Max Financial Services Ltd.
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Max Financial Services Ltd.

Max Financial Services Limited (MFS), a part of the Max Group, is the holding company for Max Life, India’s largest non-bank, private life insurance company.
Max Financial Services owns and actively manages a majority stake in Max Life Insurance Company Limited, making it India’s first listed company focused exclusively on life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance.

Max Life is India’s largest private life insurance company. It has emerged as a benchmark for the life insurance industry in India across several dimensions including customer persistency, high-performance bancassurance and agency channels, enviable relationships with distribution partners, strong and tenured management, focus on long-term savings and protection products and superior management of costs.

Max Financial Services Limited is listed on the Bombay Stock Exchange as well as the National Stock Exchange. The company’s investor base includes marquee global financial institutions such as KKR, Baron, Ward ferry, New York Life, Vanguard, Blackrock, Jupiter, Norges, Neuberger Burman, Eastspring and Dimension.

The other entities in the Max Group are Max India Limited, which has a presence in the senior living and healthcare industry, and Max Ventures and Industries Limited, which serves as the Group’s entrepreneurial arm to explore the ‘wider world of business.’

Following the demerger of the erstwhile consolidated Max India Limited, the Max Group continues to be bound together by common values and works together to benefit from enterprise synergies.

Business area of the company

Max Financial Services has business interest in area of life insurance, healthcare and clinical research.

Awards

• Sakal Six Sigma Excellence Awards- Max Life received the ‘Best Six Sigma Project’ Award at Sakal Six Sigma Excellence Awards - 2006.
  
• Life Insurance Company Of The Year Award 2007- Rated among Top 3 life insurance companies in Asia by Asia Insurance Review.
  
• CIO 100 Technology Award- Max Life was awarded the CIO 100 Technology Award for the years 2008 - 2011.
  
• Asia Insurance Industry ‘Innovation of the Year’ Award 2009- Max Life was awarded the Asia Insurance Industry ‘Innovation of the Year’ Award 2009.
  
• Gallup Great Workplace Award- Ranked as the 2nd best in Insurance by Great Places to Work Institute India.
  
• 6th National Conference & Competition on Six Sigma, 2012- Max Life Insurance won the 6th National Conference & Competition on Six Sigma, 2012, held by the Confederation of Indian Industry (CII) for the Green Belt project ‘Power of Speed - Settlement of Claims within 10 days’.
  
• QCI DL Shah Awards- QCI DL Shah Awards for Best Six Sigma Project on economics of Quality - 2012.
  
• ‘Excellence’ Award At Sabre Asia- Max Life Retirement PR campaign won the ‘Excellence’ award at Sabre Asia.
  
• Superbrand Of The Year 2013-14-Recognized as Superbrand of the Year 2013-14.
  
• ‘Abby’ Award at Goa Fest 2014- Max Life i-genius won the Silver and Bronze ‘Abby’ award at Goa fest 2014.
  
• India’s Best Companies to Work for 2014- Featured amongst Top 100 ‘Great Place to Work’ for 4th year in a row.
  
• Global Finance Best Life Insurance Company 2014- Max Life was awarded the title of the Global Finance Best Life Insurance Company 2014, India.
  
• CII-Eximbank Commendation Certificate for Business Excellence- Max Life was awarded the CII-Exim Bank Commendation Certification for Business Excellence through a survey done by BT Mercer-TNS.
  
• Golden Peacock Awar- Max Life was awarded the Golden Peacock Award for Excellence in Product Innovation for Max Vijay.
  
• Best Underwriting Initiative of the Year- Was awarded the trophy for Best Underwriting Initiative of the year in the Asia Banking, Financial Services & Insurance Excellence Awards.
  
• Silver EFFIE Award- Silver EFFIE Award in 2012, for the ‘Aapke Sachche Advisor’ campaign.
  
• India’s Best Companies to Work for 2013- Recognized amongst the top 100 companies ‘India’s Best Companies to Work for 2013' a survey by Great Place To Work Institute.
  
• ‘BT MERCER -TNS’ Best Companies to Work for- Survey Ranked Max LifeNo.7 in the ‘Best companies to Work For’ and the best life insurance company to work for in India.
  
• ASQ World Conference 2015- Max Life claimed two awards at the conference - Quality Impact Story Board (3rd Place) and the Attendees’ Choice Award (Use of Emerging Technology) -for its Six Sigma Green Belt project titled ‘Addressing Max Life’s Top 5 Customer Issues’.
  
