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Max Life Insurance - BFSI - Case Study


PMaps Optimizes Sales Performance at Max Life Insurance

Discover how Max Life Insurance revolutionized their approach to identifying high performers with the groundbreaking PMaps Job-Fit Assessments. This case study showcases how high scorers on the PMaps assessments sold 2.1 times more insurance policies than those with lower scores, effectively addressing the low-performance issue that prevailed at Max Life. The PMaps Performance model accurately predicted high achievers with a 70% probability and low performers with a 52% probability. PMaps' insightful suggestions and strategic focus on retention were instrumental in this success story. Witness how PMaps Assessments transformed Max Life's hiring process and led to remarkable sales performance. Download the complete case study to discover the strategies used by Max Life and transform your talent acquisition approach today!

The Organization

Max Life Insurance, is a part of Max Group, an Indian life insurance company and the largest non-bank private-sector life insurer in India.  Founded in 2001, Max Life offers a wide range of insurance policies through distribution channels such as banks, individual agents, brokers, corporate agents, etc. Max Life has extended its services to health, pension, and annuity plans, including child protection, retirement, savings, and growth plans  With a workforce of more than 10,000 employees, Max Life Insurance operates across India with a market cap of around 17,538 Cr.

The Challenge

  1. Performance: The performance of insurance agents at Max Life Insurance emerged as a significant concern. Over time, the targets set for these agents increased. Employees struggled to meet those objectives effectively. Many candidates faced difficulties in skillfully approaching potential clients and convincing them to purchase insurance policies.
  2. Scarcity of Well-Rounded Agents: It might be challenging to find insurance agents who are knowledgeable about the changing compliance and regulatory rules within the BFSI industry. Additionally, agents must understand how to deal with operational elements such as policy administration, claims processing, etc. Candidates must also possess fundamental mathematical skills for data analysis, premium calculations, and risk assessment, and demonstrate a keen attention to detail to avoid costly mistakes. Given the rigorous and cut-throat character of the insurance industry, candidates must also exhibit perseverance in the face of obstacles and a strong will to achieve.
  3. Redundant Hiring Processes: Max Life faced challenges as their recruitment cycles had become outdated and excessively time-consuming. Lengthy hiring cycles and fierce competition resulted in Max Life Insurance losing out on potential candidates. Moreover, relying on manual processes increases the risk of human errors, such as miscommunication, data entry mistakes, and overlooking critical candidate details. Consequently, these inefficiencies could lead to hiring unsuitable candidates or missing out on highly qualified individuals.

The Process

To overcome the challenges mentioned above, Max Life sought an objective solution by collaborating with PMaps to develop pre-hiring assessments.

Since 2018, PMaps has been providing Max Life with pre-hiring assessments for their various channels, including the distribution channel. 

For Max Life, PMaps identified crucial competencies and abilities required in candidates.

The Solution

Assessing Cognitive Abilities and Behavioral Competencies 

The analysis encompasses a range of cognitive abilities and behavioral competencies assessed through various job-specific assessments. These behavioral competencies include having a positive attitude, being motivated in the workplace, and having good social skills. The behavioral competencies are further broken down into being socially bold, lively, and oriented towards group interactions. Additionally, candidates' cognitive abilities were assessed, which involve numerical ability (math skills), attentiveness, and knowledge about the insurance field. 

The test duration for this assessment ranged from 30 to 40 minutes.

Streamlining Processes: PMaps Integration with HRMS for Efficient Documentation and Data Management at Max Life

By seamlessly linking with Max Life Insurance's HRMS system, PMaps provided comprehensive testing tools and continued assistance to their post-hiring operations. Max Life approached individuals for interviews, and thus the process began. Following these interviews, the HR Manager entered candidate information into the integrated portal, such as name, role, channel, and shift timings.

Candidates then accessed their test through an email link to Max Life's login page. Once the assessment was finished, an instant report was generated, and an email notification was sent to Max Life's HR Manager. If the candidate was successful, an offer letter was generated automatically through the site, which sped up the onboarding process.

This automated solution simplified Max Life's employment process by eliminating manual steps, increasing efficiency, and reducing common errors.

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PMaps Frequently Asked Questions

Learn more about PMaps through commonly asked questions:

How can organizations use the HiPo Test to support succession planning?

Organizations can use the HiPo Test to identify individuals with the potential to take on leadership roles in the future, aiding in the creation of a talent pipeline for succession planning. The test helps to uncover hidden talents within the organization and provides actionable insights for developing these individuals through targeted training, mentorship, and stretch assignments.

Can the HiPo Test be customized to match the specific leadership competencies required by an organization?

Yes, the HiPo Test is highly customizable to match an organization's specific leadership competency framework. PMaps works with clients to understand their unique leadership models and tailor the assessment accordingly. This ensures that the test accurately measures the traits and abilities that are most relevant to leadership success in the organization's specific context.

Is the Insurance Sales Assessment useful for both experienced sales professionals and new entrants?

Absolutely. For experienced sales professionals, the assessment can highlight areas of strength and opportunities for further development, ensuring they remain competitive and effective in their roles. For new entrants, it identifies innate talents and areas for improvement, helping managers to tailor onboarding and training programs that accelerate their path to productivity.

How is the Insurance Sales Assessment administered, and how long does it take?

The Insurance Sales Assessment is administered online through PMaps' secure platform, offering flexibility and convenience for candidates. The duration of the assessment can vary based on customization but typically ranges from 15 to 20 minutes. This ensures a thorough evaluation without placing undue time pressure on candidates.

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Client Testimonials

Tech Mahindra
Group Head TA

PMaps enables us to screen and assess candidates before they join us, especially when hiring thousands of individuals. It helps us understand their aptitude, communication skills, and personality.

Max Life Insurance
TA - Staffing

We use PMaps for two assessments, Sales Aptitude Assessment and Values Assessment for our salespersons. It helped us improve the quality of our hires. We have seen lower attrition.

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