Mastek, Genpact collaborate to focus on insurance sector

Mastek Ltd., a multinational information technology solutions and services outsourcing provider dealing with insurance, financial and government services verticals with headquarters in Mumbai, India, has entered into a joint venture with India’s largest BPO firm Genpact Ltd. to target the insurance industry. According to a filing to the Bombay Stock Exchange, MajescoMastek, an entirely owned auxiliary of Mastek, the strategic partnership between the two firms will facilitate the operations of the insurance firms by taking advantage of technology solutions and business process management.

Quoting Mike Dufton, president of MajescoMastek (North America), a business website says that mutually both the firms could refocus on offering solutions that work out all business predicaments of the clients. At the same time, they would be able to provide the insurance carries cost-effective business paradigms that would permit them to allocate the risk with their clients, a provision that the insurance carriers were demanding their vendors to execute, Dufton added.

Following the partnership deal, the two firms will provide combines business process management and information technology solutions to the big and middle-level insurance carriers. The filing to the Bombay Stock Exchange further stated that the collaboration between Genpact and MajescoMastek will help them to handle the extreme cost pressure and, at the same time, leverage process effectiveness as well as pioneering know-how in an economic and cost certain mode.

According to Mohit Thukral, senior vice-president and business leader (financial services) of Genpact Ltd, the collaboration between his firm and MajescoMastek has been welcomed by the clients of both the companies and hoped that henceforth their combined services will make a real difference in the operations of the insurance carriers and also have a positive impact on the insurance market.