Max Financial Services Limited — Investor Presentation 2021

Nov 30, 2021

Max Life Insurance Investor Day November 30, 2021

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Presenters for the day

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Prashant Tripathy Managing Director & CEO

V Viswanand Deputy Managing Director

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Amrit Singh Chief Financial Officer

Manu Lavanya Director & Chief Operations Officer

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Jose John Senior Director & Appointed Actuary

Sachin Saxena Chief Risk Officer

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Suhail Ghai Chief Digital & Information Officer

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Agenda for the Day

Future Outlook – Max Life’s Strategic Roadmap

Innovating for customer segments and building distribution of the future

Pervasive intelligence and automation across the enterprise Strategic Risk Management Q&A: Interaction with the Management team

• Future Outlook Max Life’s Strategic roadmap

Prashant Tripathy Managing Director and CEO

Amrit Singh Chief Financial Officer

November 30, 2021

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Purpose driven Organization

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Purpose

Inspire People to Increase the Value of their Life

6

OUR VALUES

Customer Obsession: Customer at the core Growth Mindset: Curious to learn, Hungry to win

Caring: Respect people, Act with compassion Collaboration: Stronger together

7

Max Life has an extensive presence across India through its own offices and distribution partners and is the 4[th] largest private Life Insurance player

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358 Own Branch Units
4 [th] Largest Private Life Insurer [^]
6000+ Partner Branches
~10% Private Market Share [^]
~54K Agents
#1 Claims Paid ratio
in industry
~60 Distribution Partners
~11 Lakh Cr
~100K Cr
New business Sum
Assets Under
Assured [#]
Management
1.7 Cr+ Lives Insured
4 [th] Largest AUM
37 Lakhs+ Active Customers
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Max Life has more ~6500 Point of Sales across the country

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Note: Data as of 30[th] Sept’21. ^By Individual New Sales **Individual customers; # for FY21

8

Key Highlights for Max Life (1/2)

Key Highlights for Max Life (1/2)	Key Highlights for Max Life (1/2)	Key Highlights for Max Life (1/2)	Key Highlights for Max Life (1/2)
it III 5-Yr CAGR of 18%on Individual new business vs 13% of Top 3 listed life insurers Improved market share from 9.3% to 10.8% in 5 years Consistently maintained rank#4 sincelast 5 years VNB CAGRof27% in 5 years New Business Margin expansion from 17.9% to 25.2%in 5 years 5-YrEV CAGR of 20% Share price CAGR of 20%in 5 years Consistently high RoE – 19% in FY21 (21% in FY16) Consistently high RoEV – 18.5% in FY21 (17% in FY16) Consistent growth 4 Value generation
	5-Yr CAGR of 18%on Individual new business vs 13% of Top 3 listed life insurers	Improved market share from 9.3% to 10.8% in 5 years	Consistently maintained rank#4 sincelast 5 years 4
Consistent growth
	VNB CAGRof27% in 5 years	New Business Margin expansion from 17.9% to 25.2%in 5 years	5-YrEV CAGR of 20%
Value generation
	Share price CAGR of 20%in 5 years	it Consistently high RoE – 19% in FY21 (21% in FY16)	III Consistently high RoEV – 18.5% in FY21 (17% in FY16)

Source: IRDAI; Public Disclosures of life insurers; *Source: Market Intelligence.

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Key Highlights for Max Life (2/2)

Great Places to Work rank #18 in FY21 Rank #55 among Great Places to Work in Asia in FY21 #1 rank in customer loyalty[2] in FY21

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Strategic partnership with Axis Bank

Experienced leadership with almost half the leadership’s tenure with Max Life more than a decade Company NPS at 44 – 9 points improvement in 2 years[3]

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Highest Share of Voice in the industry in FY21 at 30% share

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Employee engagement[1] consistently among the top decile (FY21: 96%)

Rank#1 in claims paid ratio at 99.35% in FY21 #2 rank in grievance incidence rate in FY21 , with decade-low mis-selling count and incidence rate

Rank#3 in Brand consideration index[4] to competition brands among private Life insurers – rank improved by 3 positions in 5 years

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1. Conducted by Willis Tower Watson; 2. As per annual syndicated survey of policyholders by Kantar 3. NPS as a measure of customer experience was adopted by Max Life in FY19, done by Kantar; 4. As per syndicated Life Insurance brand track study by Nielson

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Big trends that will shape the industry

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Life Insurance is a business of Risk Management; plays available for Life Insurers include Disciplined savings, Mortality & Morbidity and Longevity

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A Disciplined savings Mortality & Morbidity B Longevity C

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Financialization and formalization of economy continues. India continues to maintain high savings culture and Life Insurance among the preferred asset classes

Household Savings flow – Growth in financial assets flow higher than physical assets flow over 5 years

