Mastek launches ElixirAsia to tap Asian market again
By siliconindia   |   Thursday, 13 August 2009, 19:11 IST
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Bangalore: Mastek, a Mumbai - based IT solutions provider, has launched a platform for life insurance carriers named as 'ElixirAsia' in the Asian market. This new product of Mastek will enable insurance carriers to go live with their business in 90 days. With the launch of ElixirAsia, Mastek is trying to grow in Asian market again, after company had closed its operation in nineties due to the Asian crisis. ElixirAsia encapsulates over 2000 man years of experience gained from multiple insurance implementations in the region. It is a product, which caters to all aspects of the insurance business lifecycle from proposal to claims, while accommodating emerging distribution models. On the launch of this product, Sudhakar Ram, Chief Managing Director, Mastek said, "The Asian insurance market is the most attractive growth market in the next decade. With our strategic focus, market proximity and unique set of products and competencies, we expect to be the market leader in the region." The insurance sector is likely to be a major driver for the company's growth in the next five years. The company is expecting to grow its Asian business from five percent to 20 percent of revenues in the next five years. Vilas Kanyal, Head - Asia-Pacific, Mastek said, "The Asian insurance industry is witnessing tremendous changes with India alone growing at more than 25 percent over the last few years. This market, unlike the western countries is characterized by a high volume and rapid scale of business." The insurance sector currently contributes around 30 percent of Mastek's revenues. To expand its business globally, the company had acquired Systems Task Group (STG), a provider of enterprise software solutions to the North America general insurance industry last year, and in the year before, it had acquired Vector Insurance Services. Both acquisitions have been integrated into Mastek.

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