Mastek bags orders from 3 foreign insurance cos

Mumbai, Dec 18 (UNI) City-based Mastek Limited, a global software solutions and integration services provider, has secured orders from three large foreign insurance companies operating in India.

Refusing to divulge the names of the companies and order details, stating the agreements were yet to be formalised, Insurance Business Chief Vijay told visiting journalists from Chennai that the fresh orders would help the company post more than 60 per cent growth in the insurance vertical.

While one foreign company had just entered the business in India, the other two were already established. But he declined to disclose the names citing confidentiality clause.

Presently, Mastek, which had been focusing on the Insurance Industry since 1991, earned 26 per cent of its total revenue from the vertical and had been doubling its growth in the last three years.

"The fresh orders with three foreign companies, which have partnered with Indian insurance companies, will help us to up the growth to 60 per cent year-on-year in the next few months," Mr Vijay said.

Mastek has 54 active engagements in the insurance industry and 45 per cent of the Indian insurance companies are its customers.

In the next two to three years, Mastek was all set to emerge as one of the top insurance service providers, Mr Vijay said.

"Our vision is to be amongst the top three global solution and service providers for the life and health insurance industry.

"Our plan is to offer a complete and comprehensive solution for the life and health industry. The aim is to create deep partnerships with leading life and health insuurance companies," Mr Vijay said.

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