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FY’15-20 CAGR
` 263
2020
CAGR
Lakh cr
Vs 2015
8%
9% Bank Deposits 37%
50%
55%
Insurance AUM 14% 10%
1%
Direct Equities 14%
17%
Mutual Funds 5%
50% Cash 9% 10%
45% 13%
Pension Funds 3% 8%
Others 18%
24%
FY'15 FY'20 FY20
Financial Assets Physical Assets
Source: RBI Source: Karvy Wealth Report 2020
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Individual tax filers nearly doubled[1] over the last 5 years to ~6 cr; active subscriber base of EPFO increased from ~4.5 cr to ~6 cr over last 5 years[2]

Financial security remains an important concern. Top 3 financial priorities of Indians include[3] : Child’s needs and security*, Spouse security, and medical emergencies

Life Insurance is the preferred asset class and ensures disciplined savings over long-term; insurance as a category has capability to solve for all risk appetites

Urbanization, improving affluence, emergence of nuclear families will continue providing impetus to the Life Insurance industry

1. Income Tax Department 2. EPFO 3. PGIM India Mutual Fund Retirement Readiness Survey 2020

*Child’s needs include providing for child’s future/education/marriage

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Protection gap in India is large; long term protection opportunity huge

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Retail protection market grew ~6X [1] over the last 5 years in
India
Protection gap for India is significant
Protection Gap (2019)
83% Only 1 out of 40 people [2] (2.5%) who can afford it, is buying a
76%
70%
61% term policy
55%
41%
~18% of income tax filers [3] subscribed for retail term offerings
in FY20; likely to increase to ~25% in FY30
India Indonesia China Japan Singapore Hong Kong
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Source: Swiss Re (basis respective financial year of countries)

Contribution of protection policies for Max Life increased from <10% to ~35% over the last 5 years[4] ; online channel contributed >40% protection policies in FY21

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1. APE- based on external disclosures and internal estimates 2. Goldman Sachs Report, March 2019 3. Ambit Capital Research, 2020 4. Max Life Analysis

Increasing consumer awareness for health & wellness products

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Large incidents of non-communicable diseases along with
significantly high out-of-pocket expenses on healthcare in
Health insurance penetration relatively low in India India
Health Insurance Penetration (2019)
As per BCG Top 10 Consumer trends, 46% Urban Indian
4.1%
consumers spending on health check-ups, gym memberships
2.3% and diet consults [1]
0.7% 0.6%
0.4%
0.2%
Consumers who are aware of health & wellness are 1.5x [2]
USA Germany China UK India Japan more likely to purchase insurance
Source: OECD; World Bank data; CRISIL Research
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Currently, Life insurers allowed to sell health combi, fixed benefit health and fixed benefit long-term products

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1. Survey by BCG’s Center for Customer Insight: Ten Trends that are altering consumer behavior in India, 2019. 2. Swiss Re

Change in demographics, emergence of nuclear families and advancement of healthcare facilities leading to pronounced need for pension products

Change in demographics and emergence of nuclear families; ; population >60 years likely to become 1.4X in CY30[[1]]

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Change in demographics and emergence of nuclear families; ;
India’s pension market is under-penetrated
at ~7% of GDP population >60 years likely to become 1.4X in CY30 [[1]]
Pension Asset as % of GDP (2020)
192%
157% Retirement assets [] set to grow at 15% CAGR from INR 28 Lac
135%
Cr to INR 118 Lac Cr over the next 10 years [2]
74%
58%
7%
Canada USA UK Japan Hong India Retiree segment look for long-term care and holistic
Kong retirement solutions
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Source: Thinking Ahead Institute- Willis Towers Watson

Retirement assets include NPS, Life Insurance Pensions, EPFO (Pension), EPF (excluding Pensions), and PPF; *Non-protection plans only

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1. World Bank; BCG Analysis 2. Ambit Capital Research, 2020 3. Max Life Analysis

Increasing adoption of digital; customers now more transparent in sharing data and expect personalization

Government push towards Digital adoption

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Share of digital transactions in the total volume of non-cash retail payments at ~98% in FY21[1]

Number of online shoppers expected to grow from 15 Cr in 2020 to 50 Cr by 2030[2]

Insurance amongst the faster growing online categories; exhibited high growth in digital influence and digital purchases (>2x) in the last 3 years[3]

90% millennials willing to share data[4] with insurance providers & expect personalization

• ~16% of policies sourced online[5] at Max Life

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1. RBI Annual Report 2020-21 2. Aite Group Research 3. BCG Surveys 4. Survey on Insurance customers by Bain & Co 5. Max Life Analysis

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Strategic Direction for Max Life

