company has positioned itself on the qualityplatform.

Company Introduction


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Vision

To be the most admired life insurance

company in India


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Core Values

Excellence

Honesty

Knowledge

Caring

Integrity

Teamwork


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Unmatched financial strength

10% higher solvency margins than stipulated by

IRDA, the regulatory authority

MNYL has a paid-up capital of Rs. 366 crore,

which is more than the stipulated requirement

MNYL deposits 1% of the premium income with

RBI towards a Contingency fund

MNYL meet both Indian and US reporting norms


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The company has around 72,493 agent advisors at

715 offices across 389 cities.

The company also has 36 referral tie-ups with banks.

24 partnership distribution and alliance marketing

relationships each.

Insured millions of lives globally (including 10 US

presidents).

Business Operations


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Products

MNYL provide insurance solutions tailored to meet

clients specific needs.

With 20 products and 7 Riders, a client has more than

400 options to choose from.


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Youngest age covered

Oldest age covered

Life span covered

91 days

70 years

100 years

Price range As Per the age of Insured

Wide range of insurance

cover

Regular products ranging from

Rs.100000 to Unlimited

Customized products over Rs.1 crore


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Premium payment options -

Frequency

Annual / semi annual / quarterly /

monthly

Premium payment options -Method

Cheque, cash, draft, direct debit,credit cards and debit cards

Special pricing 5% discount on female lives

Bonus payment Annual disbursement


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Bonus payment options A tool to automatically

channelise bonus payments to

your needs

Receive in cash Use to offset premiums

Accumulate and receive on

maturity

Buy fully paid up additional

whole life cover

Buy one-year term cover


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Base products

Whole Life Participating

5 year Term renewable and Convertible

20 year Endowment

Endowment to age 60

Level term policy

Children endowment products

Easy Term

Unit Linked Insurance Plans

Pension Plans


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IT Implementation Track Record

Max New York Life started operations in April 2001

Tied up with SOLCORP, a leading provider of software solutions to the life

insurance and financial industries and a subsidiary of EDS in June, 2003 in

order to implement IT

Used SOLCORP / INGENIUM software platform to provide comprehensive

business benefits including increased user productivity, modernization of

new business processes and workflow paths, an enhanced customer-

centric environment, and reduced time to market for new products.


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In June 2008, Tied up with eDynamic for execution of multiple projectsincluding Web Design & Development, Interactive Marketing, Lead

Management, Agent Portal/Customer Portal development & Business

Intelligence reporting .

Main Objectives Customer Acquisition

Agent Acquisition

Employee Acquisition


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Objectives for IT implementation

Ramp up its sales process online and support its marketing effort

strongly with rapid messaging, promotions & other new

initiatives.

Transformed into a dynamic interface with cutting-edge product

information & highly interactive user experience.

Reduce the cost of support to Customers through their Contact

Center


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Divided the Whole IT implementation in three parts

Corporate Website

Distribution Portal

Group Portal


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Corporate Website

Used Sitecore, a state-of-the-art content management system, to build the

site, which had an impressive look and feel and provided quick and easy

navigation. The site is now content driven and has fresh content being pushed

into it frequently.

Made the customers realize the importance of insurance policies in life,

designed various calculators such as Retirement Calculator, Financial

Calculators, Education Calculators, and Health Calculators for the website of

the client.

Provides users with online policy premium payment functionality

Technology Used .NET Framework2.0

SQL server 2005


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Corporate Website


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Distribution Portal

Provide Increased Competitive Advantage leading to Higher Retention ofAgents.

Provide Consistent messaging to the Agent Community.

Reduce loss of business due to unavailability of information and marketing

collateral e.g. Ability to pull up illustrations for customers, or provide

product brochures. Reduce the costs and time taken to communicate with the Agent Community.

Provide Quick and easy access to Tools & Calculators enabling them to win

business quicker, service customers better and increase their effectiveness.

Reduce the cost of support to Agents through their Contact Center.

Provide Agents with Increased Control & Visibility into their business.


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Distribution Portal Features

Bulletin Board

Dashboard

Status Tracking for Proposal & Policy

Promotions

Agents Alerts

Compensation for Agent Drop-down for accessing Online Forms

Tools & Planners

Illustrations

Insurance Calculator

Retirement Calculator Premium Calculator

Easy Product Finder

Products - NAV


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Distribution Portal


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Group Portal

Caters to the needs of CORPORATE CLIENTS of the Insurer. Corporate customers canaccess information on each & every product available/bought, track the records of

their respective employees insured ,etc.

Group Portal is a private, secure website which enables the Insurer to share documents

and Policy information with their Group Policy end customers.

Enhances customer relationships by providing complete 24X7 access to their

policy/premium statements along with product brochures, process documents, etc.

online.

Technology used

Java

Web Sphere

ORACLE


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Group Portal


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Thank You

it ppt-max new york life

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