Patni signs deal with US health insurance firm
Patni has signed a multi-million dollar, five-year agreement for providing end-to-end policy administration services for Universal American, a senior health insurance company in the U.S. In addition, Patni has signed a definitive agreement to acquire CHCS Services a wholly owned subsidiary of Universal American.
The acquisition establishes a new line of business for Patni as a Third-Party Administrator (TPA) in the Insurance and Healthcare sector, significantly enhancing its existing BPO capabilities to deliver end-to-end platform based solutions and TPA services to insurance providers’ back-office transactions.
Commenting on the development, Jeya Kumar, CEO, Patni said, "This represents the largest win in the Company’s history and this strategic acquisition of CHCS Services, Inc. is a strong validation of Patni’s differentiated micro-vertical strategy. This move takes on dual significance for Patni in terms of growing our global Life and Healthcare Insurance business as well as establishing us as a TPA."
Patni will add to its onshore delivery capability in North America where it already has centers in Bloomington, Illinois and El Paso, Texas in addition to its near shore centre in Mexico.
"This acquisition is a major milestone in our endeavor to expand our platform based offerings," said Ganesh Iyer, SVP and Global Head - BFSI, Patni. "Continuing our innovation led strategy we will deliver significant IP led differentiation around this platform to leverage both, IT best practices for complete lifecycle of application management and to also bring in efficiencies based on operational best practices for full policy lifecycle management," he added.
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