Next 5 years Strategic Thrust Areas

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1 2 3 4 5
Fastest Leader in
growing Protection
Leader in profitable + Health &
online proprietary Wellness Leader in Inorganic
acquisition distribution proposition Retirement Expansion
Digital and AI enablement
Leverage strategic partnership with Axis
People capability
Creating a sustainable business (ESG)
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Max Life’s 5-Year Aspirations

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||||||
|---|---|---|---|---|
|1|2|3|4|5|
|Fastest growing|Leader in Protection +|
|Leader in online|
|profitable proprietary|Health & Wellness|Leader in Retirement|Inorganic expansion|
|acquisition|
|distribution|proposition|
|Leader in online|#5 player in offline|No addition of a|
|#5 player in Protection|#4 Annuity player|
|protection|proprietary|and health|material partner /|
|distribution|inorganic|
|Leader in online|Among top 3 in offline|Among top 3 players in|Among Top 3 providers|
|Augment partnership|
|Protection + Savings|proprietary|of holistic retirement|
|protection and health|distribution with M&A|
|distribution|offering|
|/ addition of large|
|Bank account|
|~8-9x annuity sales in|
|7-9x sales in 5 years|~2.5x sales in 5 years|3-4x sales in 5 years|
|5 years|

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Max Life’s ESG Strategy revolves around four pillars and has set bold aspirations to drive Organization towards sustainability

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• A B Digital C D Green Operations

• Work Ethically & Sustainably Care for People & Society Financial Responsibility

•    Robust Corporate Diversity & Inclusion Sustainable Investing Waste Management Governance    Employee Development Financial Empowerment Water Management

• Ethics & Compliance    Health & Wellness programs Product responsibility Energy efficiency

• Digital Initiatives  CSR Initiatives  Customer feedback integration  Emissions control

• Ethical usage of Data  90% of all self servicing  Achieve 30% gender diversity  100% ESG integration in all  To achieve carbon neutrality by ratio by FY25 (23% in FY21) investment research and FY28

• operations to be digital by decision making by FY23

• FY25  Focus on upskilling & reskilling of employees – improve digital  75% of equity portfolio to be

• learning hours by ~3X by FY25 ESG compliant at all times from FY23

• Focus on financial literacy programs and plantation drives through CSR activities - target to have 5 lac beneficiaries by FY25 (vs 1 lakh+ beneficiaries in FY21)

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Thank You

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Innovating for customer segments and building distribution of the future

V Viswanand

Deputy Managing Director

November 30, 2021

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Max Life has built a challenger consumer brand emphasising importance of individual and value the consumer ascribes to self

A Brand that inspires people to increase the value of their life

A Brand that caters to all key needs of the consumer – protection, savings, wealth creation, retirement

A Brand for all consumers – Top 3 Brand Consideration score ¹ among private insurers

CELEBRATE the value that the consumer brings to the life of their loved ones #YouAreTheDifference

A trusted Brand – powered by India Ke Bharose ka number with #1 claims paid ratio in the industry

A brand recommended by customers - #1 in customer loyalty ² scores among private insurers, continuous improvement in Net Promoter Score ³

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1. As per syndicated Life Insurance brand track study by Nielsen; 2. As per syndicated Life Insurance customer loyalty study by Kantar; 3. As per Max Life Net Promoter score study by Kantar

Max Life has been at the forefront of driving Products Innovation by creating first-in-industry propositions

1. Break the endowments category clutter with Industry First Whole Life plan

2. Provide liquidity & flexibility through First Cash & Premium Offset Bonus options

3. Enabled transparent customer participation in Bonds with First Index-Linked Non PAR plan

4. Hedged Guarantees with Derivatives 11. Launched industry First COVID-19 Rider (diagnosis & death benefit)

5. First PAR Top Up option

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First Decade Teens Twenties
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1. Enable Customer Obsession through First “Freelook Period” , became Regulation later

2. Created Universal Life product – Enable transparent customer participation in Debt market

3. Scaled “Monthly Income” category first on Non PAR and then on PAR platforms

4. Differentiated Term plan with industry firsts (Special exit value, Premium holiday option)

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Max Life has established a reputation for providing trusted advise through a well trained sales & service force

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Virtual Relationship
Right Advise through Highest share of Dil Se Ek – Axis MLI
Manager for all
Agent Advisors selection online Partnership
customers
MLI
Others
27%
35%
Brand 1
Brand 2
20%
18%
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• Share of consumer selection in Protection category on India's leading Online Broker

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Max Life sees our consumer segments across four categories and they have distinctive traits

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Gen Z (<25 yrs) Gen X (40-55)
~8% ~30%
 Digital savvy Millennial (25-40) Retiree (>55)
 Prefer DIY, online
~57% ~5%
 More risk taking ability  Seek safety & security
 Seek personalized advice
  
Information for decision making Retirement accumulation Affluent, risk averse
  
Family/financial liabilities Lower reliance on digital Relationship-based advice
 Embrace digital  Retirement decumulation
 
Seek advice/influenced by peers Lowest reliance on digital
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• Lowest reliance on digital

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% denotes contribution in Number of policies in FY21

Max Life has a well diversified distribution network to cater to these consumer segments

Gen Z Millennial Gen X Retiree Mix* Median Median Age Income 16% 36 7-8L PROPRIETARY ONLINE PROPRIETARY OFFLINE 27% 40 5-6L PARTNERSHIPS 57% 40 6-7L

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*Basis FY21 number of policies

… and cover geographies in line with their distribution reach

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Top 20 Cities
Other
Geographies
PROPRIETARY ONLINE PROPRIETARY OFFLINE PARTNERSHIPS
358 own branch units 6k+ bank branches
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*Basis FY21 number of policies

Max Life’s distribution is differentiated in the market through dedicated org verticals, process execution rigour, deep digitalisation and integration with distribution partners

• Proprietary Offline

• Proprietary Online • Leadership position at biggest • Demonstrated 4-Yr VNB CAGR of 34% •

• web aggregator in protection 50K+ strong agent force with highest

• • SEM Dominance productivity and best in class value proposition. Senior Agents acting as

• • 16% of customers acquired supervisors contribute 1/3[rd] business & online growing

• • • 50 Lacs unique leads with Dedicated cross sell channel with 4x growth customer details since inception in last 5 years •

• • Pioneers in Insurance Marketing Firm (IMF) Highest share of selection in with ~55% share of licenses

• India’s leading web aggregator •

• and direct platform Best in class training • Discipline, skilling & technology driven 'Agency Work System 'AWS' 2.0; Agency best practices through Growth Leadership Practices 'GLP' 5.0

• • Growth driven through customer (walk-ins) growing vide 25% share of sales & 45% share of new recruits

Partnerships

• Pan India reach through 6k+ bank branches

• Strategic partnership with 3[rd] largest private bank in India

• Deep integration with Bank’s tech platforms – interconnected CRM, Market Place & New Insurance System and joint analytics

• Strong engagement & governance through Axis Way of Engagement (AWE) & Yes Engagement System (YES)

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As we look forward, Max Life has set the following aspirations

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Online Proprietary Partnership
Leader in 17% CAGR (5Yr) 20% CAGR (5Yr)
FROM
Protection
Leader in Fastest growing Deeper
TO
Savings & profitable integration to
Protection proprietary deliver superior
channel growth
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CAGR on Individual APE basis

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Online proprietary aspirations

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From To
Leader in Protection Leader in savings and protection
Leader in online
Strong D2C platform Build world-class D2C platform
protection and
savings
25+ partnerships Ecosystem partner of choice
Highest share of selection at India’s
Pilot more disruptive models
leading web aggregator
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Offline proprietary aspirations

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From To
Accelerate proprietary growth through
Profitable offline channels
agency variablization and geographic
expansion
Fastest growing
profitable Best-in-class agent productivity
proprietary
Omni channel orchestration through
distribution
digital & AI enablement
Strong cross-sell channel
Highest share of licensed IMFs
Bionic Agency and Direct team
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Partnership aspirations

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From To
Add new partners
2 big bank partners
Scale up across all Bank segments –
Deeper
digital / virtual
integration to Tech integration with partners
deliver superior Tap into health, retirement and
growth protection opportunity
Present in all bank touchpoints
Analytics led customer acquisition
engine
Unlock synergy with Axis Bank
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Thank You

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Intelligent and pervasive automation across the enterprise

Manu Lavanya Suhail Ghai Chief Operations Chief Digital & Officer Information Officer

November 30, 2021

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Max Life is a leading Digital Insurer in India

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Text
DIGITAL FRICTIONLESS
NATIVE CUSTOMER
TALENT ONBOARDING
6L
DIGITAL Policies DIGITAL
Text SALES SELF-SERVE Text
Issued
LEGACY COGNITVIE
MODERNIZATION ENTERPRISE
Text
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3 second 99.35% Page Load Time Claims paid BEST IN CLASS BEST IN CLASS

49% 100% Insta claim Systems of Engagement settlement On cloud BEST IN CLASS

67% 48%* Automated Insta COI Underwriting (Retail)

TOP QUARTILE

• Oct’21

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Max Life’s Digital Strategy is based on 9 Key Pillars

