Hexaware Strengthens Insurance Capabilities; Forges Strategic Partnership with eBaoTech

MUMBAI, India & ZURICH--(BUSINESS WIRE)--Hexaware Technologies, a leading global provider of IT & BPO services and consulting, today, announced a global partnership with eBaoTech, a leading provider of a complete suite of new generation core application software and services for life and general insurance industries. This strategic alliance will enable Hexaware to implement and maintain eBaoTech products for insurers in UK, North America, European Union and other select markets.

“Hexaware will follow the Center of Excellence model to build and extend expertise around eBaoTech’s core insurance solutions and its integration with other software packages like Enterprise Systems in HR & Financial, Document and Content Management, Business Intelligence and Analytics (BI & A) in order to provide “insurance-apps-in-a-box”

The current economic conditions, changing regulatory environment, competitive pressures and demanding customer needs are driving insurers to look at increased usage of technology. IT will help insurers improve their underwriting by ensuring correct pricing of policies as well as enable them to retain accounts for the entire length of the policy duration by focusing on customer retention strategies. This will in turn increase the demand for packaged solutions with modern technology and innovative delivery models. Hexaware and eBaoTech partnership will address this need with a complete suite of offerings under one umbrella, thus bringing value in terms of faster implementation timeframes, greater stability and reduced costs leading to greater ROI.

As partners, eBaoTech will offer robust, comprehensive, Service Oriented Architecture (SOA) based best-of-breed policy administration systems to insurers; while Hexaware will provide end-to-end system integration services like implementation, testing, integration and support for eBaoTech installations globally. Insurance customers will not only benefit from a modern policy management system, but will also gain from Hexaware’s integration and implementation expertise on the eBaoTech product and other non-core applications such as ERP, Business Intelligence & Analytics, and Testing solutions.

“With over 14 years of experience in the insurance industry, Hexaware has a deep understanding of this domain and clearly shares our vision to create a new global standard for core policy administration systems using modern technologies and innovative business models. We are proud to work with Hexaware to accomplish this vision over the next few years,” said Daniel Adamec, Managing Director of eBaoTech Corporation, responsible for global Alliances.

“We at Hexaware are excited about our collaboration with eBaoTech. Their insurance applications are fairly mature, highly configurable and enable a quicker launch of products. Our partnership will help us offer a world class solution and add more value to our existing and potential customers,” said Amberin Memon, Vice President and Global Head Insurance Vertical, Hexaware Technologies, Ltd.

The partnership will ensure insurers have a single, integrated access to world class solutions addressing all their concerns. Detailing the depth of this partnership Ms. Memon further added, “Hexaware will follow the Center of Excellence model to build and extend expertise around eBaoTech’s core insurance solutions and its integration with other software packages like Enterprise Systems in HR & Financial, Document and Content Management, Business Intelligence and Analytics (BI & A) in order to provide “insurance-apps-in-a-box” solutions to our customers. Hexaware will work closely with eBaoTech to identify focus markets and would formulate cohesive solution strategies to maximize each others’ existing presence in these markets.”

Hexaware has a dedicated Insurance vertical with over 400 resources supporting the Insurance practice. Hexaware has been providing end to end IT and BPO services in the Life, Annuities, Property & Casualty (P&C) and Health Insurance space.

About eBaoTech

eBaoTech delivers standard-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its future-proof product offerings enable insurers to realize the cost-effective, scalable, flexible and highly automated insurance operations in the ever changing environment. With offices in nearly ten countries across Europe, Asia and the Americas, eBaoTech has an extensive global coverage to serve leading insurance companies. For more information, visit www.eBaoTech.com or contact eBaoTech at info@ebaotech.com

About Hexaware

Hexaware is a leading global provider of IT & BPO services and consulting. The Company focuses on key domains such as Banking, Financial Services, Insurance, Travel, Transportation, Hospitality, Logistics, Manufacturing, Life Sciences and Healthcare. Our business philosophy, “Your Success is Our Focus”, is demonstrated through the success we ensure for our clients. Hexaware focuses on delivering business results, and leveraging technology solutions by specializing in Business Intelligence & Analytics, Enterprise Applications, Testing and Legacy Modernization. Founded in 1990, Hexaware has a well-established global delivery model armed with proven proprietary tools and methodologies, skilled human capital and SEI CMMI-Level 5 certification. For additional information logon to www.hexaware.com

Safe Harbor Statement

Certain statements on this press note concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.