Wawanesa Life Selects MajescoMastek Elixir North America Policy Administration System

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Wawanesa Life aims to transform its individual life and annuity processes with MajescoMastek modern technology end-to-end platform

NEW YORK — October 20, 2011 — MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSI:MASTEK), today announced that Winnipeg-based Wawanesa Life Insurance Company (Wawanesa Life) has selected MajescoMastek’s Elixir North America as its new policy administration system for individual life and annuity products.

Wawanesa Life’s goal is to replace its current multiple legacy mainframe systems environment with a single, modern technology platform. After an extensive review of available offerings, Wawanesa Life selected the MajescoMastek Elixir solution as the best fit end-to-end platform available to meet Wawanesa Life’s objectives of straight through automated processing, reduced product development time and enhanced customer service.

“Our goal was to transform our individual life processing environment without compromising our service commitment to our brokers and policyholders. We needed a vendor that could provide the right solution and the right expertise to support us as we move forward with our goals, now and well into the future. We found the ideal combination of product, skill and commitment in the MajescoMastek team and the Elixir solution,” said Mary Nemeth, COO for Wawanesa Life.

MajescoMastek Elixir North America will help Wawanesa Life:

  • Administer individual life and annuity products on a single platform;
  • Automate current manual processes;
  • Quickly develop new products;
  • Lower the total cost of ownership;
  • Offer additional web service capabilities to agents and policyholders.

“We are excited and proud that Wawanesa Life has selected our Elixir North America policy administration system as their platform of choice for their Policy Administration System,” said Erik Stockwell, MajescoMastek’s SVP, Life and Annuity North America. “With Elixir as their new foundation they will continue to grow and provide exemplary service of their existing products while using the flexibility and functionality of the platform to bring new life and annuity products to the Canadian markets.”

About Wawanesa Life Insurance Company

Established in 1960, Wawanesa Life provides a full range of insurance products including individual life insurance, annuities, segregated funds and group benefit products to Canadians from coast to coast. Wawanesa Life has over $750 million in assets under administration and provides insurance protection to 70,000 individual life and annuity policyholders and 25,000 group benefit certificate holders.

Wawanesa Life is a proud member of the Wawanesa Group of Companies. As a subsidiary of The Wawanesa Mutual Insurance Company, Wawanesa Life is guided by the principles of its mutual company parent to conduct business with honesty, integrity and a focus on customer value as it continues to grow its presence in the Canadian market.

For additional information visit www.wawanesalife.com.

About MajescoMastek

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.