11:55 AM
Cypress Insurance Selects MajescoMastek for Core Systems
Jacksonville, Fla.-based P&C carrier Cypress Insurance has selected New York-based MajescoMastek's STG suite of insurance systems.
STG will replace Cypress' existing existing policy, underwriting, rating, billing, and distribution management systems, the companies say in a statement. On a software-as-a-service-delivered platform, STG will be delivered as part of a multi-year outsourcing agreement which will include a combination of onshore and offshore support. It is on track for completion by early next year.
A main driver behind Cypress making this change is high cost to maintain its inflexible legacy systems, the company says. The end-to-end replacement will allow the company more opportunities for growth, according to CEO Gary Harger.
“While we had heard a lot about MajescoMastek’s Billing solution, we were pleasantly surprised by the robustness of their policy administration capabilities and the integrated solution built on best-of-breed components for Policy Administration, Billing and Distribution Management," he says in a statement. "Prebuilt integration with the Third- party data services supported our vision of rules-based underwriting and straight through processing and we expect significant efficiencies in our processes as a result of that.”
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio