Apollo Munich Health Insurance Wins Celent Model Insurer Asia 2011 Award

Winner in 'Policy Administration System' Category for Mastek's ElixirAsia Health Solution

MUMBAI, India, January 13, 2011 - Apollo Munich Health Insurance Co. Ltd. (AMHI), was
felicitated with the Celent Model Insurer Asia 2011 award in the Policy
Administration System (PAS) category. The award recognizes excellence in
technology best practices at insurers in Asia, in various categories.

Apollo Munich implemented Mastek's ElixirAsia Health within a
period of 60 days. The workflow-enabled system supports straight through
processing (STP) of the whole health product life cycle with integration to
all back end systems. Mastek is a high-end IT solutions player with global
operations, providing new technology and IP-led enterprise solutions with a
focus on the Insurance and Government verticals worldwide.

Apollo Munich has multiple product lines in the health
insurance space and caters to the retail as well as the corporate market
segments. AMHI wanted to administer multiple health insurance product lines
through a single system that could support the entire health insurance
business, within the challenging timeline of two months. The application went
live in 60 calendar days thus meeting the challenging implementation target.

The ElixirAsia Health solution standardized insurance
activities for different lines of business providing integrated support for
distribution management, underwriting and financial receipting. The system's
customer-centric framework allowed a single-window view of all insurance
functions thereby increasing productivity of the Business Users.

The solution enables AMHI to configure new products in 1-2
days with a significant improvement on time to market.

Commenting at this achievement, Mr. Antony Jacob, Chief
Executive Officer, Apollo Munich Health Insurance Company Limited said, "It
gives me immense pleasure to receive this award. We are committed not only to
improve our business efficiency and growth but also enhance the customer
experience through systematic development of our systems and processes. To
meet the challenge, we needed a solution provider that had the domain
knowledge to understand and implement the needs of our industry and work on
our vision with immediate effect. Mastek helped us implement the right kind
of solution using its industry insights within the stipulated time of two
months. The solution has truly facilitated higher customer satisfaction index
and live our promise of Let's Uncomplicate."

On this occasion, Wenli Yuan, Senior Analyst, Asia Research Group,
Celent, said, "Apollo Munich Health Insurance Company has implemented a
workflow-enabled system that supports straight through processing of the
whole health product lifecycle with integration to all back end systems.
Apollo Munich was chosen for Celent Model Insurer Asia because of the
company's best practices for automation, system integration, and STP."

Mr. Vilas Kanyal, Head - Asia Pacific at Mastek, said, "We
congratulate Apollo Munich Health Insurance for receiving the Celent Model
Insurer Asia award. We are honoured to partner with AMHI to implement our
ElixirAsia Health solution, which supports their entire health insurance
business. They are a leading player in the industry and have helped shape the
growth of the insurance industry. We are committed to providing best-of-class
IT solutions and services on our Elixir platform to our customers and have
successful implementations in health, individual and group life in the Asian
Insurance industry."

About Apollo Munich Health Insurance

Apollo Munich Health Insurance Co. Ltd. is a joint venture
between Apollo Hospitals Group and Munich Health, Munich Re's newest business
segment.

Apollo Munich is a specialized health insurance company in
India that has expertise in both health and insurance and is able to leverage
this understanding for the benefit of its customers. The company offers
comprehensive health insurance plans for individuals and their families as
well as for corporate houses. The company also offers individual personal
accident plans and travel insurance for individuals, families and senior
citizens.

About Mastek

Mastek is a publicly held (NSE: MASTEK; BSE: 523704) leading
IT player with global operations providing enterprise solutions to
government, insurance and financial services organizations worldwide.
Headquartered in India, Mastek has offices across North America, Europe and
Asia Pacific regions. Mastek has over 17 years of insurance experience with
over 100 insurance customers globally. With over 5000 man years of experience
in the insurance domain and a dedicated centre of excellence, Mastek's
intellectual property spans across Life, Annuities & Pensions and Property &
Casualty domains.

For more information, past results & conference call
transcripts, please visit our web site www.mastek.com (and/or the Investors
section at www.mastek.com/investors.html). Updated disclosures
regarding corporate governance may also be accessed in the web site's
Investors section at:
www.mastek.com/investors/corporategovernance.html.

    Media Contact:

    Corporate Voice | Weber Shandwick
    Monica Aggarwal - +91-9833049690 / monica@corvoshandwick.co.in
    Aasiya Shaikh - +91-9833503994 / aasiya@corvoshandwick.co.in

Media Contact: Corporate Voice | Weber Shandwick, Monica Aggarwal - +91-9833049690 / monica at corvoshandwick.co.in ; Aasiya Shaikh - +91-9833503994 / aasiya at corvoshandwick.co.in