KOLKATA: Picture this. An insurance agent accosts you while you're en route to Delhi on the Bangalore-Delhi Rajdhani. He gives you a lowdown on products you might be interested in and goes on to sell you a policy by the time you hit Delhi. If you thought this was fiction, think again?
Such encounters will be a regular feature on the Bangalore, Chennai and Trivandrum Rajdhanis. Max New York Life Insurance has tied up with Railways for manning these three trains with 24 of their officials who will pitch for Max New York Life Insurance (MNYL) policies.
"Indian Railways has allowed us to man these three Rajdhanis with our officials. They will approach passengers and explain our products. In case anybody wants to buy a cover, the sale will be concluded after he/she has reached the destination," Rajendra Sud, director & head, agency distribution, told ET.
Incidentally, MNYL has also adopted these three Rajdhanis whose exteriors will feature a large fast-moving billboard of the private insurer. The train interiors will also be used to grab passenger mindshare. This is possibly for the first time that an insurer has decided to pitch its products on a train.
MNYL is targeting a total premium of Rs 22,000-23 ,000 crore by 2011, of which first-year premium is pegged at Rs 10,000 crore. "We are looking at 10% market share by 2011, by when the company's share capital is expected to touch Rs 3,600 crore from Rs 1,232 crore now. We also plan to increase the number of offices from 311 to 1,600, including 928 agency offices and 739 rural offices in the next three years," said Mr Sud.
Such encounters will be a regular feature on the Bangalore, Chennai and Trivandrum Rajdhanis. Max New York Life Insurance has tied up with Railways for manning these three trains with 24 of their officials who will pitch for Max New York Life Insurance (MNYL) policies.
"Indian Railways has allowed us to man these three Rajdhanis with our officials. They will approach passengers and explain our products. In case anybody wants to buy a cover, the sale will be concluded after he/she has reached the destination," Rajendra Sud, director & head, agency distribution, told ET.
Incidentally, MNYL has also adopted these three Rajdhanis whose exteriors will feature a large fast-moving billboard of the private insurer. The train interiors will also be used to grab passenger mindshare. This is possibly for the first time that an insurer has decided to pitch its products on a train.
MNYL is targeting a total premium of Rs 22,000-23 ,000 crore by 2011, of which first-year premium is pegged at Rs 10,000 crore. "We are looking at 10% market share by 2011, by when the company's share capital is expected to touch Rs 3,600 crore from Rs 1,232 crore now. We also plan to increase the number of offices from 311 to 1,600, including 928 agency offices and 739 rural offices in the next three years," said Mr Sud.
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