Mphasis Limited, an information technology (IT) solutions provider specializing in cloud and cognitive services, announced in 2020 an agreement with the specialist brokerage segment of the Ardonagh Group – the largest independent insurance intermediary in the Kingdom United, to transform the way they interact with customers, colleagues, carriers and regulators. This project involved digital transformation, data, automation and management of back office operations.
With this in mind, in 2021, Mphasis and Ardonagh agreed to create a shared services entity to serve middle and back office functions, while applying digital transformation. To execute this, Mphasis and Ardonagh, on Thursday signed a corporate agreement in which, Mphasis acquires 51% of Mrald Limited, a company incorporated and registered in England and Wales, with 49% of the capital remaining with Ardonagh. Mrald’s inaugural service consists of Application Development and Maintenance (ADM) functions, with the aim of expanding into two areas:
- Insurance operations and technological capabilities; and
- New clients across the Ardonagh and third party clients in the insurance intermediary market.
Mrald’s mission is to deliver innovation combined with operational, technological and service excellence. Mrald focuses on improving broker-client relationships through data-driven insight while enabling brokers to adapt for increased client engagement. Benefits for customers include:
- Improved end customer experience and profitability.
- Best practices in systems, processes, management, offices and home work; and
- Reduction of operating costs by realizing real economies of scale.
Mphasis holds a majority stake (51%) with both operational control and full economic interest, along with its existing offshore expertise to build an extensive global outsourcing and transformation proposition and capacity that can be leveraged to customize and meet the individual needs of UK customers. .
At around 12:08 p.m., Mphasis Ltd was trading at Rs 3,201 per coin, up Rs 14.6 or 0.46% from its previous close of Rs 3,186.40 per coin on BSE.
“In Mphasis, we have found a partner with capital, expertise and assets to accelerate our focus on improving our digital brokerage capabilities. This expansion of our existing and long-term relationship is an important step in accelerating our shared ambitions, ”said David Ross, CEO of Ardonagh Group.
“Having successfully executed at least a half-dozen similar transformational partnerships in this industry, we are confident that we will build a service model for the future and ensure a ‘customer first’ approach. Improving the broker-client relationship and the experience fueled by data-driven insights is at the heart of AG. We have been working with AG since 2016 to strengthen their service, infrastructure and customer engagement platform. We are excited to enhance our relationship to support future growth by helping to increase their operational agility, flexibility and jointly create a service delivery model for the future, ”said Nitin Rakesh, CEO and Managing Director of Mphasis .
He added, “It also opens up opportunities for the business enterprise to attract and serve other customers in this space. The global insurance broker market is expected to grow from $ 88.16 billion in 2020 to $ 113.99 billion in 2025. With the leadership of AG, we believe we are uniquely positioned to take advantage of the market to strong potential for insurance intermediaries ”.