TMCnet News
Foresters Selects MajescoMastek's Elixir North America Policy Administration System and New Business and Underwriting Solution [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) MajescoMastek announced that Foresters, a 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. According to a release, with both MajescoMastek systems now in production, Foresters has achieved a milestone in its transformational initiative, Foresters Invests in Transformation (FIT). The FIT program is designed to modernize Foresters infrastructure, 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 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 a policy administration system in the market 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 functionality, scalability and enterprise integration framework allows insurers to 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. MajescoMastek is a provider of core insurance technology software and IT services to carriers in North America. More information: www.majescomastek.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |