Hyderabad, July 31 (UNI) 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.
Max Vijay was a new business initiative introduced by Max New York Life. This was part of the 10-year multi-million dollar services agreement signed between IBM and Max New York Life Insurance in December 2007. It was one of the largest deals in the Indian financial sector, according to a release here.
IBM would help Max New York Life Insurance to deploy and transform its insurance policy processing platform and provide end-to-end technology backbone for Max Vijay, a revolutionary insurance product designed specifically for the under-served segment of the Indian society. The product combines the best of insurance and savings and gives end-customers a means to aggregate their earnings in a structured and well-planned manner.
Max New York Life Insurance Company Limited Chairman Analjit Singh 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 realise 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.'' IBM India Private Limited Managing Director Shanker Annaswamy said ''IBM has deep global experience in business transformation and innovation in the insurance sector. We will tap these skills and knowledge to help Max New York Life Insurance to 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,'' he said.
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