Tech Mahindra has announced that Premium Credit Limited, the No. 1 Insurance Premium Finance Company in the UK and Ireland, has selected it to deliver front and backoffice application services.
Tech Mahindra will provide operational support and maintenance services, as well as development and implementation. It was selected because of its domain expertise in the insurance and financial services, and a strong local footprint.
Vikram Nair, Head - Europe (Enterprise), Tech Mahindra, has concluded, "We are bringing both development and support capabilities to bear on a complex environment. High volumes of transactions and mission-critical, customized legacy systems typify financial technology in lending institutions. These must be effectively integrated with both a consumer front-end and business management tools. It is an environment to which we are excited to bring specialist professional expertise to bear. We are working together to develop Premium Credit’s financial infrastructure as a connected, flexible business platform that will continue to support the business's growth."
The BFSI (Banking, Financial Services and Insurance) practice area is one of the largest contributors to revenue at Tech Mahindra. Clients include one of the top three retail banks in the US, Canada, UK, Australia and India, 1 of the top 3 insurers in the US, Europe, Australia, India and 8 of the top 10 in global asset and wealth management. Europe is home to some of the Tech Mahindra’s largest clients and constitutes 32% of the company’s global revenues.
