ASSIGNMENT

OF
ENTERPRENUERSHIP
ON
SUCCESS STORY AND RISING
MAX NEW YORK

SUBMITTED TO :- SUBMITTED BY:-

MISS Prianka Chibber Sachin kumar bassi
Lecturer (LIM) 614240830
B B A (VI th)

LOVELY INSTITUTE OF MANAGEMEN T

CHERU (PHAGWARA)
New York Life
New York Life Insurance Company,(www.newyorklife.com)
a Fortune 100 company founded in 1845, is the largest
mutual life insurance company in the United States and
one of the largest life insurers in the world. Headquartered
in New York City, New York Life’s family of companies offer
life insurance, annuities and long-term care insurance. New
York Life Investment Management LLC provides
institutional asset management and retirement plan
services. Other New York Life affiliates provide an array of
securities products and services, as well as institutional
and retail mutual funds.

The mission of New York Life is to maintain its superior

'financial strength', adhere to the highest standards of
'integrity' and demonstrate 'humanity' by treating its
customers, agents and employees with compassion,
consideration and respect.

New York Life is one of the largest and strongest life

insurance companies in the world with more than USD$215
billion assets under management and has received among
the highest ratings for financial strength from the life
insurance industry's principal rating agencies: A.M. Best
(AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch
(AAA). According to Moody's, "New York Life's rating
reflects the company's good quality investment portfolio,
ample liquidity, and sound capitalization, as well as the
good growth potential of its international business.”

As a leader in the insurance industry, New York Life continues to bring to its
operations new management concepts, advanced technologies, new distribution and
training systems and innovative insurance products.

Max India Ltd.

Founded in 1985, Max India Limited is a Public Limited

company listed on the NSE and BSE of India with over
26,000 shareholders. Today, Max India Limited is a multi-
business corporate, driven by the spirit of Enterprise,
focused on Knowledge, People and Service oriented
businesses of:
• Healthcare (Max Healthcare)
• Life Insurance (Max New York Life Insurance)
• Clinical Research (Neeman Medical International)

Industry Scenario

The progress made by the insurance industry in India since

liberalization has been satisfactory especially since the last
few years. The public confidence in the industry is positive
today and the industry on the whole is far more dynamic
and has scored well on number of parameters

Today, there are 15 life insurers of whom14 private life

insurers. Similarly of the 12 general insurers operating in
the country eight are private non-life insurers. In addition,
we have some more applications from prospective insurers
with us. The insurance industry has been able to attract
foreign direct investment (FDI) of up to Rs1,288.44 crore
which is one of the highest in the services sector.

The first year premium of the life insurance industry has

grown by 260 per cent to Rs25,350 crore for the year
ending 31st March, 2005, as compared to Rs9,709 crore in
the year 2000-01.

The non-life insurance industry also witnessed a 180-per

cent growth, writing a gross premium of Rs18,095.25 crore
in 2004-05 — up from Rs10,087.03 crore in 2000-01.

"Insurance premium per capita in India has increased to

$16.90 and overall penetration in India stood at 3.28 per
cent of the gross domestic product in 2003. India's overall
world rankings in terms of total premium volumes
improved from 23rd in 2000 to 19th in 2003 and its share
in the world market increased from 0.41 per cent to 0.59
per cent during the same period. The industry is expected
to improve the insurance penetration to at least 5 per cent
in the next five years,".

The IRDA has issued micro-insurance regulations to

increase the spread of insurance in the country,
particularly among the neediest segments.

The entry of With the focus on aggressive marketing has

made insurance a sunrise industry in the country attracting
young talent.

"The industry has successfully experimented with new

distribution channels and bringing down the transactions
costs. While the improvements may not look dramatic, the
direction and speed is an indicator of India's emergence on
the global scene.”

