MassMutual to invest ₹1,000 cr. on the facility; recruits 300 people
U.S. life insurer Massachusetts Mutual Life Insurance Company, also known as MassMutual, is setting up a 1.50 lakh sq. ft. global capability centre (GCC) in Hyderabad with an estimated investment of ₹1,000 crores.
“Opening a GCC in India will help us remain on the cutting edge of technological advancement given the high-level of expertise in this market,” head of MassMutual India Ravi Tangirala said about the facility, coming up in Financial District here, which will contribute to the digital transformation of the firm.
A formal announcement on the opening of the GCC was made on Monday following a virtual meeting Mr Tangirala and head of Core Technology at MassMutual Arthur Riel had with Telangana Minister for Industries and IT K. T. Rama Rao and senior officials, including Industries and IT Secretary Jayesh Ranjan.
“Hyderabad has witnessed several marquee investments in recent times, notwithstanding the pandemic. MassMutual is a 170-year old Fortune 500 company and a world leader in insurance, and the finance industry choosing Hyderabad and establishing its first global capability centre outside USA is a testimony to the investor-friendly policies and the value proposition the city and Telangana offer,” Mr Rao said in a release after the meeting.
MassMutual and the State government had engaged in multiple conversations ever since its leadership team first visited Hyderabad in October 2019.
More hiring on cards
The company decided on Hyderabad after evaluating several global cities. It has recruited around 300 people in various positions and actively hiring for multiple roles in the areas of application development and support, cloud engineering, data science and analytics.
A release on the virtual meeting said since launching operations in the first quarter of 2020, MassMutual India has positioned itself to continue growing at a rapid pace. The Hyderabad office is MassMutual-operated and hiring will supplement the company’s existing, US-based team that continues to grow. Hyderabad was chosen for the GCC after a market analysis pointed to the availability of strong talent pool, favourable infrastructure and easily accessible enablement services.
“We look forward to growing our global team in Hyderabad in order to help MassMutual retain its standing as an industry-leading innovator,” Mr Tangirala said.
On its website, the company said positioning MassMutual for its next 20 million customers and remaining innovative in a digital-first world led to the creation of three GCCs in 2020.
Locations in India and Romania were established in order to access the global talent pool, while further building a team in-house with expertise in application development and support, quality assurance and data science.