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Mastek and Genpact Announce Strategic Partnership for the Insurance Industry

MUMBAI, May 25, 2010 - Mastek, a global technology solutions provider to insurance, government and financial service organizations worldwide, today announced that its wholly-owned U.S. subsidiary MajescoMastek and Genpact (NYSE: G), a global leader in business process and technology management, have entered into a new strategic partnership focused on the insurance industry. The partnership brings a new model to help transform insurance carriers’ operations, leveraging both business process management and technology solutions.

The companies will offer joint information technology and business process management solutions to large and mid-sized insurance carriers. In addition, both parties plan on developing innovative platform-based business process management solutions across the industry value chain including policy services, billing, claims, distribution management, and new business/underwriting.

Carriers today are under intense cost pressure and need to transform their business operations but are struggling to underwrite the cost associated with doing so. By joining forces, MajescoMastek and Genpact can meet this need by leveraging process efficiencies and innovative technology in a costeffective and cost-certain model.

"MajescoMastek has always been focused on bringing transformational solutions to the insurance industry. This partnership with Genpact is another step in that direction," said Mike Dufton, president of MajescoMastek North America. "Together, we can move to provide solutions that solve entire business problems while giving carriers cost certainty with business models that let us share in the risk with our clients – something they have been asking vendors to do for some time now."

According to research and advisory firm Novarica, insurers across the globe are using innovative techniques in their operating models to adapt to recent changes in the economic landscape. Also, the paradigm shift in information technology in areas such as widespread adoption of business intelligence tools, social networking, Web 2.0, and mobile devices is changing the nature of all information-based businesses.

"The combination of business process management with proven IT solutions offers a very compelling value proposition to these insurers," comments Matthew Josefowicz, Novarica’s director of the insurance practice.

"The insurance industry has been searching for a leading solution that combines industry-leading business process management capabilities with state-of-the-art asset-based offerings," said Mohit Thukral, senior vice president and business leader, Financial Services, Genpact Ltd. "Our partnership with MajescoMastek has been met with enthusiasm from our mutual customers and we believe it will be a true differentiator in the insurance marketplace."

About Genpact

Genpact is a global leader in business process and technology management, offering a broad portfolio of enterprise and industry-specific services. The company manages over 3,000 processes for more than 400 clients worldwide. Putting process in the forefront, Genpact couples its deep process knowledge and insights with focused IT capabilities, targeted analytics and pragmatic reengineering to deliver comprehensive solutions for clients. Lean and Six Sigma are an integral part of Genpact’s culture and Genpact views the management of business processes as a science. Genpact has developed Smart Enterprise Processes (SEPSM), a groundbreaking, rigorously scientific methodology for managing business processes, which focuses on optimizing process effectiveness in addition to efficiency to deliver superior business outcomes. Services are seamlessly delivered from a global network of centers to meet a client’s business objectives, cultural and language needs and cost reduction goals. Learn more at www.genpact.com.

About Mastek

Mastek is a publicly held (NSE: MASTEK; BSE: 523704) IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across US, Europe, and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology which, along with its intellectual property (IP) assets and proven methodologies and processes, increases IT value generation to its customers through onsite and offshore deliveries.

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