Max New York Life Insurance to hire 3000 people

Jaipur Private Insurer Max New York Life Insurance (MNYL) is planning to roll out three new insurance products this fiscal to fuel its growth. The company has already launched four products this year to take the total tally to 22.

MNYL managing director and CEO Rajesh Sud told ET that the company is studying the needs of customers before launching new products. "Customers basically need insurance for retirement, child education and monthly income. We are designing our products to suit their requirements," he said.

The company will also hire more than 3000 on roll insurance professionals and 20,000 agents this year to increase its penetration. At present the company has 7700 on roll employees and 37000 agents in its fold.

"We will strengthen our agency channel to increase our reach and business. Rather than opening new branches, we are concentrating on hiring trained agents who can understand the needs of customers and service them accordingly," he said.

MNYL has 468 branches across the country with 50 per cent business coming from agency, 27 per cent from bancassuance channel and the rest from other channels like corporate agencies. This year has been good so far for the company. With near 8% market share among private insurance companies, MNYL aims to corner double digit share.

It has clocked a profit of Rs 173 crore in the first quarter - 9 times higher than the last year's profit in the corresponding period. "Even in last fiscal, we achieved 20% growth in revenue earning Rs 5,812 crore and 11% growth in first year premium garnering Rs 2,061 crore. We expect this year to fare better than the previous fiscal," he said.