Max New York Life - The 3P Strategy

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In 2003, MNYL realized that it needed a new workflow system, as the existing one was unable to meet the customer requirements efficiently. Therefore, it tied up with Newgen to supply business process management tools. These technological improvements helped to reduce the turnaround time for customer request by 45%, aided in immediate retrieval of information, and generated savings on paperwork and telephone costs. MNYL also fixed benchmarks on claim processing time, processing of complaints and customer satisfaction and monitored these regularly. All these measures served to enhance customer service levels in the company.

Questions for Discussion:

1. With the advent of private insurance players in India, how did Max New York Life decide upon its plan to gain market share in the country?  Answer 1

2. What was the marketing plan and strategy used by MNYL to increase its business in Life Insurance. Discuss with reference to product differentiation and process improvements made by MNYL.  Answer 2

Additional Readings and References:

1. “Max India's foray into insurance”, www.domain-b.com, November 03, 1999.
2. “Max New York Life: Focusing On Internal Brand-building”, www.magindia.com, April 04, 2002.
3. Sen, Sarabjit K, “Max New York looking at `most admired' tag”, The Hindu Business Line, August 23, 2002.
4. Jagannathan, Venkatachari, “World-class performance”, www.domain-b.com, December 14, 2002.
5. “Max New York Life offers cash bonus to Whole Life holders”, The Economic Times, May 07, 2003.
6. Sharma, Arti, “Assuring multiple choice”, www.rediff.com, May 10, 2003.
7. “MAX New York Life adopts five-pronged distribution strategy”, www.indiainfoline.com, November 11, 2003.
8. Arora, Shipra,“Business Process Management at Max New York Life”, Express Computer, March 08, 2004.
9. “Tony” Singh, Anuroop, “The true value of life insurance”, www.rediff.com, April 06, 2004.
10. “Winning Moves… doing business in India”, Federation of Indian Chambers of Commerce and Industry (FICCI), September 2004.