Since being formed in 2000, Max New York Life (MNYL) has established a wide distribution network for its life insurance policies in India. A joint venture between Max India and New York Life, the company offers both individual and group life insurance solutions to the growing Indian insurance market, according to Amit Kumar, group CIO for the carrier.
After its startup, MNYL found it was being held back by the existing policy administration system it inherited from New York Life. By 2002, the carrier realized the need for an upgraded system. "We made an extensive study and chose Ingenium from EDS SOLCORP as a policy administration system," says Kumar.
A year later, though, MNYL encountered additional requirements for handling agency compensation functions, which Kumar felt were insufficient with the Ingenium product. "We found the MajescoMastek product Elixir and saw it had a rich functionality," he says.
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