Mastek targets insurance mkt in India, APAC

With a target of increasing its Asia-Pacific revenue to 20 per cent in the next three to four years, Mastek, the IT solutions firm, has launched Elixir Asia, a platform for life insurance carriers, for the Asia Pacific and the Indian market. Presently, the Asia-Pacific contributes 5 to 6 per cent to the company’s revenue.

The solution is being targeted towards new players who plan to enter the Indian market, as well as the replacement market within the region.

“We expect our revenues from Elixir will touch $80 million (Rs 370 crore) in the next five years,” said Sudhakar Ram, CMD, Mastek. It expects insurance to be 42-45 per cent of its revenue in the next three years from the current 30 per cent.

ElixirAsia is described as an out-of-the-box platform with ready to deploy pre-configured products, interfaces and reports, backed by a proven implementation methodology.