Mumbai: Mastek, Mumbai-based listed IT firm, is looking at increasing its annual revenue to Rs 450 crore each from global insurance and non-insurance businesses in the current fiscal.
"As of March 31, 2014 our total annual turnover was around Rs 830 crore which was equally divided between the two verticals. However, we are looking at crossing the mark of Rs 900 crore by the fiscal-end from both the verticals, Rs 450 crore from each," Mastek group chief executive officer and managing director Sudhakar Ram said Monday.
It is in talks with life insurance companies including Aviva and Max New York life insurance to provide them software solutions. CSC is the other player in this space.
"We do believe that Indian insurance sector lacks in sectors like sophistication of claim processing, new business automated underwriting and distribution," he said.
Ram was speaking after the announcement of demerger of the insurance products and service business. While Mastek will handle non-insurance business, the new entity Majesco will handle the insurance business.
Majority of company's annual revenue, USD 80 million, comes from the US insurance market.
"Our annual revenue earning from the US insurance market last year was at around USD 63 million," director-marketing Ketan Mehta said.
The company is providing its services to 80 US firms.
"Though our earnings from Indian insurance sector currently is as low as USD 2 million, we are bullish towards making it big in the country's growing insurance sector. We are also looking at getting business from the forthcoming common third party administrator comprising all the four state - owned general insurers which is likely to become operational since April next year," Mehta said.
