Back in February we reported on MajescoMastek's (New York) acquisition of SEG, a promising modern, rules-based system that was a bit of a wall flower, compared to other modern life & annuities policy administration systems. MajescoMastek bought SEG as a way to gain access to the North American life policy administration market, and the vendor has enjoyed its first success with yesterday's announcement that Wawanesa Life had chosen MajescoMastek's Elixir North America, which combines aspects of the original Elixir system and SEG.
We reported back in February that that only a few genuine configurable life insurance policy admin systems had been actively sold in the preceding months, namely the Accenture Life Insurance Platform; Cardiff, U.K.-based FIS Software's ALIS product; and Wyde's (Eagan, Minn.) Wynsure system. Said Novarica's (New York) Chad Hersh, in that story:
"The acquisition of SEG by MajescoMastek catapults a sizeable company into the position of having a modern system in a market where there are few modern options."
We got back in touch with Chad to get his thoughts on the meaning of the Wawanesa contract for MajescoMastek, and by extension for insurers who can benefit from more viable modern solutions on the market.
"The former SEG one of the few modern systems out there; the Wawanesa deal is a big win and will help accelerate the integration and enhancement of the two systems," Chad comments. "Having a single client on the components of the system will allow the companies to focus not only on integration of the two systems, but on enhancing the functionality of both."
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