IBM India has secured a 10-year outsourcing service contract worth around 450 million US dollars from insurance provider Max New York Life, a joint venture between New York Life and Max India.

Under the deal, IBM will provide end-to-end back-end IT infrastructure for the insurance comapny which would then be able to issue insurance policies with minimum documentation besides going out of the urban to the semi-urban and rural areas with their policy offerings.

A statement issued by IBM India quotes Nipun Mehrotra, vice-president of global technology services, as saying that "Life insurance is a growing market and the work we have done has the potential to change the sector. It is likely to change in similar lines to what happened in the telecom sector."