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Scale eCommerce Onboarding /
1 Digital Sales 2 3 Customer Service 4 Enterprise 5
Business Issuance
 Digital Marketing Muscle  Intelligent & Integrated  Digital Native  Omni Channel customer 
Mobile First Employee
( Sharper prospecting ) LEAD management Onboarding platform – experience (Customer Experience – HR Self
 Mobile first purchase  Integrated Recruitment SEO 360) Service
journey Funnel  Frictionless Onboarding  Help Center / 
Digital Engagement &
 Personalized experience  Digital Native Training & experience leveraging conversational BOTS for Collaboration
eco system partnerships self service
 WhatsApp chase Content Mgt solution  Back-office
journeys  Smart Assistant for seller  Smart U/W - embedded  Continuous customer transformation –
productivity AI Models engagement by Treasury, AML
 Digital standardized  Legacy Modernization – Leveraging Ecosystem  Enhanced Security –
Insta Issuance  Digital Agent Servicing
sales governance cloud, threat monitoring,
 Integration with Social vulnerability Mgt
platforms 
Intelligent Automation
Organic Traffic Growth Lead Conversion: 50% Insta Issuance: 65% Self Service: 90%
Digital Penetration: 72%
Protection - 30% Automate sales Human Less U/W: 85% Security Posture: 4 / 5
Digital Adoption: 82%
Savings – 100% (FY22) Governance: 95% Issuance cycle: 10 mins Scale
Cloud Enabled Legacy
Employer of Choice for
Pervasive Intelligence 6 Modernization & Enterprise 7 8 Digital Culture 9
Data Hub Top Digital Talent
(AI /ML, Analytics embedded in all Workloads on Cloud: 70% (FY 24) 300+ engineers InsureTech ecosystem
key processes)
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1 & 3 Max Life has built digital Native Frictionless & Intelligent onboarding Journeys…..

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Key Accomplishments Mobile First Frictionless Key Accomplishments
B2C Journey B2B
48% Insta Issuance
65% Human less U/W
Insta Issuance 30 Mins
8x growth over 4 years
Journey Time < 10 Mins
70% - Zero Documentation
Page Load Times <3 Seconds
~70% FTR
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2

Max Life’s Agency is enabled with digital assets end-to-end across the value chain

	• • MREC Recruitment	>> muddy Learning	>> Lead Generation		>> nCluote Prospecting	>> 47717R0 On boarding	>> > CM POWER Servicing	>> > CM POWER Servicing	>> > CM POWER Servicing
		LearningManagementSystem
	Attr, /Alec Createnewlead ManageEilsOng CosignedLeads 0.ccsePaasles • •	muddy 0, HR. Laj PeSTEP VOLPE LEARNING QUARTER CIFTHEP61.- aENARDsDASHBOARDRELEASES 8* ( rOURICARUIUN 151.1VWTOLriU.11.91- 0 !pin El Ea, aae,	Dashboard RK Mr.RakeshKumar Agent Oa— LeadMetrics 05 21 12 Upcoming CrossSell Paid Meetings Leads Cases WlLeads CrossSellLeads 12Hot 16:rd.., 03Celd MyLeads TotalLeads-00		Quote InsuredDetails remee Proc.,esnMaas(DistiOneP Tredliional ULIP Protection SalesSlay BusinessInsuranceCalculator O O 0 O	elf =1111* 11=111 1"r C ofpage.) -111InglaCtipn Pil, MIT.," 19130219.2	POWER op 21 Reesenarkyrsattendance
		dl 4D. 0
		*1 0	. 110 01101
	Integration of career seminar and website leads. URNs can be generated in < 5 min	Self Learning Tool for Agent advisors & ADM	Lead lifecycle tracking with campaign tagging capability and Notifications		Management of Self & Central Leads. Visual Customer Illustrations	Mobile access, Shorter form, Digital Login of policies	On-The-Go Visibility of Agents Book of Customers, Incentives & Nudges
	100% Agents recruited digitally 100% ADMs - Digital banners for sourcing leads from social media	12k Unique users / month 20-25k assessments / month	10k+ Agents/month & 5 Lac+ leads/month 21% of the leads gets converted to meeting		8k+ active agents /month using the tool	98% of policies logged through mPro	80k+ average monthly impression on customer service and self serve

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2

Max Life has set up a channel focused exclusively on cross-selling, powered by strong analytics

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INTELLIGENCE OFFER GENERATION
EXECUTION
PASA
Trigger
Customer Data
Personalised offer
Lead warm up WhatsApp Video
Relaxation of
High
requirement
Medium
Interaction
Low
Chatbot
Links/ Quotes Email
Cross-sell Model generation
UW Guidelines
Call-centre support
Application Data Campaign Design Seller
Tracking & Feedback layer
Cross sell engine
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Cross-sell improved from ~27% in FY20 to ~31% in FY21

41

2 Deep integration with Bank partners - multiple innovations to increase productivity, drive growth, sales efficiency and improve customer experience through reduced friction at Axis Bank

Multiple innovations to improve sales efficiencies

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New Customer Touchpoints
for sales
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Enhanced sales team capability
through innovation in training
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System / Tech integration
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• Enhanced CRM Integration

