NEW DELHI: Max Life Insurance has achieved a new milestone in building one of the most admired bancassurance partnerships in India with Axis Bank by crossing Rs. 10,000 crore in new premium (individual and group) since the inception of this partnership in 2010.
The partnership has now provided financial security to over 15 lakh customers by providing a total individual sum assured of over Rs. 88,960 crore. This Max Life - Axis Bank relationship has collected a total premium of over Rs. 24,000 crore since its inception.
Max Life - Axis Bank relationship is one of the leading bancassurance partnerships in the country. This bancassurance relationship also has the distinction of maintaining the highest 13th-month persistency.
Rajesh Sud, Executive Vice Chairman and Managing Director, Max Life Insurance said, "Every milestone we achieve in our partnership with Axis Bank reflects the commitment of both partners towards their customers. These achievements reflect that this partnership is built on shared values and has stood the test of time. Together, we are constantly focused on providing superior products, world-class services and delivering value to our customers."
"Axis Bank and Max Life Insurance have built a strong bancassurance partnership to provide best in class life insurance solutions to our customers. While Max Life Insurance brings to the table its expertise to develop innovative product solutions, quality customer service and training expertise, Axis Bank has solid customer connect and good understanding of their financial planning needs. Together, we have developed common digital solutions for need-based sales and efficient customer on-boarding processes, thereby enriching the value proposition for our customers," said Rajiv Anand, Executive Director (Retail Banking), Axis Bank.
The partnership achieved cumulative new business premium of Rs. 5,000 crore in 2015 and in just 3 years doubled that to Rs. 10,000 crore in 2018. Max Life - Axis Bank partnership has provided life insurance solutions to over 15 lakh customers to date. In new business premium, the partnership has achieved a compound annual growth rate (CAGR) of 26 per cent since inception.
The partnership has collected renewal premium of over Rs. 14,000 crores till date. This reflects strong trust customers have in this relationship and the solutions recommended by Axis Bank sellers. This partnership has had one of the best customer retentions.
Regular training on products and selling techniques is provided to around 29,000 specified persons in Axis Bank. This training and the high quality of talent at Axis Bank has resulted in a constant increase in productivity.
During the almost decade-long relationship, Max Life has paid more than Rs. 420 crore in death claim to families of more than 8,300 customers. As per public disclosures, Max Life has reported a death claims paid ratio of 98.26 per cent for FY 2017-18.
The sales and service offered by both Max Life and Axis Bank has resulted in high customer satisfaction and low customer complaint incidence. Kantar IMRB has also recently ranked Max Life amongst the leaders in terms of customer loyalty for 2018 in their annual industry-wide survey of over 7,000 policyholders across 13 public and private sector insurers.