 "IBM To Provide Technology Backbone For Max Vijay")
IBM and Max New York Life Insurance Company have rolled out an integrated solution for policy issuance and administration for Max Vijay. Max Vijay is a new business initiative introduced by Max New York Life. This is part of the 10-year services agreement signed between IBM and Max New York Life Insurance in December 2007.
IBM will help Max New York Life Insurance deploy and transform its insurance policy processing platform and provide the end-to-end technology backbone for Max Vijay, a revolutionary insurance product designed specifically for the under-served segment of the Indian society. The product combines the best of insurance and savings and gives end-customers a means to aggregate their earnings in a structured and well-planned manner.
Analjit Singh, chairman, Max New York Life Insurance Company, said, “Max Vijay aims to empower 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 realise 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”.
Shanker Annaswamy, managing director, IBM India, said, “We will try 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”.
As part of the roll out, IBM will provide services to Max Vijay across functions like insurance policy system administration, policy setup, new business processing, customer care and claims processing.
For Max Vijay, IBM will use wireless handheld devices, which enable data transfer via GPRS to the back-end systems and facilitate on-the-spot issuance of insurance policies. Aimed at making insurance available in every nook and corner of the country, Max Vijay will also be sold across channels such as neighbourhood stores, microfinance institutions and NGOs, among others. IBM will also provide disaster recovery services for Max New York Life’s critical operations. Through Max’s new business model, an insurance product will be made available through retail channels for the first time in India.
IBM’s application and technology platform is designed in a manner that can scale and refresh as Max New York Life’s business needs evolve.