Press release from Business Wire India
Source: Max New York Life Insurance
Monday, May 03, 2010 03:30 PM IST (10:00 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst
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Axis Bank & Max New York Life Insurance Sign a 10-year Strategic tie-up
Customer Centricity a Core Dimension in this GenNext Relationship
Mumbai, Maharashtra, India, Monday, May 03, 2010 -- (Business Wire India) -- Axis Bank, the third-largest Indian private bank and Max New York Life Insurance, one of India's leading life insurance companies have forged a 10 year strategic relationship, a first of its kind in bancassurance. Max New York Life Insurance has signed a corporate agency relationship with the Axis Bank and provides customized life insurance solutions to customers via the bank's vast network.
. Starts operations on May 3, 2010
. Provide life insurance solutions to bank customers in 650 cities through more than 1,000 Axis Bank branches
. To serve 20 lakh customers in 5 years
The tie up with Axis Bank will help strengthen Max New York Life Insurance's strategy of multi-channel distribution and presence across the nation. Axis Bank and Max New York Life Insurance expect to garner an additional customer base of 20 lakh customers in the next 5 years.
Announcing the strategic tie-up, Mr. Analjit Singh, Chairman, Max New York Life Insurance said,"Max India Group has a history of successful partnerships. We are confident of making this bancassurance partnership with Axis Bank a great success. Both Max New York Life Insurance and Axis Bank have a similar DNA. We are both focused on service excellence, trustworthy behavior and focus on long-term. We also believe given India's geographical diversity and low life insurance penetration level; multi-channel distribution is the most effective way to connect with new customers. Our partnership with Axis Bank, one of the most admired banks with a strong country wide distribution, is another step towards creating a top of the rung balanced multi-channel distribution."
Ms. Shikha Sharma, Managing Director & CEO, Axis Bank, speaking at the press conference to announce the tie-up said, "Axis Bank endeavors to provide the best financial solutions to all its customers. Having built a strong customer centric franchise we believe that our new Bancassurance tie up with a trusted brand like Max New York Life Insurance will enhance our product bouquet. The product suite provided by Max New York Life Insurance compliments our offerings through long term protection and value enhancing solutions''.
Speaking at the press conference, Rajesh Sud, CEO & Managing Director, Max New York Life Insurance said, "The partnership is set to revolutionize bancassurance tie-ups in India taking it to the next generation. Through our CRM capabilities we will use advanced analytics driven intelligence to provide customized products and service offerings to the bank's customers. Max New York Life Insurance and Axis Bank have planned various 'first in industry' initiatives to provide a superior customer experience to its clients."
Premium customer services to the customer would include facilities like:
. Each Axis Bank branch will have a dedicated toll-free helpline and hotline for customer service of Max New York Life Insurance
. Service call to all customers to understand and appreciate their purchase experience
. 'One view of the customer' through technology integration
The coming together of Axis Bank and Max New York Life Insurance will aim to provide superior customer experience across touch points. This alliance will set new benchmarks in customer-centricity and service excellence to build the most admired bancassurance partnership in the country.
About Axis Bank (www.axisbank.com)
Axis Bank is the third largest private sector bank in India. Axis Bank offers a vast spectrum of services encompassing Large and Mid-Corporate Banking, SME Banking, Agri-Business Banking, Retail Banking and International Banking.
Axis Bank has a network of over 1000 branches and over 4300 ATMs across the country. The branches, spread across more than 640 cities and towns, enable the Bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment.
Axis Bank has presence in Singapore, Hong Kong, Shanghai and Dubai, and seeks to expand further its international presence. Axis Bank has the second largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country. Axis Bank has a customer base of over 100 Lakhs. The market capitalisation of the Bank as on April 30, 2010 was Rs. 51,261 crores (NSE) which makes the Bank the fourth largest in terms of market capitalization amongst the Banks in India.
The Bank's centralised database enables customers to operate their accounts from anywhere in the country. The Bank's website www.axisbank.com offers comprehensive details about its various schemes.
About Max New York Life Insurance (www.maxnewyorklife.com)
Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions.
It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.
CONTACT DETAILS
Anand H. Mugad, Axis Bank, +91 (22) 67071589, anand.mugad@axisbank.com
Pradeep Ghorpade, Index PR, +91 (22) 40425543 | +91 9820267858 | +91 9967812344, pradeep@indexpr.com
Tayyab Imadi, Index PR, +91 (22) 40425552 | +91 9967212492, tayyab@indexpr.com
Arpan Basu, Max New York Life, +91 9818083556, arpan. basu@maxnewyorklife.com
Deepa Jayaraman, IPAN Hill & Knowlton, +91 9819808681, djayaraman@ipanhillandknowlton.com
KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst
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