MajescoMastek, the New York-based subsidiary of Mastek Ltd. (Mumbai) has introduced its Elixir North America Group Policy Administration System. The vendor describes Elixir Group as a technology platform to efficiently and effectively administer all annuity, health and life insurance products for true group, list bill, and worksite offerings. MajescoMastek offers the system through a traditional licensing model or a hosted solution.
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, a vendor statement notes.
"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," comments Chad Hersh, a principal with Novarica (New York). 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."
Erik Stockwell, senior VP, MajescoMastek, asserts that owing to 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.
"We 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," Stockwell says. "Given 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."
Features of the Elixir North America Group Policy Administration System include:
- a "client centric" view to enable policy administration efficiencies and help identify and support up-selling and cross-selling opportunities;
- self service functionality for all stakeholders in the insurance value chain (employers, employees, brokers, agents, insurance company personnel, etc.);
- unlimited insurance product features for riders or combination products;
- straight through processing functionality from integrated enrollment through to claims;
- automated census input feeds;
- real time quotes; and - distribution and commission management.
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