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Max Life's e-commerce channel achieves 55% YoY+ growth in H1 FY24

Posted On: 2023-11-30 18:15:19 (Time Zone: IST)


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.

Shares of Max Financial Services Limited was last trading in BSE at Rs. 1019.90 as compared to the previous close of Rs. 1014.25. The total number of shares traded during the day was 11380 in over 994 trades.

The stock hit an intraday high of Rs. 1025.35 and intraday low of 1009.10. The net turnover during the day was Rs. 11573130.00.


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