• IMC Ramkrishna Bajaj National Quality Award 2015- Max Life is the first organization in the Services Category to have won the RBNQA in its maiden attempt. The jury recognized Max Life for its strengths in the areas of Leadership, Organizational Alignment, Customer Focus and Process Focus.
  
• Outlook Money Award 2015- The Outlook Money Award felicitates the best providers of financial products and services in the country and has established itself as a widely respected benchmark for demonstrated leadership and value creation in the financial services sector.
  
• 1st Position at CII - 11th National Lean And Six Sigma Competition 2017- Max Life Insurance, one of India’s leading life insurance companies has topped the prestigious 11th National PAN India Lean Six Sigma Project Competition organized by CII (Confederation of Indian Industry) – 1st position (service, IT, and ITES category ) at CII - 11th National Lean and Six Sigma competition.
  
• Digital Excellence In Insurance 2017- CDO Converge Award for ‘Digital Excellence in Insurance’ - This Awards is an interactive and engaging confluence of the Digital Community specifically designed to showcase the very latest and exciting developments in Digital and its future developments.
  
• ‘Quality Excellence Award For Best Insurance Company - Life Insurance’ 2017- Max Life Insurance Winner of World Quality Congress awarded for the ’Quality Excellence Award for Best Insurance Company - Life Insurance’ and ‘Best Use of Six Sigma in Banking and Finance Industry’ in the Organisational category.
  
• Model Insurer Asia ‘Digital and Omnichannel’ 2017- Max Life Insurance recognised by Celent Model Insurer Asia Max Life Insurance was chosen the winner in the category of “DIGITAL AND OMNICHANNEL” from the applications received from around the Asia Pacific region.
  
• Best Big Data/Analytics Team of The Year 2017- Max Life Insurance won the Best Big Data/Analytics Team of the Year Award at the annual event of ‘Big Data Analytics & Insights’ conducted by Kamikaze. This award is a mark of its focus on growing and leveraging its  analytics capability to improve the value chain and in a way positively impacting the customer’s delight.
  
• ‘Most Admired Brand’ 2017- ‘Most Admired Brand’ award is testimony to Max Life’s strong business fundamentals and its focus on customer centricity as the path to business success in the Digital world.
  
• Service Category Improvement Award 2017- Service Category improvement Award for Six Sigma project ‘Reducing 7 day POS TAT’.
  
• Prestigious Effie Awards for Communication Effectiveness 2018- Max Life’s foray in strengthening the Protection Agenda Recognised with the Prestigious Effie Awards for Communication Effectiveness.
  
• Great Place To Work-Certified 2018- Max Life Insurance has been certified as Great Place to Work-Certified.
  
• Best Email Marketing Campaign 2018-India Digital Awards given by Internet and Mobile Association of India (IAMAI) recognize and reward organizations, teams and practitioners who have surpassed landmarks and delivered successful business outcomes using digital as a medium. This was the 8th edition of the awards. Max Life won the GOLD Award in the category of ‘Best Email Marketing Campaign’.
  
• One of India’s Top 50 Companies 2018- India’s first and most significant standard of talent delight, the People Capital Index, has awarded Max Life Insurance for being one of India’s top 50 with a high degree of employee satisfaction about its talent development efforts and programs.
  
• Cochin Best Employer Brand Awards 2018- Cochin Best Employer Brand Awards 2018, featured in the Top organizations from Cochin awarded Max Life for being an organization with an exemplary HR Practice and use marketing communications effectively for Human Resources Development.
  
• Max Life Insurance, a joint venture (JV) between Max Financial Services and Mitsui Sumitomo Insurance, has been ranked 24th amongst India's Top 100 Great Places to Work in 2020.

Milestones

2000

• Initiated reinvention of Max, from being a B2B manufacturing conglomerate to a B2C services company, with entry into people-oriented and knowledge-based businesses: Healthcare (Max Healthcare), Life Insurance (Max New York Life Insurance), IT/IT-enabled services (Max HealthScribe), Clinical Studies (Neeman Medical International).
  
• MPS expands operation. Starts line II at its plant in Railmajara, Punjab.

2002

• Divested generic bulk drug business (Max Pharma).
  
• Divested electronic component distribution business.

2003

• Divested IT/IT- enabled business Max HealthScribe.
  
• Trimmed operation of Max Ateev.

2005

• Max Healthcare redefines healthcare in India. Enters tertiary care segment, with the launch of Max Super Speciality Hospital, Saket. Later that year, Max Hospital, Patparganj also became operational.

2007

• Neeman Medical International expanded its portfolio, becoming an integrated clinical studies company with entry into Data Management and Site Monitoring services.
  
• Max Specility Products increased three fold, from 9000 TPA to 29000 TPA.

2008

• Max Bupa Health Insurance set up: Max entered into a Joint Venture with Bupa Finance Plc, UK, a leading international healthcare provider, with 65 years of healthcare knowledge. Max Bupa combined Bupa's global health insurance and customer service expertise with Max Group's understanding and experience in health and insurance sectors in India. 
  
• Group's clinical research company, Neeman Medical International, christened as Max Neeman Medical International.
  
• Max India Foundation (MIF) set-up: Max formalized its social commitment with the establishment of the Group's CSR division. MIF mandated to focus on child health, support for the underprivileged and environment awareness. 
  
• Focus on Governance: Max kicked off an initiative to setup empowered boards to drive the Group's future growth. Globally renowned domain experts were inducted into Max India's Board and Boards of the major subsidiaries.

2009

• Max achieved group revenue of $1 billion.
  
• Max Group's Specialty packaging business, Max Specialty Products, rechristened as Max Specialty Films.
  
• Goldman Sachs invested $115 million in Max India, by way of fully and compulsorily convertible debentures (FCDs), to fund Max India's expanding insurance, healthcare and specialty plastics businesses.

2010

• Max group crosses customer base of 4 million.
  
• Max Bupa Health Insurance started operations, becoming the third standalone health insurer in India. The company offered health insurance for the entire family, irrespective of members' age, and set up an in-house customer service team to ensure outstanding customer service.

2011

• Mr. Rahul Khosla, a seasoned global business leader with deep management experience, joined Max India as its Managing Director.
  
• Max Speciality Films doubled its capacity to 52,000 TPA.
  
• Mr. Analjit Singh, Chairman, Max India was awarded one of India's highest civilian honors, the Padma Bhushan, by the President of India. It recognized Mr. Singh's contribution towards building India Inc.
  
• Max Healthcare significantly expanded capacity of its hospital network, with commissioning of a state of the art super specialty hospital at Shalimar Bagh, Delhi and two super specialty hospitals in Mohali and Bathinda, Punjab (setup under PPP model in partnership with Government of Punjab).

2012

• Mitsui Sumitomo, a part of the World's 7th largest general insurance & Japan's largest insurance group, MS&AD, acquired 26% stake in Max Life (then Max New York Life) from New York Life, valuing the Company at Rs 10,500 crore.
  
• Life Healthcare, South Africa's USD 2bn healthcare major, acquired 26% stake in Max Healthcare for Rs 516.5 crore.

2013

• Max India entered Senior Living with Antara Senior Living: To be spread across 13 acres, the first Antara community, in Dehradun, was planned to have over 200 resident apartments.

2014

• Life Healthcare equalized stake in Max Healthcare with Max India, at an Enterprise Value of Rs 3650 Crore; IFC Washington maintained their stake at 7.5%.
  
• Mr. Analjit Singh gave up his executive role and became the Non-Executive Chairman of Max India, handing over all executive functions to his successor Rahul Khosla.
  
• Life Healthcare equalized stake in Max Healthcare with Max India, at an Enterprise Value of Rs 3650 Crore; IFC Washington maintained their stake at 7.5%.

2015

• Max India divested from Max Neeman the Group's its clinical research business. The business was acquired by JSS Medical Research, a Canada based CRO specialized in providing clinical trial, health economics & outcomes research, post-marketing trial and market access solutions.
  
• Max Healthcare acquired a 51% stake in 230-bedded Saket City Hospital Pvt. Ltd.(SCH), from Smart Health City Pte Ltd, the Singapore based BK Modi Group company. Max Healthcare plans to further expand the SCH facility by-900 additional beds over the next few years, thereby expanding SCH's capacity to 1200 beds, and offering a combined capacity of almost 2000 beds in the heart of South Delhi. This addition represents more than a 50% increase to Max Healthcare's current capacity, significantly enhances access to quality healthcare in the NCR region, and will make Max Healthcare the largest healthcare provider brand in New Delhi.

2016

• Max India concluded a mega corporate restructuring demerging into 3 holding companies - Max Financial Services Limited (Life Insurance), Max India Limited (Healthcare & Allied businesses) and Max Ventures and Industries Limited (Manufacturing Industries and New Entrepreneurial Ventures).

2020

• Mitsui Sumitomo to acquire 21.87% stake in Max Financial Services via share swap.
  
• Max Life Insurance and YES Bank have declared a 5-year extension to their strategic bancassurance relationship. Max Life Insurance is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Co.