Max Life appointed as Lead Insurer for Uttar Pradesh under IRDAI’s State Insurance Plan

max-life_logo

 

Max Life Insurance has been appointed as the “Lead Insurer” for Uttar Pradesh by IRDAI. The company aims to enhance accessibility and drive affordable insurance coverage in the state.

 

Our Analysis and Commentary

Max Life’s Appointment as Lead Insurer in Uttar Pradesh Marks a Positive Step towards Financial Inclusion

The appointment of Max Life Insurance Company Ltd. as the “Lead Insurer” for the State of Uttar Pradesh by the Insurance Regulatory and Development Authority of India (IRDAI) is an encouraging move towards enhancing financial awareness and driving insurance inclusion in the region. This collaborative platform between IRDAI and insurers aims to bridge the gap in financial protection between rural and urban India and create a financially secure future for all citizens.

Max Life’s commitment to creating awareness, enhancing accessibility, and driving affordable insurance coverage in Uttar Pradesh is commendable. The initiation of digital insurance awareness activities in Chandauli and Varanasi, reaching over 1,45,000 individuals in the first phase, showcases their dedication to reaching out to underserved populations. The planned expansion of these initiatives to other districts, including Balrampur, Bahraich, Chitrakoot, Fatehpur, Kaushambi, Siddharthnagar, and Shravasti, aligns with the Government of India’s ‘Aspirational Districts Programme’ and its focus on increasing financial inclusion and skill development.

Max Life’s recent survey, the India Protection Quotient (IPQ) Rural edition, conducted in association with KANTAR, sheds light on the urban-rural financial protection divide in the country. The findings highlight the opportunity and urgent need for driving awareness around financial protection in rural areas, as rural India scored significantly lower (12 points) on the protection quotient scale compared to urban India’s score of 43. This emphasizes the importance of Max Life’s efforts in creating awareness and bridging this gap to ensure equal access to financial protection for all.

The Deputy Managing Director of Max Life, V. Viswanand, rightly emphasizes the significance of a financially protected Bharat as India’s next big milestone. It is heartening to see Max Life’s commitment to empowering rural India through partnerships with the State Government and local bodies to offer protection solutions to the rural populace. Their focus on building a digitally managed distribution ecosystem, onboarding more Point of Sales Persons (POSPs), and opening new agency offices demonstrates their commitment to expanding their presence and improving accessibility in the state.

Max Life’s adoption of the IRDAI’s Bima Vahak model in the near term, which supports micro-entrepreneurship and employment capabilities, especially among women, further highlights their efforts to drive social and economic empowerment. By addressing local challenges and designing customized products, Max Life shows its dedication to understanding the evolving needs of the communities it serves.

Furthermore, Max Life’s appointment as the lead insurer for Arunachal Pradesh showcases their potential to expand their positive impact beyond Uttar Pradesh and reach underserved regions in a phased manner.

Overall, Max Life’s appointment as the lead insurer in Uttar Pradesh and their comprehensive initiatives to create financial awareness and inclusion reflect a commendable effort towards building a financially secure future for all citizens. Their commitment to bridging the urban-rural financial protection divide and their focus on empowerment through partnerships, digital distribution, and customized products make them a key player in driving positive change in the insurance industry.

 

You may also like

Crosshairs Communication appointed as PR agency for Raffles Udaipur
Lintas Live appointed lead agency for Global Integrated Communications mandate for Lagos Free Zone
VVS Laxman appointed as the brand ambassador for My11Circle
Ranjita Sehgal appointed as the Revenue Head for moneycontrol
Motivator appointed as the Media AOR for Bajaj Corp

Read the news here

 

Max Life appointed as Lead Insurer for Uttar Pradesh under IRDAI’s State Insurance Plan

Max Life Insurance Company Ltd. (“Max Life” / “Company”) has been appointed as the “Lead Insurer” for the State of Uttar Pradesh by the Insurance Regulatory and Development Authority of India (IRDAI). Under the State Insurance Plan, IRDAI has initiated a collaborative platform with insurers by assigning two states to each insurer to enhance financial awareness and drive insurance inclusion.

Supporting this vision, Max Life aims to create awareness, enhance accessibility and drive affordable insurance coverage across Uttar Pradesh in a phased manner. The Company has initiated digital insurance awareness activities in Chandauli and Varanasi in the first phase, reaching more than 1,45,000 individuals. The Company plans to roll out similar initiatives panning other districts of Balrampur, Bahraich, Chitrakoot, Fatehpur, Kaushambi, Siddharthnagar, and Shravasti, in the next six months. These districts are also a part of the Government of India’s ‘Aspirational Districts Programme’ that aims to increase financial inclusion and skill development.

Echoing the need to drive awareness and adoption of life insurance in rural India, Max Life also conducted a survey recently, India Protection Quotient (IPQ) Rural edition, conducted in association with KANTAR, in 113 villages that shed light on the urban-rural financial protection divide in the country. The findings reveal that rural India has a significantly lower score of 12 points on the protection quotient scale, as compared to urban India’s score of 43, indicating the opportunity and need of driving awareness around financial protection in rural areas.

V. Viswanand, Deputy Managing Director, Max Life said, “A financially protected Bharat is India’s next big milestone. Max Life is committed to empowering our heartlands by partnering with the State Government and local bodies to offer protection solutions to the rural populace. Keeping the philosophy of ‘for rural-with rural’ at the base, we aim to bridge the insurance gap between rural and urban India and create a financially secure future for all citizens.”

Max Life also plans to strengthen its presence in the state. Currently, Max Life has 25 offices in 18 districts and more than 11,000 insurance agents in Uttar Pradesh, where it aims to enhance its presence by onboarding more than 1000 Point of Sales Persons (POSPs). The Company is committed to building a digitally managed distribution ecosystem and has initiated online onboarding of POSPs through video-based training and virtual call support. Not only does it support the objective of raising financial awareness but also backs micro-entrepreneurship and employment capabilities especially amongst women, by adopting the IRDAI’s Bima Vahak model in the near term. Max Life will open eight new agency offices this year in the State alongside its existing strong banca presence across 438 branches. The Company has also launched a comprehensive market research program to understand the local challenges and design customized products addressing the evolving needs.

Max Life has also been appointed as the lead insurer for Arunachal Pradesh and aims to expand its presence within the state in a phased manner.




Leave a Reply

Your email address will not be published. Required fields are marked *

16 + two =