THE INSURTECH INTERVIEW
Mphasis has positioned itself to capitalise on the shift from proof-of-concept AI projects to production deployments across financial services, with the company’ s European operations targeting Fortune 100 and Fortune 500 clients through specialist technology partnerships.
Ashish Devalekar, Head of Europe at Mphasis, leads the multinational information technology service and consulting company’ s regional strategy during a period of accelerating digital transformation in banking and insurance sectors. The company has established strategic partnerships with platform providers to address financial crime, customer onboarding, and legacy infrastructure challenges.
“ Our mission centres on delivering specialised, transformative solutions to Fortune 100 and Fortune 500 companies,” Ashish says.“ Our primary focus areas include banking, financial services and insurance sectors.”
The Mumbai-headquartered firm serves clients across multiple continents, with European operations forming a component of its global delivery model. Mphasis competes in the IT services sector against established players including Accenture, Cognizant and Infosys, differentiated by its focus on specific industry verticals rather than broad horizontal service offerings.
Mphasis sees production momentum for AI implementations Financial services organisations have moved beyond initial experimentation with generative AI, creating opportunities for implementation partners with domain expertise. Mphasis has observed clients progressing from pilot projects to operational deployments, particularly in areas where the technology can address regulatory compliance and operational efficiency requirements.
“ Gen AI is obviously the hot topic,” Ashish notes.“ It’ s still early from an adoption standpoint, a lot of clients are doing POCs. We are now seeing an increased momentum for those POCs to go into production.”
The transition from proof-of-concept to production represents a shift in client requirements, with organisations seeking partners capable of delivering enterprise-grade solutions rather than experimental implementations. This progression has created demand for specialist services that combine technology platforms with industryspecific knowledge.
Quantum computing has emerged as another area of client interest, though adoption remains at an exploratory stage. Financial institutions are evaluating potential applications for quantum technologies, particularly in areas such as risk modelling and cryptographic security where quantum computing could provide computational advantages.
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