Tech Mahindra and Innoveo partner for Digital Transformation of Banking, Insurance and Wealth Management Sectors

Tech Mahindra has announced a partnership with Innoveo to build digital transformation solutions for banking, insurance, and wealth management sectors.

Both Enterprises plan to use the No-Code platforms, which will help the businesses to develop software without doing any coding. The use of No-Code platform will accelerate the launch of applications for their clients in banking, insurance, and wealth management sectors, notes the announcement.

Executive Opinion

Global Head Banking, Financial Services and Insurance, Tech Mahindra, Gautam Bhasin, said, "As part of our TechMNxt charter, we at Tech Mahindra are committed to enabling our customers to digitalize their journey and provide enhanced experiences to customers. Through our partnership with Innoveo, Tech Mahindra will enable digitalization of sales and distribution channels for enterprises to ensure launch of new products in real time; help them trade financial and insurance products through multiple distribution channels, and improve efficiency of processes like risk assessment, insurance policies, banking products, policy lifecycle, customer advisory, servicing and claims resolution."

CEO, Innoveo, Amir Ghaffar, said, "While the demands for agility, market proximity and the flexibility to adapt to new trends are constantly increasing, digital businesses are struggling with restrictions in terms of development capacity and the integration capability of its often-monolithic back-end legacy systems. If you want to stay ahead of the competition, you must speed up the introduction of digital solutions and innovative offerings. Tech Mahindra is a global leader in digital transformation and change management across multiple industries. Our partnership and our flagship product Innoveo Skye® open up differentiated solutions and opportunities for the customers of our two companies for faster implementation and innovation in the business environment."

Digital Transformation in Insurance, Banking sectors

Innoveo offers a no-code platform called Innoveo Skye. The platform allows non-technical users to launch as well as configure applications. Thus helping businesses to launch new products faster into the market across the multiple distribution channels.

The resulting transformation accelerates new product launch is 10 times faster than traditional development.

The collaboration with Innoveo aligns with TechMNxt charter of Tech Mahindra. The charter primarily aligns with the latest technologies like AI, 5G, Blockchain, IoT, and Cybersecurity for the digital transformation of their clients.

Last month, Bharat Electronics and Tech Mahindra Sign MoU to build Digital solutions with 5G, CyberSecurity and Defense. In last September, Tech Mahindra expanded its partnership with AT&T Communications to modernize AT&T's network systems and cloud migration operations.