IBM Provides Technology for Max Vijay

IBM | Quote | Chart | News | PowerRating -- IBM and Max New York Life Insurance Company Limited announced the rollout of an integrated solution for policy issuance and administration for Max Vijay -- a new business initiative introduced by Max New York Life.

According to a release, the rollout is part of the 10-year multi-million dollar services agreement signed between IBM and Max New York Life Insurance in December 2007.

IBM said it will help Max New York Life Insurance deploy and transform its insurance policy processing platform and provide end-to-end technology backbone for Max Vijay, a revolutionary new insurance product designed specifically for the under-served segment of the Indian society. The product combines the best of insurance and savings and gives the customers a means to aggregate their earnings in a structured and well-planned manner.

Announcing the rollout, Analjit Singh, Chairman, Max New York Life Insurance Company Limited, said, "Max Vijay empowers 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 realize 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."

As part of the rollout, IBM will provide services across the following functions to Max Vijay:

-- Insurance policy system administration -- Policy setup -- New business processing -- Customer care -- Claims processing

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