Max New York to outsource customer service to Genpact

New Delhi: Max New York Life Insurance and New York Life International, will soon outsource customer service work to Genpact, as part of an internal restructuring exercise. The move is aimed at consolidating operations within the firm, reports Economic Times.

The contract is valid for three years and the private life insurer is looking to transfer 100 people to Genpact for the purpose. "We are relooking at our overall business strategy and evaluating the way forward," said Rajesh Sud, CEO and Managing Director of Max New York Life. Genpact will send reminders to customers for payment of renewal premium and take calls from them on complaints.

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While, Max New York Life did not disclose the value of the contract, it is already witnessing a few exits at senior management level. At least three top-level executives have left the organization in the recent past. Chief Marketing Officer Debashis Sarkar has left the organization and moved to Canada, and Ajay Seth, the firm's Senior Director-Legal and Compliance, has quit to pursue other career opportunities.

With the slowdown in growth in the life insurance sector, the focus of Max New York Life has changed with respect to its expansion plans. Earlier, the private insurer was looking at expanding its operations and adding more number of branches in the country, while now they are looking at consolidation. "There are changes in operation which will enable us to strengthen our business model," said Sud. Max New York Life currently has a headcount of 11,400 people, besides another 75,000 agents. It collected 1,003 crore in the April-October period this year from sale of new life insurance policies, a four percent dip from the year-ago period, as per the insurance regulator.