IBM partners Max New York Life Insurance

Mumbai

Aug 1, 2008

IBM and Max New York Life Insurance Company have rolled out an integrated
solution for policy issuance and administration for Max Vijay. Max Vijay is a
new business initiative introduced by Max New York Life. This is part of the
10-year, multi-million dollar services agreement signed between IBM and Max New
York Life Insurance in Dec 2007.

IBM will help Max New York Life Insurance to deploy and transform its
insurance policy processing platform and provide the end-to-end technology
backbone for Max Vijay, an insurance product designed specifically for the
under-served segment of the Indian society. The product combines the best of
insurance and savings, and gives end-customers a means to aggregate their
earnings in a structured and well-planned manner.

Announcing the rollout, Analjit Singh, Chairman, Max New York Life Insurance
Company said, “Max Vijay empowers millions of Indians, who may not be a part
of the economic growth scenario that the country is witnessing today, to
participate in the revolution and realize their dreams. The business model
leverages innovation at every step, be it product design, technology,
distribution or service delivery to ensure a comprehensive offering for the
common man.”

Shanker Annaswamy, MD, IBM India said, “IBM has deep global experience in
business transformation and innovation in the insurance sector. We will tap
these skills and knowledge to help Max New York Life Insurance set new
benchmarks for customer experience, create new avenues for business growth and
address a largely under-served rural and semi-urban market for life insurance.
We are excited to have this relationship with a leading player in the rapidly
growing life insurance sector in India. This initiative reinforces IBM's
position as a leading and strategic partner for Indian enterprises.”

For Max Vijay, IBM will use wireless handheld devices, which enable data
transfer via GPRS to the back-end systems and facilitate on-the-spot issuance of
insurance policies. Aimed at making insurance available in every nook and corner
of the country, Max Vijay will also be sold across channels such as neighborhood
stores, microfinance institutions and NGOs, among others. IBM will also provide
disaster recovery services for Max New York Life's critical operations.