Apollo Munich Health Insurance Wins Celent Model Insurer Asia 2011 Award

MUMBAI, India, Jan. 13, 2011 /PRNewswire/ -- Apollo Munich Health Insurance Co. Ltd. (AMHI), was felicitated with the Celent Model Insurer Asia 2011 award in the Policy Administration System (PAS) category. The award recognizes excellence in technology best practices at insurers in Asia, in various categories.

Apollo Munich implemented Mastek's ElixirAsia Health within a period of 60 days. The workflow-enabled system supports straight through processing (STP) of the whole health product life cycle with integration to all back end systems. Mastek is a high-end IT solutions player with global operations, providing new technology and IP-led enterprise solutions with a focus on the Insurance and Government verticals worldwide.

Apollo Munich has multiple product lines in the health insurance space and caters to the retail as well as the corporate market segments. AMHI wanted to administer multiple health insurance product lines through a single system that could support the entire health insurance business, within the challenging timeline of two months.  The application went live in 60 calendar days thus meeting the challenging implementation target.

The ElixirAsia Health solution standardized insurance activities for different lines of business providing integrated support for distribution management, underwriting and financial receipting. The system's customer-centric framework allowed a single-window view of all insurance functions thereby increasing productivity of the Business Users.

The solution enables AMHI to configure new products in 1-2 days with a significant improvement on time to market.

Commenting at this achievement, Mr. Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance Company Limited, said, "It gives me immense pleasure to receive this award. We are committed not only to improve our business efficiency and growth but also enhance the customer experience through systematic development of our systems and processes. To meet the challenge, we needed a solution provider that had the domain knowledge to understand and implement the needs of our industry and work on our vision with immediate effect. Mastek helped us implement the right kind of solution using its industry insights within the stipulated time of two months. The solution has truly facilitated higher customer satisfaction index and live our promise of Let's Uncomplicate."

On this occasion, Wenli Yuan, Senior Analyst, Asia Research Group, Celent, said, "Apollo Munich Health Insurance Company has implemented a workflow-enabled system that supports straight through processing of the whole health product lifecycle with integration to all back end systems. Apollo Munich was chosen for Celent Model Insurer Asia because of the company's best practices for automation, system integration, and STP."

Mr. Vilas Kanyal, Head – Asia Pacific at Mastek, said, "We congratulate Apollo Munich Health Insurance for receiving the Celent Model Insurer Asia award. We are honoured to partner with AMHI to implement our ElixirAsia Health solution, which supports their entire health insurance business. They are a leading player in the industry and have helped shape the growth of the insurance industry. We are committed to providing best-of-class IT solutions and services on our Elixir platform to our customers and have successful implementations in health, individual and group life in the Asian Insurance industry."

About Apollo Munich Health Insurance

Apollo Munich Health Insurance Co. Ltd. is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re's newest business segment.

Apollo Munich is a specialized health insurance company in India that has expertise in both health and insurance and is able to leverage this understanding for the benefit of its customers. The company offers comprehensive health insurance plans for individuals and their families as well as for corporate houses. The company also offers individual personal accident plans and travel insurance for individuals, families and senior citizens.  

About Mastek

Mastek is a publicly held (NSE: MASTEK; BSE: 523704) leading IT player with global operations providing enterprise solutions to government, insurance and financial services organizations worldwide. Headquartered in India, Mastek has offices across North America, Europe and Asia Pacific regions. Mastek has over 17 years of insurance experience with over 100 insurance customers globally. With over 5000 man years of experience in the insurance domain and a dedicated centre of excellence, Mastek's intellectual property spans across Life, Annuities & Pensions and Property & Casualty domains. In North America Mastek is known as MajescoMastek.

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SOURCE Mastek