• Digitized sales planning and governance

• ~3X Improvement in Sales Conversion - 12% (FY20) to ~37% (H1 FY22)

• Tele Sales Model –Facilitated STP (Straight through pass) journeys, completed on call

• D2C (Internet & Mobile Banking) – enabled online purchase journeys on bank platforms through internet & mobile banking

• Digitized on-demand learning modules training journeys

• mBuddy , a digital platform to access content, improve selling skills, etc

• Revamped 12 month training journeys for sales reps

• Onboarding platform enhancements to reduce physical documentation, improving seller experience and issuance metrics

• One view to visualize sales dashboards , reducing friction and improving productivity of frontline

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4

Max Life is delivering the vision of “HIGH TECH - HIGH TOUCH” servicing model by providing omni-channel service experience to our customers

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Digital Service Penetration Improved from 43% (FY20) to 77% (YTD FY22)

KPI

50L+ self-service transactions annually 82% adoption

3X increase in number of work types available digitally in 18 months

100k+ transactions on conversational interfaces

1.5L+ Cross-Sell leads generated through digital channels annually

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6

Max Life has built capabilities across analytics spectrum to accelerate our journey of embedding intelligence across the value chain

~~s~~ Capabilitie

~~n~~ Industry Recognitio

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Best Data Science Top 40 Under 40 data
Nasscom AI Game Changers
Vision AI Conversational AI Project Award scientists Award
Computer Vision NLP & Bots
& OCR
Deep
Machine
Learning
Speech AI
Award
AI
Learning
Capabilities
AI Case Study Books
& Publications
s
Tool stack for majority of our solution
ASR & NLP
Python PySpark Tensorflow SciKit Learn AWS Dialogflow
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1 Dedicated team (AI Works) with talent from top institutes

partnerships with bureaus to better understand customer profile. Getting data rich with Problem solving across the 2 3 life insurance value chain

house dev. vs. partner enabled solution to accelerate time to market. Build vs Buy framework to decide in- 4

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NLP: Natural Language Processing

6

Max Life has developed and deployed multiple solutions to enhance top line, optimize effort and proactively identify and manage risk

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New Business
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Purchase & Issuance
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Servicing, Retention & Claims
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Speech Analytics Diagnostic center Deep Learning Machine Learning
engine for Customer Shield Early Claim & analytics and fraud Customer based Renewal
insights, call sentiment, Fraud risk prediction prediction and Engagement, Income &
call effectiveness Engine monitoring Retention & Persistency
Agent performance Persistency Forecasting & Real
analysis Prediction time monitoring
Upfront Persistency Computer Vision
Risk Prediction and based Photo and
QCheck
Engagement liveliness
recommendation verification
Customized customer Upfront Query
Actuarial and ML
offers with propensity Resolution with
based claim risk
prediction & Product unified intent
recommendation Automated document prediction and & insights
verification & Financial platform
engine auto response
analysis with OCR
bot
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90% 3X 100%
VOX- Transcription & NLP I2i engine- 3X Conversion Real time Risk
Accuracy (Hindi, English, Rate in High Propensity
prediction
Hinglish) Leads
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21% 1,500+ Cr 250+ Core Converse – monthly High risk sum assured Suspicious Diagnostic email volume automatically detected and rejected. Centers identified. handled by Bot Q4 FY22 release

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7 – 8

….aided by investments in strong technology foundation and People capability

Digital Talent

~~n~~ New Age Tech Foundatio

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50+ Data
Scientist and
Engineers
200+
Engineers
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Dedicated AI works Team since 2010
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Engineering Capability
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38%
Compute on
Cloud
70% FY2023
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Move to Elastic Cloud Infrastructure
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Customer
Data
Platform on
Cloud
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Modern Cloud Native Data Platform
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9

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We are building innovation Muscle through Max Life Innovation Labs 2.0

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>200

Applications received for Innovation Labs 2.0

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PARTNERS

USECASES SHORTLISTED FOR POC

PARTNER

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• Non Invasive Medical Tests

• • Digital Twin

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Dec

POC Closure Jan Scale-up

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• Intelligent Data Acquisition

• • Health & Wellness

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9

Partnerships with InsurTech Eco system is accelerating our digital Journey

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Digital
Ecosystem
Chapter Vitamin
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Our Goal in 12-18 months: We will be a leading Digital First Life Insurer

