IT service provider IBM and Max New York Life Insurance Company on Thursday announced the launch of an integrated solution for policy issuance and administration for Max Vijay, a new business initiative introduced by Max New York Life.
IBM would help Max New York Life Insurance to 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 under-served segment of the society, a release said.
IBM will also provide service to various functions of Max Vijay, including insurance policy system administration, policy setup, new business processing and customer care.
For Max Vijay, IBM would use wireless hand-held devices, which enable data transfer through GPRS to the back-end system and facilitate on-the-spot issuance of insurance policies.
Aimed at making insurance available in every nook and corner of the country, Max Vijay would also be sold in neighbourhood stores, microfinance institutions and NGOs, among others. IBM would also provide disaster recovery services for the Max New Life's critical operations.