IBM Provides Technology Backbone for Max Vijay, a New Business Initiative by Max New York Life for the Untapped Indian Population
BANGALORE, INDIA - IBM (NYSE: IBM) and Max New York Life Insurance Company Limited today announced the rollout of an integrated solution for policy issuance and administration for Max Vijay -- a brand new business initiative introduced by Max New York Life. This is part of the 10-year multi-million dollar services agreement signed between IBM and Max New York Life Insurance in December 2007.
IBM will help Max New York Life Insurance deploy and transform its insurance policy processing platform and provide end-to-end technology backbone for Max Vijay, a revolutionary new insurance product designed specifically for the under-served segment of the Indian society. The product combines the best of insurance and savings and gives the customers a means to aggregate their earnings in a structured and well-planned manner.
Announcing the rollout, Mr. Analjit Singh, Chairman, Max New York Life Insurance Company Limited, said, “Max Vijay empowers millions of Indians, who may not be a part of the economic growth scenario that the country is witnessing today, to participate in the revolution and realize their dreams. The business model leverages innovation at every step, be it product design, technology, distribution or service delivery, to ensure a comprehensive offering for the common man.”
Mr. Shankar Annasamy, Managing Director, IBM India/South Asia, said, “IBM will bring its deep global expertise in business transformation and innovation in the insurance sector to help Max New York Life Insurance set new benchmarks for customer experience, create new avenues for business growth and address a largely under-served rural and semi-urban market for life insurance. We are excited to have this relationship with the leading player in the rapidly growing life insurance sector in India. This initiative reinforces IBM’s position as a leading and strategic partner for Indian enterprises.”
As part of the rollout, IBM will provide services across the following functions to Max Vijay:
* Insurance policy system administration
* Policy setup
* New business processing
* Customer care
* Claims processing
For Max Vijay, IBM will use wireless handheld devices, which enable data transfer via GPRS to the back-end systems facilitating on-the-spot issuance of insurance policies. Aimed at making insurance available in every nook and corner of the country, Max Vijay will also be sold across channels like neighborhood stores, microfinance institutions and NGOs among others. IBM will also provide disaster recovery services for Max New York Life’s critical operations.
For the very first time an insurance product will be made available through retail channels and this is a milestone being created by Max New York Life in the Indian insurance industry. IBM today sets yet another benchmark in the Indian IT services market by enabling a client to innovate its business model in support of its efforts to achieve unprecedented growth.
The relationship between IBM and Max New York Life will empower millions of Indians to benefit from the economic boom in financial services that was hitherto denied to them through innovative and first-of-its-kind insurance plans. IBM’s application and technology platform is designed in a manner that can scale and refresh as Max New York Life’s business needs evolve.
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