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Thursday July 10, 06:20 PM
Max New York Life Insurance Enters into a Tie-up with IndianOil Corporation |
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New Delhi, Delhi, India, Thursday, July 10, 2008 -- (Business Wire India) -- Max New York Life Insurance Co Ltd, one of India’s foremost private life insurance companies, today announced a tie-up with IndianOil Corporation. With this, IndianOil will make available its around 2,000 Kisan Seva Kendras across the country for the sale of Max New York Life insurance products. This will allow a significantly larger number of people in rural markets to have access to Max New York Life Insurance products.
Announcing the tie-up, Max New York Life Insurance Deputy Managing Director Mr. Rajesh Sud commented: “The tie-up will bring insurance to the masses and help boost financial security.” He further added: “Emerging markets have immense need for financial protection and long-term saving instruments but are currently underserved. To reach such diverse and widely spread population Max New York Life Insurance has adopted a multi-channel strategy and utilizing existing Distribution Networks. This tie up is a step towards furthering our reach in Emerging Markets and serve these markets more efficiently.”
“In line with our commitment of taking the benefit of Life insurance to the last mile, we have put in place a comprehensive strategy for Emerging Markets. We pioneered a unique Hub & Spoke distribution model, which is supported by corporate agency relationships, referral tie-ups with State and District Cooperative Banks and Regional Rural Banks to deepen our penetration in rural and semi urban markets. We offer need and aspiration based products and localized communication for these markets,” said Mr. RP Singh, Executive Vice President & Head – Emerging Markets.
Speaking on the occasion, Indian Oil Corporation’s General Manager, Retail Sales, Mr. K.R. Suresh Kumar said: “Through our Kisan Seva Kendras we have been successfully reaching vital products including petroleum products to rural India. From fuel to lubricants besides insecticides, fertilizers, financial services and FMCG products, our Kisan Seva Kendras have proved to be a lifeline for the millions of rural consumers they serve. In this context, IOCL has entered into various tie ups with leading companies like National Seeds Corporation, Indo Gulf (IGLF.BO, news) Fertilizer, Bank of Baroda, Oriental Bank (ORBC.BO, news) , Dena Bank (DENA.BO, news) , Dabur etc. to make available their products and services to rural population.”
“Given the reach of IndianOil’s Kisan Seva Kendras into India’s hinterland, Max New York Life will have complete access to the rural markets, for reaching insurance products to them. This tie-up would also enable Kisan Sewa Kendras to move up the value chain by making life insurance available to the rural consumers.”
Max New York Life will start by setting up offices at 100 such IndianOil’s Kisan Seva Kendras across Punjab, Haryana, Gujarat and Western Uttar Pradesh. Eventually, this model will be extended to other Kisan Sewa Kandras also across the country.
About Max New York Life Insurance Co Ltd. (www.maxnewyorklife.com)
Max New York Life is a joint venture between Max India Ltd., one of India’s leading multi-business corporate and New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India’s leading and most admired 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.
About Indian Oil (www.iocl.com)
IndianOil Corporation is a Global Fortune 500 Company. It is engaged in the business of Refining, Transportation and Marketing of Petroleum Products. As on 1.4.2008, IndianOil’s network in India comprised 10 Refineries, 11,300 Km of pipeline, around 18000 Petrol Pumps, 4996 LPG Distributorship, 101 Aviation Fuel Stations, 166 storage Depots / Terminals and 89 LPG Bottling Plants, spread in all corners of the country. The range of product include Petrol, Diesel, Kerosene, Automotive and Industrial Lubricants, Liquefied Petroleum Gas, Auto LPG, Light Diesel Oil, Aviation Turbine Fuel, Petrochemicals, Special Products, Industrial Fuels, Bitumen, Greases etc. IndianOil is number one oil marketing company of India with a market share of around 53%. It has currently offices in Sri Lanka, Mauritius and UAE.
Media contact details
Taruna Singh,
Max New York Life Insurance Company Ltd,
+91 9810631345,
taruna.singh@maxnewyorklife.com
Priya Badshah,
Max New York Life Insurance Company Ltd,
+91 9820248172,
priya.badshah@maxyorklife.com
Sandeep Makker,
IndianOil,
+91 9819222033
James Jose,
IPAN,
+91 9819222033,
james.jose@ipan.com
Romita Kumar,
IPAN,
+91 9871179935,
romita.kumar@ipan.com
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