Industry Leading Iindustry Leading Digital AI/ML Driven Intelligent High- Touch High-Tech 300+ Engineers Digital Maturity Onboarding Experience Driven Online Channel Organization Customer Experience <3 Seconds Page Load 15% Session to 90% Data on Industry leading 300+ Engineers & Time Elastic Cloud RNPS of 60+ 40% Niche Talent Quote and 50% New Age Onboarding Platform will Modern New Age and AI/ML Driven Omni Channel Building a pool of Digital deliver Industry best Page Load Time Lead Conversion Elastic Platform for Customer 360 Platform Workforce needed for driving Industry Leading Digital Led Driving AI/ ML transformation Lead Conversion Efficiency 65% Insta-Issuance 95% Automated 95% Digital Self 70% & 10 Minutes Service Platform Sales Infrastructure on Issuance TAT Innovative, Digital First Governance servicing platforms Cloud Industry best Instant Gratification for Our Customers Building a Bionic Sales Force Future Proof Scalable & On Faster E-Commerce Demand Digital Infrastructure and Cross Sell Growth 85% Human Less 90% Employee 85% Digital 4 / 5 COBIT Digital as a prime lever for UW Max Life Growth over next Self Service Adoption Maturity AI/ML Driven Intelligent and Digital First Both Internal and Digital as a preferred Building a secure and resilient 2 years Automated UW External medium of Customer service Cyber security and interaction

49

Thank You

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Strategic Risk Management

Sachin Saxena Chief Risk Officer

Jose John Appointed Actuary

November 30, 2021

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3 Lines of Defense (LOD) model deployed to manage risks. Independent and experienced functionaries with direct access to Board

3

Board of Directors

Risk Assurance

Review and Audits

2

Risk, Ethics and ALM Committee (REALMC)

Risk Control Functions - Risk, Control Compliance, Actuarial

1

Management Risk Committee (MRC)

Chaired by CEO & MD, other members are DMD, AA, CRO, COO, CLO & CFO

Risk Business Owners; Management Ownership and Internal Controls

Operational Risk Committee	Operational Risk Committee	ALM Committee		Information Security & Business Continuity Committee		Outsourcing Committee		Derivative Management Committee		Reinsurance Committee
Chair COO & CRO		Chair AA		Chair COO & CRO		Chair CFO & COO		Chair CRO		Chair AA

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CEO – Chief Executive Officer | DMD – Deputy Managing Director | AA – Appointed Actuary | CFO – Chief Financial Officer |CRO – Chief Risk Officer | CLO – Chief Legal Officer | COO- Chief Operations Officer

Risk Management Framework of Max Life

• Risk Management System

• Risk Policy Matters requiring CRO approval & consultation  Independent review of annual business plan by CRO

• Identification of Material Risks

• ‘Overarching Constraints’ on Key Outcomes

• Risk Appetite Statement  Quantified appetite and intent level directional statements for each Material Risk

• Approach to manage Material Risks

• Risk Management Strategy Policies and Procedures  Key Risk Indicators

• Risk Dashboard for Material Risks

• Risk Monitoring Top Risks and Emerging Risks  Regular discussion with functional leaders & incident reporting

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Key Risks facing a Life Insurer

Strategic Risks

• General Business Strategy

• Channel Concentration

• Product Mix – Non-par Share

• Regulatory, Legislative & Tax

Insurance Risks

• Mortality

• Discontinuity

• Expenses

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Economic Risks
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• Credit Risk

• Market Risk

• Interest Rate Risk

Operational Risks

• Cyber Security

• Business Continuity

• Information Technology & Systems

• Market Conduct

• Fraud

• People & Culture

• Safety and Security

• Regulatory Solvency & Capital Adequacy

• Product development & Pricing

• Process Risks

• Reputation

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• Outsourcing & Partners

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Differential approach to manage key risks makes Max Life a ‘Resilient & Risk Intelligent’ organization

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• Preventable Risk External Risks Strategic Risks

• Risks arising from within the  External, uncontrollable  Risks taken for superior company that generates no risks strategic returns – –

• strategic benefit Cyber Products/Interest rate

• – – – Operational Risks BCP Mortality

• – Fraud – Investments – Conduct

• Control Model: Integrated  Control Model: Scenario  Control Model: KRIs, Early Culture & Compliance planning, stress testing & Warning Framework, Strong model war gaming Capital Adequacy

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Source: Managing Risks: A New Framework published in HBR

‘Best in Class’ Actuarial Governance and Prudence deployed to manage risks

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The General Commercial
and Economic Environment
Specifying the Developing the
problem solution
Monitoring the
Experience
Professionalism
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World class skill and expertise:

• Actuary on the Board

• Standalone Board Committee for reviewing Actuarial matters

• One of the largest pool of fully qualified actuaries with international experience

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Prudence that goes beyond the Regulatory minima:

• Practice of holding Global reserves held over and above the mandatory policy level reserves

• Internal Solvency targets set well above the regulatory minima

• Risk Based Capital levels monitored and deployed

• Best practice of external review of Actuarial models followed

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Approach on Mortality and Persistency Risk

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Customer Profiling and Experience monitoring: Profitability & Risk
Selection: Management:

