MajescoMastek Introduces STG Electronic Bill Payment & Presentment Module

MajescoMastek has released its new STG Electronic Bill Payment and Presentment (EBPP) module, which enables carriers to offer online bill payment and viewing to their policyholders. The Edison, N.J.-based subsidiary of Mastek Ltd. (Mumbai) describes the solution as a cost-cutting tool that can help carriers attract new customers, increase customer loyalty and expedite cash flow.

STG EBPP is part of the vendor's STG P&C suite but is a standalone module that offers policyolders a self-service, real-time bill payment and account viewing option in several languages, including English, Spanish, French and German, according to a MajescoMastek source. The solution can be used for single-billed or account-billed policies and also allows policyholders to manage their profiles online; pay by credit card, EFT or virtual check via a direct debit option; see and access prior invoices in PDF format; and view installment schedules and payment histories.

The interactive capabilities of the module are presented in Adobe Flash Player or in an Adobe Flash Web browser plug-in, according to a vendor source. STG EBPP's flexible, SOA-based architecture operates with both STG products and other enterprise billing and policy admin solutions that use Web services, according to MajescoMastek.

In marketing the module, MajescoMastek calls attention to changing customer expectations for online billing and payment capabilities. Accordint to Celent, by the end of 2010, nearly half of all payments will be transacted online. The Boston-based industry analyst firm predicts that 10 percent of non-maintenance IT spending at North American P&C insurers will be devoted to billing in the next five years, with spending up to $749 million by 2010.

"In these challenging economic times, savvy insurance carriers are looking to streamline business processes to make them as cost effective as possible," says Billy McCarter, senior vice president for delivery, MajescoMastek. "Increasing the efficiencies and functionality of the billing process, while improving the customer experience, is one way to sustain competitive advantage and the new STG Electronic Bill Payment and Presentment module delivers these important benefits."

"We developed this product offering in response to increased demand from insurance carriers who wanted both to provide policyholders the convenience and reliability of paying bills online, and benefit from the improved cash flow and profit that timely payments, reduced risk and better operating efficiencies bring," McCarter adds. "We plan to add new functions to this STG module to continue to help insurers transform their businesses."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio