Max Life aims to increase its distribution footprint and step up life advisor recruitment by 70% in FY24
Jul 31, 2023
PRNewswire
New Delhi [India], July 31: Max Life Insurance Company Ltd. ("Max Life" / "Company"), plans to add over 50,000 life advisors in FY24, representing a significant 70% increase in life advisor hires year-on-year. The Company also aims to expand its reach by setting up nearly 100 new offices this year. It Plans to add more than 50,000 life advisors and open around 100 new offices across locations in the country.
Enhancing the accessibility of life insurance solutions to a larger customer base, Max Life recruited more than 30,000 life advisors in FY23. Of these, about 39% were women, reflecting Max Life's commitment to building a gender-inclusive workforce.
V. Viswanand, Deputy Managing Director, Max Life, said, "As part of our long-term business expansion strategy, the plan to hire more than 50,000 life advisors enables Max Life to cater to the specific needs of its diverse customer segments. Our strategic investments and alliances are integral to our growth strategy, and we are confident that the said focus will further strengthen our distribution efforts."
In the last financial year, Max Life's offline proprietary channels saw nearly 43% growth year-on-year1, with a 5-year CAGR of 21%2, which can be attributed to hiring more people, an increase in activation and productivity due to improved governance, and the adoption of new business models. Max Life has also introduced simplified and competitive value propositions to enhance advisor performance in the year. These initiatives have yielded fruitful outcomes, resulting in the growth of top life advisors by 50% year-on-year and advisor activation increasing by 10%.
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About Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of Max Group. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2022-23, Max Life has achieved a gross written premium of INR 25,342 Cr.
For more information, please visit the Company's website at
1,2: As per Investor Presentation filed with BSE for FY23
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