Mastek Ltd, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organizations worldwide, and IDBI Fortis Life Insurance Co Ltd, a joint venture between three leading financial conglomerates - IDBI, Federal Bank and Fortis, each of which enjoys a significant status in their respective business segments, have jointly announced the launch of their Insurance business in India on Mastek's Elixir Policy administration system.
After the successful launch, both companies which are headquartered in Mumbai also announced the signing of the contract for the second phase, which would enhance the scope of Mastek to provide additional modules of Elixir covering Channel Management, Claims, Re-Insurance etc. in addition to basic policy administration.
Mastek's 'Elixir', is a component-based solution for policy administration specifically targeted to insurance companies that want to launch hybrid products and improve the efficiency of their distribution networks. This single solution is designed to support all product lines including traditional life, health, unit linked, annuities and pension products. It is an end-to-end policy administration platform that integrates the front and back office.
Commenting on the contract, Mr. Sudhakar Ram, Chairman, Group CEO & Managing Director, Mastek, said: "At Mastek, it has been our constant endeavor to provide our customers with high value propositions. We are proud to partner with IDBI Fortis and create value for their customers. Mastek has consistently demonstrated its capability to address and comprehend insurance sector requirements across the world. Having implemented similar projects successfully across geographies we are confident that through our capabilities and experience we will be able to support the aggressive growth plans of IDBI Fortis and help them service their customers better."
"India is a strategic market for Mastek in terms of growth in the insurance vertical and with a strong track record and a unique set of proprietary frameworks and competencies, such as Elixir, which is an end-to-end solutions platform for the insurance industry we see tremendous growth coming from this region."
Speaking on the occasion IDBI Fortis MD & CEO G.V. Nageswara Rao said "IDBI Fortis is looking to rapidly expand its life insurance business and an effective IT solution is an essential prerequisite for us. We need a solution that enables us to launch innovative products in quick time and is able to deliver high quality service to our customers by implementing an efficient operations process. We are glad that in Mastek we found the right IT partner to enable this. We selected the Elixir Policy Administration System based on Mastek's extensive exposure in the insurance field, its technology expertise, proven implementation skills and a commitment to cater to the insurance markets across the world.
After a detailed evaluation of several competing solutions, we found that Mastek offered a technology that best suited our business requirements"
Maarten Kerbert, COO has this to add "We have been working with the Mastek team on the end to end Indian Elixir implementation. Just a few weeks ago we launched our company. The Mastek team has certainly put their best foot forward. At the final stage things are always hectic, last minute changes and requirements, that is all part of the game.
I am happy to say that the implementation was successful, thanks to the flexibility and the commitment of the entire Mastek team"
Benefits to IDBI Fortis
This engagement has given IDBI Fortis an opportunity to undertake a green-field implementation allowing them to inherit best practices that Mastek has to offer from a domain stand-point. The implementation of the system will consequentially result in a host of benefits that will accrue to IDBI Fortis in the form of ease and ability to launch new products faster and thereby serving customers and meeting their needs better. It would also be able to launch newer channels in the markets easily. The implementation will enable them to adhere to high levels of flexibility in adapting to changing needs of their customers. Maintaining the software would be relatively easy and the cost of ownership would also be low. This contract entails all the Modules of Elixir which are: Product Architect Suite, New Business/underwriting, Policy Servicing, Point of Sale, Channel Management, Re-insurance, Claims and Finance.
Details of the implementation
The implementation of the globally successful system is to be done in two phases, the first of which went live in March 2008 effectively and helped IDBI Fortis launch their business in India. The second phase would be implemented over a period of next eight months.