Max also Maintains Interests in:

• Specialty Plastic Products for the packaging industry

(Max Speciality Products)
• Healthcare Staffing (Max Health Staff)

Prominent shareholders are Mr Analjit Singh and a leading

private equity firm, Warburg Pincus which accounts for
28.7% of the total shareholding. The balance shareholding
is held by the public and Institutional Investors.
Till 1999, The Company’s Main Interests and
Partnerships were the following:

Business

• Bulk Active Pharmaceuticals

• Electronic Component Distribution
• Mobile Telephony
• V-SAT Communications
• Plating Chemicals
• Information Technology

Partners

• DSM Gist Brocades

• Motorola, USA
• Avnet Inc., USA
• Hutchison Telecom Ltd. Hong Kong
• Comsat Investment Inc., USA & Lockheed Martin, USA
• Atotech, Germany
• Mind Crossing, USA

In 2000, the Company reinvented and restructured itself to

focus on the businesses of ‘Life’ under the them, Life…Our
Focus.
Max New York Life Insurance, founded as a Joint Venture
between Max India Limited and New York Life, a Fortune
100 company, is one of the leading private life insurers in
India.

Max Healthcare, a subsidiary of Max India Limited is India’s

first provider of comprehensive, standardized, seamless,
and integrated world-class healthcare services.

Neeman Medical International (NMI) is an International Clinical Research provider

operating across three locations spanning North America, Asia and Latin America.
Each location is backed by comprehensive infrastructure and highly skilled and
experienced personnel

• Analjit Singh
Mr. Analjit Singh is the Founder and Executive
Chairman of the Max India Group. He has been the driving
force behind the Max Group's sustained growth and
success since Mid 80's. In 2000 The Company reinvented
and restructured itself. Today Max India is in the business
of 'Life':
• Protecting Life through Max New York Life
 • Caring for Life through Max Healthcare
• Improving Life through Neeman Medical International
- Clinical Research

He is a member of the Prime Minister's 10

member Joint Indo US CEOs Forum; Indo Italian CEO
Forum; Director on the Board of IDBI, Vodafone Essar,
Hero Honda Motors Limited; Member Governing Board of
Bharti Foundation; Chairman - International, CII; Member
- Overseas Indian Facilitation Centre (OIFC), Ministry of
Overseas Indian Affairs, GOI; Member, CII - Singapore
CEO Group; Member Executive, National Council and
Healthcare committee of CII. In addition, Chairman, Board
of Governors of the Doon School and an Executive Board
member of the Board of Governors of the Indian School of
Business.

Mr. Analjit Singh is also the Consul General (honorary) of

the Republic of San Marino in India.
•

Some of the Industry Firsts

 • First company to provide Freelook period of 15 days to
the customer. This was later made mandatory by the
regulator
• First company to start toll free line for agent services
• First and the only life insurance company in India to
implement Lean methodology of service excellence in
service industry
• First life insurance company in India to provide various
services to the agents and customers over phone
• First Indian life insurance company to start service
center at the regional level
• First life insurance company in India to be awarded ISO
9001:2000 certification

Awards

• Among the top 25 companies to work for in India,

according to Businessworld 2003 ‘Great Workplaces of
India’
• Among the top five most respected insurance
companies in India as per Businessworld 2004 & 2006
survey
• Won Indo-American Corporate Excellence Award for
Best Indo-US company in Financial Services Category
in 2006
• Received ‘Best Six Sigma Project’ award at Sakal Six
Sigma Excellence Awards – 2006
• Among top 3 in Asia Life Insurance Company of the
Year Award 2007 instituted by Asia Insurance Review
• Received the Amity Corporate Excellence Award – 2007
• Received the ‘Outlook Money Award’ for being “among
the best new insurers in the country”.
• First life insurance company to be awarded CII-Exim
Bank Commendation Certificate for Strong Commitment
to Excel - 2008.

BIBLOGRAPHY
1. WWW.GOOGLE.COM/ EMERGING LIC COMPANIES IN

INDIA/ MAX NEW YORK LLC.

2. WWW.LIVE SEARCH.COM/ NEW YORK INSURSNCE

/HISTORY
3. WWW.WIKIPEDIA.COM/ MAX INDIA LIVE /LIC

COMPANY LTD
4. WWW.WIKIANSWERS.COM/MAX NEW YORK INDIA