Life Insurance Provider achieves major milestone in transformation and modernization initiative with MajescoMastek’s Elixir North America Policy Administration System and New Business & Underwriting Solution
New York, NY (Jun. 13, 2013) – MajescoMastek, the provider of core insurance systems and services to over 80 Life and P&C insurance carriers in North America, today announced that ForestersTM, a leading life insurance provider, has successfully deployed and is now in production with MajescoMastek’s Elixir North America Policy Administration System (PAS) and New Business & Underwriting (NB&U) solution.
With both MajescoMastek systems now in production, Foresters has achieved a major milestone in its transformational initiative, Foresters Invests in Transformation (FIT). The FIT program is designed to modernize Foresters infrastructure, dramatically reduce unit costs for both policy acquisition and in-force policy administration, and enhance the member and producer services platform to position the organization for growth.
The Foresters partnership will leverage MajescoMastek’s insurance technology solutions in the areas of new business, underwriting, and policy administration.
NB&U helps Foresters optimize its configurable rules engines and accelerate underwriting decisions and business processes—ensuring maximum efficiency with straight-through-processing wherever possible. Foresters deployment of the NB&U solution has helped the carrier reduce the average decision time for cases in good order from three days to one day with 50 percent of cases now processed automatically, without any manual intervention. This has resulted in dramatic savings in policy acquisition and has been very well received by Foresters’ sales partners.
With policies being issued on the Elixir North America Policy Administration Solution, Foresters is now well positioned to develop and roll out new products quickly, improve automation of billing and collections and reduce cost of in-force policy processing.
Commenting on the production news, Peter Sweers, Senior Vice President and Chief Operations and Information Officer, Foresters, said, “MajescoMastek has proven to be a great partner in our transformation effort. The extensive domain expertise the MajescoMastek team brings to the project translates to a deep understanding of our business issues. The combination of the high quality MajescoMastek software solutions and the company’s experience in managing complex implementations adds up to tremendous value for Foresters.”
“We are pleased for the opportunity to work with Foresters as they have deployed Elixir North America PAS and our New Business & Underwriting component. Replacing a legacy environment, modernizing the entire operation, and introducing new capabilities require a significant effort, diligent project management, and a close partnership between both carrier and vendor,” said Erik Stockwell, Senior Vice President – North American Life & Annuity Division, MajescoMastek. “We look forward to our ongoing partnership with the Foresters team as they progress with the rollout of MajescoMastek solutions, and as the organization enjoys new efficiencies and even greater value over time.”
Elixir North America is the only policy administration system in the market today that is a true rules-based, fully configurable platform that is delivered with a full library of Individual and Group Life and Annuity product definitions and regulatory statutes, including sample actuarial calculations and business process flows. Elixir’s robust end-to-end functionality, scalability and enterprise integration framework allows insurers to rapidly implement turnkey solutions from product introductions to complete enterprise transformation programs.
NB&U is a rules-based underwriting application that automates and reduces policy processing cycle times, creates consistency and reduces policy acquisition costs.
Foresters™ is a life insurance provider with a difference. The fraternal benefit society, founded in 1874, supports family well-being through quality products, unique member benefits and inspiring community activities. Foresters shares its financial strength with over one million members in Canada, the United States and the United Kingdom. Foresters has assets of $9 billion with liabilities of $7.5 billion resulting in a surplus of $1.5 billion¹ (all figures in Canadian dollars as of December 31, 2012) and maintains an “A” (Excellent) rating by A.M. Best². Foresters subsidiary Foresters Life Insurance Company’s rating is “A” and First Investors Life Insurance Company, also a Foresters subsidiary, received an “A-” rating. For more information, visit foresters.com.
Foresters™ is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, ON, Canada, M3C 1T9; its subsidiaries are licensed to use this mark.
¹ This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to members for Foresters long term financial strength.
² An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning the ratings for The Independent Order of Foresters (Foresters) and its subsidiaries Foresters Life Insurance Company and First Investors Life Insurance Company on July 6, 2012, A.M. Best stated that the outlook for all ratings is “stable,” which means they are unlikely to change in the near future. See ambest.com for the latest ratings.
MajescoMastek is an established provider of core insurance technology software and IT services to over 80 carriers in North America. MajescoMastek delivers proven solutions and IT services in core insurance areas including policy administration, product modeling, new business processing, billing, claims, producer lifecycle management and incentive compensation. MajescoMastek is a wholly owned subsidiary of Mastek (NSE: MASTEK) which has over 3600 employees operating in 8 countries across the globe. For more information, please visit us on the Web at www.majescomastek.com.