MEDIA RELEASE PR41005
Ocean Life Insurance (Thailand) Selects Mastek's ElixirAsia Policy Administration System as its IT
Platform for Growth
MUMBAI, India and BANGKOK, Aug. 31 /PRNewswire-AsiaNet/ --
- OLI set to Improve Operational Efficiency and Gear up for
Growth in the Thai Market
- ElixirAsia Policy Administration System implementation to Cover
Both Individual Life and Group Life
Mastek Ltd, a high-end IT solutions player with global
operations providing new technology and IP-led enterprise solutions to
insurance, government, and financial services organizations worldwide, today
announced that Ocean Life Insurance Co Ltd. (OLIC), Thailand has selected
ElixirAsia, Mastek's enterprise-wide policy administration system. The
implementation of the system will cover all lines of business at OLIC,
including individual life and group life.
This implementation will enable OLIC to address some critical
business issues, enhance operational efficiency, and noticeably improve the
manner in which it manages customer relationships. Mastek will, thus, partner
in OLIC's overall long-term growth strategy.
Mr. Vidyesh Khanolkar, Head - Insurance Practice, Asia Pacific
at Mastek, said, "ElixirAsia is a new generation advanced solution built on a
modern architecture to meet current and future growth needs of Insurance
carriers in Asia. It addresses all aspects of the business for life insurance
carriers. We are certain this scalable solution will be the platform for
growth for OLIC."
Commenting on the occasion, Mrs. Nusara Banyatpiyaphod -
President, Ocean Life Insurance, said, "While maintaining our leadership in
the grass-root segment we, as part of our growth strategy, plan to diversify
our customer base and expand further into the middle-income and premium
customer base with new products. Mastek's ElixirAsia offers us a proven and
functionally rich platform that addresses our needs. This, coupled with their
expertise in the Insurance technology domain, made us choose Mastek. We are
certain that with this implementation, we will not only be able to serve our
customers better but also be empowered to implement our growth strategy
effectively."
Speaking on the occasion, Mr. Vilas Kanyal, Head - Asia
Pacific at Mastek commented, "OLIC's faith in Mastek and ElixirAsia Policy
Administration System validates our strategic focus on and commitment to the
global insurance market. This occasion also marks Mastek's entry into
Thailand's life insurance market. We are glad to be Ocean Life's choice and
look forward to building a successful partnership with them."
About Mastek
Mastek (NSE:MASTEK; BSE:523704) is a publicly held, leading IT
solutions player with over 17 years of insurance experience providing
enterprise solutions to over 100 insurance customers across North America,
Europe and Asia Pacific.
About ElixirAsia
ElixirAsia is a policy administration system from Mastek,
built to meet the growing and unique insurance market needs in Asia.
ElixirAsia is proven to support high volume of policies catering to all
aspects of the insurance business lifecycle, from proposal to claims while
accommodating emerging distribution models, at low total cost of ownership.
It comprises ready to deploy pre-configured products, interfaces and reports,
backed by Mastek's proven implementation methodology.
About Ocean Life Insurance
Ocean Life Insurance Co. Ltd is a leading insurer offering a
wide range of life insurance policies for all needs, including ordinary life
insurance, industrial life insurance, group life insurance, personal accident
insurance, and health insurance. It's trusted by over two million customers
of all social economic status. In 2009, its total assets were 63 billion baht
(estimated) and a reserve of 54 billion baht (estimated). It has a network of
251 branch offices and more than 14,000 insurance agents in Thailand.
For more information, please visit our web site
Media contact:
Sanjay Mudnaney
+91-22-2824-7745
sanjay.mudnaney@mastek.com /
leon@corvoshandwick.co.in
Investor/analyst contact:
Abhinandan Singh
+91-22-2824-7864
abhinandan.singh@mastek.com
Investor Grievance-
Investor_grievances@mastek.com
SOURCE: Mastek
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