Max New York Life - The 3P Strategy

            


Details


Case Code : CLSM034
Publication date : 2005
Subject : Services Marketing
Industry : Insurance
Length : 04 Pages
Price : Rs. 100

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Key words:

Max New York, LIC, Insurance, Training, Agents, Franchisee, Bancassurance, Policy, Rider, Distribution

Note

1: This caselet is intended for use only in class discussions.
2: More comprehensive case studies are priced at Rs.200 to Rs.700 (US $5 to US $16) per copy.


 


Abstract:
ICMR India ICMR India ICMR India ICMR India RSS Feed

This caselet discusses the approach of Max New York Life (MNYL) to become a leading player in the life insurance segment of India. It talks about the training methodologies and process improvements undertaken by the company. The distribution system developed by MNYL has been discussed both in rural and urban markets. The product differentiation strategies followed by MNYL also form a part of this caselet.

Issues:

   Need for SWOT analysis before planning competitive strategies.
   Importance of training in Life Insurance Industry.
   Impact of a wide distribution network.
   Product differentiation in Life Insurance

Introduction

In 1999, when the insurance sector was opened to private players in India, Max India Limited tied up with New York Life to form Max New York Life (MNYL) to provide individual and group life insurance solutions.

In a short span of around 5 years, it established a wide distribution network with 28 offices and representatives across 21 cities in India.

MNYL offered 13 products and 9 riders customized to over 400 combinations that provided a number of options to the customer. MNYL mission, vision and values were all directed towards becoming the most admired and preferred Life insurance Company in India...

Questions for Discussion:

1. With the advent of private insurance players in India, how did Max New York Life decide upon its plan to gain market share in the country?

2. What was the marketing plan and strategy used by MNYL to increase its business in Life Insurance. Discuss with reference to product differentiation and process improvements made by MNYL.


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