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, an insurance product designed specifically for the underserved segment of the Indian society. The product is said to combine the best of insurance and savings and give end-customers a means to aggregate their earnings in a structured and well-planned manner.
Shared Shanker Annaswamy, managing director, IBM India Pvt Ltd, “We will 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. We are excited to have this relationship with a leading player in the rapidly growing life insurance sector in India.”
As part of the rollout, IBM will provide various services across the following functions to Max Vijay, including 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 neighborhood stores, microfinance institutions and NGOs, amongst others. IBM will also provide disaster recovery services for Max New York Life’s critical operations.
Max Vijay will be made available through retail channels, claimed to be the first for an insurance product. |
