IBM (
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IBM will help deploy and transform the insurance policy processing platform by providing end-to-end technology backbone for Max Vijay, a new business initiative introduced by Max New York Life. The initiative is part of the 10-year multi-million dollar services agreement signed between IBM and Max New York Life Insurance in December 2007.
IBM’s service will touch most of the functions like insurance policy system administration, policy setup, new business processing, customer care and claims processing.
Using wireless handheld devices, IBM will link front end with the back end system through data transfer via general packet radio service (GPRS). This will facilitate issuance of insurance policies on-the-spot. In addition, IBM will also provide disaster recovery services for Max New York Life's critical operations.
Analjit Singh, chairperson at Max New York Life Insurance Company, commented: “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.”
“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,” added Shankar Annasamy, managing director for IBM’s India/South Asia operations, in a statement.
Annasamy concluded: “This initiative reinforces IBM's position as a leading and strategic partner for Indian enterprises.”
Max Vijay is aimed at making insurance available in every nook and corner of the country and hence will be sold across channels like neighborhood stores, microfinance institutions and non-government organizations (NGOs).
Max New York Life is a joint venture between Max India Ltd., an Indian multi-business corporate and New York life, a Fortune 100 company.