IT PPT-Max New York Life
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Transcript of IT PPT-Max New York Life
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Agenda
Introduction- Max New York Life Insurance Vision
Core Values Financial strength
Business Operations of Max New York Life
IT implementation track record
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Max New York Life Insurance Company Ltd. is ajoint venture between Max India Limited, One ofIndia's leading multi-business corporations and
New York Life International. Specialist in the business since 1845
The international arm of New York Life, a Fortune100 company.
The company has positioned itself on the qualityplatform.
Company Introduction
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Vision
To be the most admired life insurance
company in India
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Core Values
Excellence
Honesty
Knowledge
Caring
Integrity
Teamwork
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Unmatched financial strength
10% higher solvency margins than stipulated by
IRDA, the regulatory authority
MNYL has a paid-up capital of Rs. 366 crore,
which is more than the stipulated requirement
MNYL deposits 1% of the premium income with
RBI towards a Contingency fund
MNYL meet both Indian and US reporting norms
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The company has around 72,493 agent advisors at
715 offices across 389 cities.
The company also has 36 referral tie-ups with banks.
24 partnership distribution and alliance marketing
relationships each.
Insured millions of lives globally (including 10 US
presidents).
Business Operations
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Products
MNYL provide insurance solutions tailored to meet
clients specific needs.
With 20 products and 7 Riders, a client has more than
400 options to choose from.
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Youngest age covered
Oldest age covered
Life span covered
91 days
70 years
100 years
Price range As Per the age of Insured
Wide range of insurance
cover
Regular products ranging from
Rs.100000 to Unlimited
Customized products over Rs.1 crore
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Premium payment options -
Frequency
Annual / semi annual / quarterly /
monthly
Premium payment options -Method
Cheque, cash, draft, direct debit,credit cards and debit cards
Special pricing 5% discount on female lives
Bonus payment Annual disbursement
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Bonus payment options A tool to automatically
channelise bonus payments to
your needs
Receive in cash Use to offset premiums
Accumulate and receive on
maturity
Buy fully paid up additional
whole life cover
Buy one-year term cover
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Base products
Whole Life Participating
5 year Term renewable and Convertible
20 year Endowment
Endowment to age 60
Level term policy
Children endowment products
Easy Term
Unit Linked Insurance Plans
Pension Plans
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IT Implementation Track Record
Max New York Life started operations in April 2001
Tied up with SOLCORP, a leading provider of software solutions to the life
insurance and financial industries and a subsidiary of EDS in June, 2003 in
order to implement IT
Used SOLCORP / INGENIUM software platform to provide comprehensive
business benefits including increased user productivity, modernization of
new business processes and workflow paths, an enhanced customer-
centric environment, and reduced time to market for new products.
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IT Implementation Track Record
In June 2008, Tied up with eDynamic for execution of multiple projectsincluding Web Design & Development, Interactive Marketing, Lead
Management, Agent Portal/Customer Portal development & Business
Intelligence reporting .
Main Objectives Customer Acquisition
Agent Acquisition
Employee Acquisition
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Objectives for IT implementation
Ramp up its sales process online and support its marketing effort
strongly with rapid messaging, promotions & other new
initiatives.
Transformed into a dynamic interface with cutting-edge product
information & highly interactive user experience.
Reduce the cost of support to Customers through their Contact
Center
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IT Implementation Track Record
Divided the Whole IT implementation in three parts
Corporate Website
Distribution Portal
Group Portal
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Corporate Website
Used Sitecore, a state-of-the-art content management system, to build the
site, which had an impressive look and feel and provided quick and easy
navigation. The site is now content driven and has fresh content being pushed
into it frequently.
Made the customers realize the importance of insurance policies in life,
designed various calculators such as Retirement Calculator, Financial
Calculators, Education Calculators, and Health Calculators for the website of
the client.
Provides users with online policy premium payment functionality
Technology Used .NET Framework2.0
SQL server 2005
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Corporate Website
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Distribution Portal
Provide Increased Competitive Advantage leading to Higher Retention ofAgents.
Provide Consistent messaging to the Agent Community.
Reduce loss of business due to unavailability of information and marketing
collateral e.g. Ability to pull up illustrations for customers, or provide
product brochures. Reduce the costs and time taken to communicate with the Agent Community.
Provide Quick and easy access to Tools & Calculators enabling them to win
business quicker, service customers better and increase their effectiveness.
Reduce the cost of support to Agents through their Contact Center.
Provide Agents with Increased Control & Visibility into their business.
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Distribution Portal Features
Bulletin Board
Dashboard
Status Tracking for Proposal & Policy
Promotions
Agents Alerts
Compensation for Agent Drop-down for accessing Online Forms
Tools & Planners
Illustrations
Insurance Calculator
Retirement Calculator Premium Calculator
Easy Product Finder
Products - NAV
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Distribution Portal
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Group Portal
Caters to the needs of CORPORATE CLIENTS of the Insurer. Corporate customers canaccess information on each & every product available/bought, track the records of
their respective employees insured ,etc.
Group Portal is a private, secure website which enables the Insurer to share documents
and Policy information with their Group Policy end customers.
Enhances customer relationships by providing complete 24X7 access to their
policy/premium statements along with product brochures, process documents, etc.
online.
Technology used
Java
Web Sphere
ORACLE
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Group Portal
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Thank You