IBM Provides Technology Backbone for Max Vijay, a New Business Initiative by Max New York Life for the Untapped Indian

BANGALORE, INDIA, Jul 31 (MARKET WIRE) --
IBM (NYSE: IBM) and Max New York Life Insurance Company Limited today
announced the rollout of an integrated solution for policy issuance and
administration for Max Vijay -- a brand 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 December 2007.

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

Announcing the rollout, Mr. Analjit Singh, Chairman, Max New York Life
Insurance Company Limited, 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."

Mr. Shankar Annasamy, Managing Director, IBM India/South Asia, said, "IBM
will bring its deep global expertise in business transformation and
innovation in the insurance sector 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 the 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."

As part of the rollout, IBM will provide services across the following
functions to Max Vijay:

-- Insurance policy system administration
-- Policy setup
-- New business processing
-- Customer care
-- Claims processing

For Max Vijay, IBM will use wireless handheld devices, which enable
data transfer via GPRS to the back-end systems facilitating 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 like neighborhood stores, microfinance institutions and NGOs
among others. IBM will also provide disaster recovery services for Max
New York Life's critical operations.

For the very first time an insurance product will be made available
through retail channels and this is a milestone being created by Max New
York Life in the Indian insurance industry. IBM today sets yet another
benchmark in the Indian IT services market by enabling a client to
innovate its business model in support of its efforts to achieve
unprecedented growth.

The relationship between IBM and Max New York Life will empower millions
of Indians to benefit from the economic boom in financial services that
was hitherto denied to them through innovative and first-of-its-kind
insurance plans. IBM's application and technology platform is designed in
a manner that can scale and refresh as Max New York Life's business needs
evolve.

About IBM

For more information on IBM visit www.ibm.com/services.

About Max New York Life Insurance (www.maxnewyorklife.com,
www.maxvijay.com)

Max New York Life is a joint venture between Max India Ltd., one of
India's leading multi-business corporate and New York life, a Fortune 100
company. Max New York Life Insurance, incorporated in 2000, is one of
India's leading private life insurance companies. The company offers both
individual and group life insurance solutions. It has established a wide
distribution network across India. Max New York Life has sold well over
2.7 million policies with more than Rs. 77,000 crore in sum assured. It
has more than 46,800 agents, who are widely recognized as among the best
in the industry. Through its wide network of highly competent life
insurance agent advisors and flexible product solutions, Max New York
life Insurance is creating a partnership for life with its customers in
India.

Press Contacts:
Anisha Motwani
Max New York Life Insurance
+91 9810146901

Bruce McConnel
IBM Global Technology Services
914.766.4427 direct
203.739.5462 mobile

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