Mass Mutual, the US life insurance company, will invest Rs 1,000 crore on its first offshore global capability centre, in Hyderabad. The Company, based in Springfield, Massachusetts, has already hired over 300 people in various roles and is actively looking to hire more application developers, data scientists, data analysts and cloud engineers.
The Company offers life insurance, disability income insurance, long-term care insurance, retirement and annuities.
The fresh hiring in India will supplement the Company’s existing and rapidly-growing team in the US. Last year, the Company established three GCCs, with the aim of serving its next 20 million customers.
Clearly, it is the friendly policies of the Telangana government combined with access to a strong technically sound talent pool, quality infrastructure and other facilities that have made it an attraction for investors, such as the 170-year old Fortune 500 company, Mass Mutual.
MassMutual India expects to attract global talent in technology, engineering, research and development. Romania is another location where MassMutual has found similar facilities and talent.
In December, last year, MassMutual and Stone Ridge Asset Management (Stone Ridge) — an asset manager with over $10 billion in assets under management (AUM) that focuses on registered investment advisers (RIAs), institutions, and insurance companies — announced their entry into a definitive agreement for MassMutual to acquire Flourish, a fintech platform for RIAs.