Tech Mahindra Bets Big on Digitally Transforming Insurance Industry; Acquires Com Tec Co IT Ltd and Invests in Two Leading InsurTech Platforms
Summary
Vivek Agarwal, President - BFSI, HLS, and Corporate Development, Tech Mahindra, said, “The Insurance industry is currently undergoing a significant transformation which is driven by new emerging business models, that are powered by disruptive digital technologies. In order to enable this digital transformation, we are investing in strengthening our capabilities to support insurers in accelerating their transition to cloud-based platforms and provide end-to-end engineering with a strong European nearshore presence. CTCs expertise and experience in delivering marquee solutions for customers will complement Tech Mahindras offering to provide end-to-end digital engineering, Artificial Intelligence, Machine Learning and DevSecOps capabilities. Avraham Shaked, Co-Founder, Com Tec Co IT Ltd, said, “Since our inception over 20 years ago, we have scaled sustainably entirely through customers’ recommendations and delivered award-winning strategic solutions for them in the insurance and reinsurance industry. Becoming a part of a global entity like Tech Mahindra will give us immediate access to global scale and create a tremendous growth and development opportunity for our people and the business.” The acquisition underlines Tech Mahindra’s focus on digital growth, under the NXT.NOW™ framework, which is focused on leveraging next generation technologies to deliver disruptive solutions today, and further enable digital transformation to meet the evolving and dynamic needs of its customers.
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