Max Life Insurance Company Ltd. ("Max Life" / "Company"), has announced a life insurance product distribution tie-up with Tacterial Consulting Private Limited (Ditto). The corporate agent partnership aims to leverage Ditto's diversified insurance advisory platform to offer Max Life's plans to online customers.
In the initial phase, Ditto will sell multiple variants of Max Life's protection plan providing comprehensive coverage against Death, Disease & Disability along with applicable riders facilitated via a seamless digital distribution model. The tie-up aims to improve Max Life's customer experience by leveraging Ditto's insurance advisory capabilities and technological prowess to enhance life insurance penetration in the country.
V Viswanand, Deputy Managing Director, Max Life said, "Consumers' buying behavior has taken a turn towards technology during the pandemic. By partnering with Ditto, we look forward to expanding our online presence and be able to provide new-age consumers a comprehensive selection of our online offerings, which are flexible and tailor-made for millennials."
Ditto co-founder Shrehith Karkera said, "We're delighted to partner with Max Life. The base of the association is a common value system wherein both Companies harbor a passion for covering the journey of first-time digital customers in personal finance. We are confident of adequately covering the new-age customers by offering a value proposition and hope that our continued collaboration will scale new heights in the coming future."
Max Life is on a multi-year journey to become a 'digital powerhouse' in the life insurance industry by creating world-class customer experiences on the back of continuous innovation. The life insurer's e-commerce market share in online protection was a dominant 32% in FY22, registering close to 48% growth over the last fiscal.
The Company continues to tie-up with leading industry fintech players to speed up the customer purchase journey and provide a superior buying experience. By FY26, the Company aims to grow its e-commerce business by 35-50% and touch the Rs 1,500-crore mark in new sales.
Shares of Max Financial Services Limited was last trading in BSE at Rs. 711.95 as compared to the previous close of Rs. 720.05. The total number of shares traded during the day was 7192 in over 423 trades.
The stock hit an intraday high of Rs. 721.90 and intraday low of 706.50. The net turnover during the day was Rs. 5126355.00.