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Policy Administration

12:21 PM
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Tokio Marine Management, Ocean Life Insurance Tap Mastek

The U.S. P&C carrier has gone live on the STG Billing product, and Bankok-based Ocean Life will implement Mastek's ElixirAsia enterprise policy administration solution across all its lines of business.

Mastek and its U.S. subsidiary MajescoMastek (New York) have announced new customers of the vendor's billing and policy administration solutions. Tokio Marine Management (TMM, New York) has gone live on the vendor's billing product, and Ocean Life Insurance Company Ltd. (Bankok) has selected Mastek's ElixirAsia enterprise policy administration.

TMM's implementation of its Commercial Lines Billing system based on MajescoMastek's STG Billing, streamlines the billing process, increasing time and cost efficiencies for the company and its clients, MajescoMastek reports. Additionally, the new custom billing platform will provide additional capabilities, such as Agency Billing for the company, the vendor says.

When TMM embarked on its billing transformation it brought in MajescoMastek as part of a multivendor consortium but became the sole vendor, according to a company statement.

“We recognized the need to implement a competitive agency and direct commercial lines billing solution to improve efficiency and enhance customer service,” comments Susumu Harada, senior VP, enterprise business technology. “We cast a wide net to find solutions providers who could help transform our current system and MajescoMastek had both the knowledge and capabilities to complete this complicated process. TMM went live with commercial agency billing for all agents in 2009 and is presently piloting commercial direct billing with select agents.”

Ocean Life Insurance's (OLIC) implementation of Mastek's ElixirAsia will cover all lines of business, including individual and group life, according to a Mastek news release. This implementation will enable OLIC to address some critical business issues, enhance operational efficiency, and noticeably improve the manner in which it manages customer relationships, according to the vendor source. Consequently, Mastek says, the vendor will partner in OLIC's overall long-term growth strategy.

"While maintaining our leadership in the grass-root segment we, as part of our growth strategy, plan to diversify our customer base and expand further into the middle-income and premium customer base with new products," says Nusara Banyatpiyaphod, president, Ocean Life Insurance. "Mastek's ElixirAsia offers us a proven and functionally rich platform that addresses our needs. This, coupled with their expertise in the Insurance technology domain, made us choose Mastek. We are certain that with this implementation, we will not only be able to serve our customers better but also be empowered to implement our growth strategy effectively."

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

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