IDBI Fortis Life Insurance to use Mastek's Elixir System

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 theirInsurance 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."

He added, "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 theinsurance industry we see tremendous growth coming from this region.

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