Max Life's e-commerce channel achieves 55% YoY+ growth in H1 FY24
NEW DELHI, Dec. 5, 2023 /PRNewswire/ — Max Life Insurance Co. Ltd. (“Max Life“/ “Company”) has announced that the e-commerce channel has achieved a 55% YoY growth in total online sales and over 100% YoY growth in APE for H1 FY24. Over 30% of policies were sourced through the online channel in the first half of the fiscal year. Backed by a strong surge in direct-to-customer online sales, Max Life has strengthened its position as one of the industry leaders in overall online sales and in the online protection market.
In the first half of FY24, Max Life achieved a substantial market share within the online domain, including continued leadership in the online protection segment. The strong presence is driven by the company’s strategic focus on product innovation customized for online customers, investments in digital capabilities, and user experience. Some of its highest-selling offerings include the NIFTY Smallcap Quality Index Fund, the Smart Fixed-Return Digital Plan (guaranteed savings), the Smart Secure Plus Plan, and the Online Savings Plan (ULIP).
V. Viswanand, Deputy Managing Director, Max Life said, “Max Life’s remarkable e-commerce growth in H1 FY24 reflects our commitment to meeting the evolving needs of digitally-savvy customers. Our aim is to establish our footprint across multiple digital touchpoints and provide an omni-channel experience to our customers. Our digital strategy is rooted in enhancing accessibility and availability of insurance products, anchored to the vision of ‘Insurance for All’.
Max Life attributes its e-commerce growth to digital initiatives aimed at ensuring frictionless onboarding and superior customer service. Offering personalized experiences by creating a mobile-first purchase and unique WhatsApp-led chase journey, Max Life has enabled sharper prospecting and built a robust digital marketing muscle.
About Max Life Insurance
Max Life is a Joint Venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. 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 www.maxlifeinsurance.com
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