Kotak Life Insurance Chooses Oracle To Enhance Business Efficiencies

Company News

New Delhi, January 30, 2008

Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) today announced that they have selected Oracle Financial Management for effective financial control over its nationwide operations. The company is aggressively expanding its operations to new towns and cities and Oracle Applications will help the company enhance business efficiencies by integrating data into a single instance. Kotak Mahindra Old Mutual Life Insurance chose Oracle after an in-depth analysis of competitive offerings. The company has chosen to implement Oracle Applications across its operations in 77 Indian cities and towns.

"We believe that information technology is a key enabler for business growth. By leveraging Oracle Applications, we would want to scale up our accounting infrastructure to keep pace with our fast paced growth" said Mr. Dhiresh Rustogi, Chief Technology Officer, Kotak Life Insurance. "Oracle Applications will help us gain greater financial control to support our expansion plans."

Mr. Samir Sathe, Director Sales - Applications, Oracle India Pvt Ltd, said, "We are happy to be partnering with Kotak Mahindra Old Mutual Life Insurance

for this IT initiative. With insurance companies rapidly expanding into smaller cities and towns to reach out to a larger audience, they are increasingly facing challenges in effectively controlling their expanded operations, thereby affecting business efficiencies and regulatory compliance. Oracle Applications will address these issues and help Kotak life insurance enhance productivity and efficiency".

The Banking and Financial Services Industry is a strategic focus area for Oracle with 19 of the top 20 insurance companies already running Oracle Applications. According to IDC, Oracle is the number one software vendor for banking, financial markets and insurance sectors in India and the Asia Pacific region.

For further information, please contact:

Vaishnavi Corporate Communications Pvt. Ltd.

Ravi Sharma

Tel: +91 11 42393500

Mob: +9818440439

Fax: +91 11 23704070

e-mail: ravisharma@vccpl.com