New Delhi: Max Life Insurance, one of India’s leading non-bank promoted private life insurers, a joint venture between Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd, has been conferred with three prestigious awards- e-Business Leader, Agency Efficiency and Claims Service Leader -at 6thFintelekt India Insurance Awards ceremony held in Mumbai.
The e-business Channel award is for the companies who have recognized the importance of emerging distribution channel and adopted best practices for customers. Max Life Insurance was adjudged the winner in the large category on the basis of its demonstration of strong growth in the e-Business channel for sales of new policies online and adoption of the channel by customers for renewals.
Max Life also exhibited highest efficiency in business procured through its insurance agents and was felicitated with the Agent Efficiency award which has been instituted by Fintelekt in association with LIMRA.
Max Life Insurance was also recognized for its effort in claims settlement and the company was awarded the Claims Service Leader award in private sector. Max Life has proven itself to be the Claims Service Leader for the financial year 2015-16 with a low repudiation rate and a small outstanding ratio. It also recorded the highest claim settlement rate amongst private sector life insurance companies in the financial year 2015-16 (Source: Annual Report, IRDAI).
Acknowledging the Award, Mr. Rajesh Sud- Executive Vice Chairman and Managing Director, Max Life Insurance, said, “We are proud to be conferred with these three awards. As a company, we have always focused on instilling quality in our business and will carry on with our continuous improvement framework. These awards are an acknowledgement for our efforts to build a customer centric and honest life insurance business. The awards will further encourage us to bring best-in class products and services for our customers.”
The Fintelekt India Insurance awards were established to acknowledge the achievements of the insurance companies. The award recognizes the company for demonstrating innovation across multiple functions of its business operations and promoting the ‘culture of innovation’. Over the years these awards have given a boost to the aspirations of the Indian insurers.
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