MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced the introduction 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 insurerâs 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 MajescoMastekâs 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 Novaricaâs 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."
âWith 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,â said Erik Stockwell, MajescoMastekâs senior vice president. âWe 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.â
Stockwell added, âGiven 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.â
Elixir North America Group Policy Administration System highlights include:
â¢ a âclient centricâ view to enable policy administration efficiencies and help identify and support up-selling and cross-selling opportunities;
â¢ self service functionality for all stakeholders in the insurance value chain (employers, employees, brokers, agents, insurance company personnel, etc.);
â¢ unlimited insurance product features for riders or combination products;
â¢ straight through processing functionality from integrated enrollment through to claims;
â¢ automated census input feeds;
â¢ real time quotes; and
â¢ distribution and commission management.