Mastek subsidiary wins Maryland insurance company's contract

NEW DELHI: IT solutions provider Mastek today said its subsidiary Majescomastek signed an agreement with the US-based Maryland Automobile Insurance Fund for providing administration and billing solutions.

The company, however, did not disclose the amount for the deal with Maryland Automobile Insurance Fund (MAIF), which is an independent agency of the State of Maryland in the US providing automobile liability insurance.

In a filing to the BSE, Mastek said: "Majescomastek, subsidiary of Mastek Ltd, has signed an agreement with MAIF for implementation of STG's policy administration and STG's billing solutions for its legacy replacement and core processing modernisation."

In addition to the policy administration and billing solutions, MajescoMastek's STG Insurance Content Designer (lCD) and STG Insurance Content Manager (ICM) will empower MAIF's business and IT users to manage content, it added.

The content would be accessed through a modern architecture built on open standards, offering an intuitive, web-based user experience, along with built-in industry best practices, it said.

Mumbai-based Mastek has operations in India, the UK, North America, Malaysia, Thailand and Singapore.

MAIF was created by the Maryland State Legislature in 1972 for the purpose of providing automobile liability insurance for those residents of the State of Maryland who are unable to obtain it elsewhere in the private insurance market.

Shares of Mastek today fell by 2.78 per cent to settle at Rs 129.55 apiece from their previous close at the BSE.