Addition of Elixir Group positions MajescoMastek as the only software provider to offer individual and group policy administration systems based on a common technology platform
NEW YORK — August 23, 2011 — MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced the introduction of its Elixir North America Group Policy Administration System (Elixir Group). Available for immediate delivery, Elixir Group provides insurers a technology platform to efficiently and effectively administer all annuity, health and life insurance products for true group, list bill, and worksite offerings. The system is offered through a traditional software licensing model or as a hosted solution to provide a variety of pricing and delivery options to best suit each insurer’s budget and operational needs.
With the introduction of Elixir Group, MajescoMastek becomes the only software provider to offer both individual and group policy administration systems for life, health, and annuity products which utilize a common technology platform. Leveraging the same underlying technology and architecture as MajescoMastek’s proven Elixir North America for individual life, health, and annuity products, Elixir Group offers the same system reliability, flexibility and speed to market that Elixir users have come to expect.
Commenting on the state of the group market, Chad Hersh, industry analyst and partner in Novarica’s insurance practice, said, “In what might be described as a chicken and egg problem, for years there was little or no apparent demand for group life and annuity record keeping/administration systems. However, now that vendors are offering group systems, we have seen a surge in demand for these systems seemingly out of nowhere, indicating that lack of demand was likely due to lack of supply.”
“With increasing competition and user demand in the group market, insurers are focusing more and more on the need for robust and unique group products along with the technologies and systems that will enable them to respond most effectively,” said Erik Stockwell, MajescoMastek’s senior vice president. “We see a tremendous window of opportunity with Elixir Group to offer the insurance industry, especially the middle market which has had few options to date, to make great inroads in the group and worksite segments.”
Stockwell added, “Given that this new offering utilizes the same underlying technology as our Elixir solution for individual products and is designed to provide a customer centric view, insurers that utilize both Elixir offerings will have a huge advantage when it comes to cross selling and up selling.”
Elixir North America Group Policy Administration System highlights include:
- a “client centric” view to enable policy administration efficiencies and help identify and support up-selling and cross-selling opportunities;
- self service functionality for all stakeholders in the insurance value chain (employers, employees, brokers, agents, insurance company personnel, etc.);
- unlimited insurance product features for riders or combination products;
- straight through processing functionality from integrated enrollment through to claims;
- automated census input feeds;
- real time quotes; and
- distribution and commission management.
MajescoMastek is part of the Mastek Group, a global provider of innovative technology solutions focused on Life & Annuity carriers, Property & Casualty carriers, Capital Market firms, and the public sector. For over 28 years, we have combined our leading products, people, and processes to drive business impact and competitive advantage. MajescoMastek enables technology enabled business transformation and has a track record of successful implementations.
MajescoMastek uniquely combines its wide intellectual property base, domain expertise, mission-critical program management abilities and complex solutions capabilities to help insurance carriers unlock business value. MajescoMastek delivers proven solutions in core insurance areas including incentive compensation, producer lifecycle management, billing, policy administration, new business processing and claims. Mastek has over 3000 employees and offices across the globe.
For more information, please visit us on the Web at www.majescomastek.com, or call 1-800-249-9540.