Max Life Insurance and PAYBACK India partner to drive adoption of life insurance through digital sales
Partnership will allow members of India’s largest multi-brand loyalty program to discover and purchase life insurance via digital channels
Max Life Insurance Co. Ltd (“Max Life”/ “Company”), announced its corporate agency partnership with Loyalty Solutions & Research Pvt Ltd. (“PAYBACK”), the country’s largest multi-brand loyalty program, to make the buying process for life insurance simple, easy and attractive for the customer. This partnership is in line with Max Life’s commitment towards focusing on a customer-centric approach of ensuring seamless need-based sales and quality services delivered through every possible customer touch point.
Under the said partnership, PAYBACK will act as a corporate agent for Max Life and offer life insurance policies to prospects through its digital platforms (website, mobile app). PAYBACK will leverage insight driven advanced analytics to create personalized insurance solutions best suited to meet prospects’ needs while simplifying purchase via seamless integration with Max Life’s ecosystem. PAYBACK will educate customers about life insurance, risk protection and ideal insurance plans based on behavioral insights and data-modelling using its omni-channel digital platforms. On the PAYBACK platform, prospects will also have the option to receive assistance from an ‘Online Relationship Manager’ who will assist them with customized insurance solutions and additional queries.
Commenting on the partnership, Mr. Aalok Bhan, Director & Chief Marketing Officer, Max Life said, “As a customer obsessed life insurance company, one of our key objectives is to establish superior connect with diverse sets of audiences across all touchpoints. We are happy to join hands with PAYBACK, which as India’s largest multi-brand loyalty program, will work to elevate our customer reach and relationship effectively. At Max Life, we aim to expand our footprint among an audience that is discerning and looks for the best solutions that offer value for money. We’re certain that PAYBACK with its insights-driven analytics and ability to offer tailored solutions to customers, will support us significantly in this endeavor.”
Commenting on the partnership with Max Life, Mr. Ramakant Khandelwal, CMO, PAYBACK India said, “We are excited that there is a growing interest for insurance solutions, especially amongst the youth, who like to discover and purchase their favorite products via digital channels. Our partnership is aimed at doing that exactly by offering insurance products that are best suited for them, are easy to buy and offer value of money. Being a digital-led loyalty platform, we are delighted to partner with Max Life, an insurance player with an equal focus on the digital space. Both companies have a customer-first approach and this strategic tie-up strengthens it even further.”
The partnership is aimed at strengthening the PAYBACK insurance portfolio, which operates under the umbrella of ‘PAYBACK Protect’. PAYBACK Protect is a dedicated platform of PAYBACK which offers comprehensive insurance solution to its customers across health, life & general insurance. With top insurance companies as partners, ‘PAYBACK Protect’ offers a wide variety of customized insurance solutions basis the need, interest and requirement of the customer with a convenience of online purchase. Max life will further strengthen their offering in life insurance space, thus enhancing the purchase experience for prospects. With customer at the heart of all initiatives, Max Life is creating simple, efficient and customized journeys to bring one closer to the goal of comprehensive financial protection.
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd (“Max Life”/ “Company”), is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers.
Max Life offers comprehensive protection and long-term savings, through its high-quality multi-channel distribution including agency and third distribution partners. A financially stable company with a strong track record over 19 years, Max Life offers superior investment expertise. The Company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2018-19, Max Life achieved ‘Gross Written Premium’ of Rs. 14,575 crore and had sum assured in force of Rs. 7,03,972 Crore. As on 31st March 2019, the Company had Rs. 62,798 crore of AUM and a share capital including reserves and surplus of Rs. 2,767 crore. The Company has nearly 35 lakh customers serviced by its 12,082 employees and 48,522 agent advisors through 239 offices across the country.
About PAYBACK India:
PAYBACK is India’s largest multi-brand loyalty program offering its 120 Million+ members multitude of benefits. It has over 100 partners including affiliate brands participating in the PAYBACK Network across categories, in-store as well as online, namely American Express, ICICI Bank, Big Bazaar, Central, Home Town, Brand Factory, HPCL, TripAdvisor, Bookmyshow.com, Amazon, Flipkart and many more. With such a varied portfolio of partners, PAYBACK Members can earn points on everyday shopping and redeem for attractive rewards of their preference.
PAYBACK India has been a recipient of numerous awards, the recent one being ‘Best Use of Partnership in a Loyalty Program & Best Big Data Analytics Team of the Year – Loyalty Summit in Feb 2019’, ‘North India Best Employer Award 2018’ conferred by World HRD Congress & CHRO, ‘Best Card Based Loyalty Program’, ‘Best Use of Partnership in a Loyalty Program’ & ‘Best Big Data Analytics Team of the Year’ at the 11th edition of Customer Loyalty Summit, Big Data & Analytics Converge & the Customer Engagement Summit’ in February 2018.
For more information: www.PAYBACK.in