NEW DELHI: IT company Mphasis has signed a business venture agreement with Ardonagh, the UK’s largest independent insurance intermediary, to set up a joint entity — Mrald Limited, a company incorporated and registered in England and Wales.
Mphasis has acquired 51% in Mrald, and it will have both operating control and full economic interest, Mphasis said in a filing.
This project entailed digital transformation, data, automation and managing back-office operations. Mrald’s inaugural service is Application Development and Maintenance (ADM) functions, with the aim to expand in two areas - Insurance operations and technology capabilities; and new clients across the Ardonagh and third party clients in the insurance intermediate market.
“Having successfully executed at least half a dozen similar transformational partnerships in this industry, we are confident of building a service model for the future andensuring a ‘client-first’ approach,” said Nitin Rakesh, CEO and MD, Mphasis.