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Mastek Expects 40% Capital From Insurance Wing

Currently the company is focusing on Elixir, a single integrated flexible solution for insurance carriers

Mastek is expecting its insurance vertical to contribute around 35-40% of its total revenues in current fiscal – reported DNA India.

The company deals with both, life and general insurance, but its primary focus is on life insurance. Currently, Mastek is focussed on Elixir, which is a single integrated flexible solution for insurance carriers.

In 2009, Mastek commenced Elixir Distribution Management for life and annuity insurance carriers in India and the US. The total market opportunity for the vertical pursued by the company is $10 billion.

R Sundar, Founder, Director and Insurance Head, Mastek, said: When we hit $1 billion in revenues, I would say insurance would contribute around 35-40%. This will not be in the next year. Depending upon the economy and other factors, this could be taking anywhere between three- and five-year horizons.”