Celent Recognises Success of Mastek's ElixirAsia Policy Administration System

MUMBAI, India, March 24, 2010 /PRNewswire-FirstCall/ --

- Highlights ElixirAsia's Functionality and Mastek's Insurance Expertise in Latest Report

Mastek Ltd, a leading IT solutions vendor providing IP-led enterprise technology solutions to insurance, government, and financial services organizations worldwide has been well rated on Advanced Technology in Celent's "Asian Policy Administration Systems 2009 - Life and Pensions ABCD Vendor View" report for ElixirAsia - its enterprise-wide policy administration system.

Wenli Yuan, Senior Analyst, Asia Research Group, Celent, quotes in the report: "ElixirAsia's recent success on the market is not a surprise, considering its level of functionality and Mastek's expertise and experience in the insurance industry."

Reference customers had positive comments about professional services from Mastek. As per the feedback from customers, the attributes like responsiveness, project management, implementation completed on budget and on time and overall project success were ranked as 'Good'. Clients thought the best thing about the solution was the support for workflow and its comprehensive modules.

    Customer feedback received also included:

    - A rating of 'Good' on the product design/development,
      rating, policy issue, policy service, disbursements, billing and
      premium accounting, workflow, forms and correspondence functions.

    - Moderate-training requirement, where only a few weeks were
      required before end-users of the policy administration system were
      productive.

    - Ease of integration was ranked as 4. (Rank 1 being very
      difficult and Rank 5 being considered very easy to integrate.)

Mr. Vilas Kanyal, Head - Asia-Pacific at Mastek said, "ElixirAsia equips the well established insurance carriers as well as the new entrants in the industry with a strategic system that is essential to grow their businesses aggressively. It has been built specifically for the Asian Insurance market on the latest technology, which will give the carriers the necessary flexibility to launch new products and go to market quickly instead of being tied down by limitations of legacy-based systems."

Mr. Tom Rogerson, Head of Insurance Product Organization at Mastek said, "At Mastek, we have consistently demonstrated our capability to understand and address insurance sector requirements across global markets. Our product ElixirAsia's rankings in the Celent Report validate the same. Feedback from our customers stands testimony to our constant endeavour to provide customers across the globe with high value propositions."

About Mastek

Mastek is a USD 201 Million (FY 2009), publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, 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.

For more information, please visit our web site http://www.mastek.com

Shareholders may also contact Mastek via email at [email protected], which has been specifically created for the redressal of investor grievances.

Note: Except for the historical information and discussion contained herein, statements included in this release may constitute forward looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those that be projected by these forward looking statements. These risks and uncertainties include, but not limited to such factors as competition, growth, pricing environment, recruitment and retention, technology, wage inflation, law and regulatory policies etc. Such risks and uncertainties are detailed in the Annual Report of the company which is available on the website www.mastek.com. Mastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.

    Media contact:

    Sanjay Mudnaney / Suruchi Sharma,
    +91-22-2824-7745 / 98336-91415,
    [email protected] /
    [email protected] .

    Investor/analyst contact:
    Abhinandan Singh,
    +91-22-2824-7864,
    [email protected] .

SOURCE Mastek Ltd.