MUMBAI, India and BANGKOK--31 Aug--PRNewswire-AsiaNet/ InfoQuest
- 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 http://www.mastek.com
Media contact:
Sanjay Mudnaney
+91-22-2824-7745
Investor/analyst contact:
Abhinandan Singh
+91-22-2824-7864
Investor Grievance-
SOURCE: Mastek
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Ocean Life Insurance Co., Ltd, Life Partner…and Beyond, led by Nusara (Assakul) Banyatpiyaphod, (4th from right), president, together with alliances of “Power of Thai’ project presented study kits, necessary items and encouragement to teachers and students at Wat Khokchang (Radbamrung) School, which was suffered from big flood in late last year. Volunteer staff and insurance agents also join volunteer activity by helping painted school wall at Wat Khokchang (Rashbamrung) School, Ayudhya province