Regular portfolio review/ Post
 issuance verification 
AI based risk models, Credit Regular repricing of products
Bureaus, IIB Database deployed in

underwriting and persistency risk AI models leveraged to monitor  Product boundaries based on
assessments and forecast experience geography, income and channel

 Early warning framework for early 
Stringent medical and financial Adequacy of reserve to minimize
course correction
underwriting controls deployed P&L volatility

Industry collaboration against 
Adequate reinsurance (Individual
organized frauds
and Catastrophic) to protect
against claims volatility
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Approach on Interest Rate Risk

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• Robust Asset Liability Resilience and Expert Validation: Focused Product Management:

• Management Framework: 

• Direct Board oversight on the Product design - repricing to align

• Cash flow and duration matching benefits with current rates with amount of interest-sensitive business

• prudent assumptions for future

• Comprehensive hedging program 

• Stress testing for all plausible and Monitoring – Variant and channel

• Natural hedge utilized between tail scenarios to assess solvency level granular monitoring to ensure

• various product variants or product implications portfolio profitability

• lines like Non-Par and Protection  Sensitivity of derivative portfolio is

• Limit on non-par sales to achieve tracked separately product diversity

• Active policyholder bonus management for Par business

• Peer review of liabilities

• Periodic external review of Derivatives

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Approach on Investment Risk Management

Clearly segregated and independent Investment sub offices, together managing all aspects of investment risk

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		~~ri~~	~~ri~~	~~rx~~
Front Office – Led by CIO ALM is primary aim for Traditional Funds, safety with predictable returns Non-par: Ensuringduration matching & Hedgingto protect portfolio returns ULIPs: Active managers of equity, delivering superior returns by investing inGrowth at a Reasonable Price (GARP) Par: Fixed income investments along withinvestment in growth assetslike INVIT, REITs, Real Estate, AIF etc. Ensuingdiversification and credit quality across portfolio,minimize credit and concentration risks		Middle Office – Led by CRO Independentcredit review of portfolio and all new investment proposals Derivative risk management Early Warning Frameworkfor Impairments and Performance 450 plus (regulatory and internal) limits monitored daily Consequence management of stressed assets		Back Office – Led by CFO Ensuringimplementation of cash flow matchingrequirement of ALM Valuation, Collateral and Margin management of Derivatives Appropriateprovisioning for stressed assets

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Approach on Information Security and Business Continuity Risk

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Business Continuity:
Cyber DARE framework for Internal and External Validation:
managing security goals:  Robust framework based on ISO
 Dedicated CISO, internal security 22301
 Robust framework based on ISO team and external security partner(s)
27001  Business continuity plans reviewed

 D efensive focuses on protective Independent external benchmarking annually & approved by function
technologies and security by design (Bit Sight) to keep abreast with heads
 emerging security trends
A ggressive focuses on testing the
 Annual BCP drill
effectiveness of controls deployed
proactively

 Alternate Disaster Recovery (DR
R esponsive focuses on building
site) and regular data backups with
resilience measures against cyber
movement to DR site
attacks

E ngaging focuses on stakeholder
 Crisis Action Manual to speed up
involvement as coherent
recovery response
participant to robust security
posture
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Approach on Operational Risk

• Preventive Programs Detective Programs Corrective programs

• Multi-tier governance and  Customized Incident  Revenue Assurance model automation for highest Management program for concurrent checks impact areas  Enterprise-wide tool for  Cross functional forum for

• Quantified risk appetite for incident disclosures system gaps

• – Operational errors  Risk certifications for critical

• – Product set up errors processes

• Comprehensive Vendor due diligence

Risk culture and control mindset

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How are we different..

1

Independent roles of Appointed Actuary, Chief Risk Officer, Chief Compliance Officer and Chief Audit Executive

2

3

Standalone Board Committee for reviewing Actuarial matters CRO involvement in all matters of strategic importance with independent review of business plan

4

Quantified risk appetite statement to the extent possible 5 Enterprise wide risk monitoring covering all risks facets

6

Differential approach to manage different risks- No one size fits all approach

7

Segregated and independent investment sub offices

8

Comprehensive ‘Cyber DARE’ strategy to cover all facets of cyber risk

Crisis Action Manual to speed up recovery response in case of a BCP event

9

Customized incident reporting and monitoring for operational risks covering all business areas

10

62

ERM Team’s Proud Moments – Indian and Global Recognitions

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We shined in Industry and bagged 5 Risk Management awards (UBS Forum) in Jan 2020

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Chief Information Security Officer (CISO) in Global Top 100

• Risk Management Team of the Year

• The Most Innovative Risk Strategy of the Year

CRO chosen in last 3 finalists internationally

• The Chief Risk Officer (CRO) of the Year

• The Risk Manager of the Year

• The Risk Rising Star of the Year

63

Thank You

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