In the News
MajescoMastek Rated "Mature" Player in Life Insurance Outsourcing By Gartner
Yahoo Finance 1st Dec 2005
Analyst Firm Says Domain Experience is Essential When Selecting an ITO Firm
EDISON, N.J.--(BUSINESS WIRE)--Dec. 1, 2005
MajescoMastek, a leading global provider of insurance-related software and services, has developed a "strong maturity" in information technology outsourcing (ITO) for the life insurance industry, according to Gartner.
The analyst firm recommends that insurance companies select outsourcing providers for strategic projects with proven experience in the industry segment and function. Gartner also predicts that the number of strategic outsourcing projects will increase during the next two years.
In a report titled "Domain Experience a Must for Insurance Outsourcing," Gartner compares several outsourcing companies on their level of experience in different product and functional areas. It rated MajescoMastek as being a mature player in ITO life insurance.
"In addition to being ranked a mature player by Gartner with considerable expertise in our focused markets, we also provide solutions that deliver tangible business benefits to our customers, which is another important consideration when selecting an ITO firm," said Vijay Chavan, Vice President and Head Global Insurance and Finance Services Practice for MajescoMastek. "We have doubled our insurance business every year since 2002 and our goal is to be among the top three solutions providers in the global industry in the next three years."
Gartner Sees MajescoMastek Focus on Distribution Management
The company's information technology roots as the U.S. subsidiary of Mastek, an India-based provider of IT services, business applications and outsourcing, has enabled it to strengthen its focus on insurance and reinsurance, the report notes.
"The company has used its IT heritage to penetrate this market," said Kimberly Harris-Ferrante, Vice President and Research Director, Gartner Financial Services. "As a result, it has developed a strong maturity in life ITO and acquired customers in North America, Europe and Asia Pacific."
The company has competencies in the complete range of insurance functions and has developed a primary focus in distribution management, including point of sale, agency portals and agency compensation, the report said.
About MajescoMastek
MajescoMastek, the U.S. subsidiary of Mastek Ltd., the global technology solutions provider, currently generates over $15 million per year in insurance-related software and services specializing in the life, annuity and health insurance sectors. MajescoMastek's suite of software components are supported by over 1,000 consultants dedicated to insurance customers.
Contact:
Ashish Jha
ashishmj@majescomastek.com
Tel-732.590.6442