The announcement on July 17th that MajescoMastek has acquired Vector Insurance Services is further evidence that the Indian parent company Mastek is working hard to find a place at the North American insurance technology vendor table.Late last year MajescoMastek announced the appointment of Billy McCarter as president of the Edison, N.J.-based company. The former Fireman's Fund CIO — and Insurance & Technology Elite 8 honoree — had most recently been front man for Torrance, Calif.-based ePolicy solutions (acquired in July 2006 by ChoicePoint and then folded into the Insurity brand).
McCarter took the MajescoMastek show on the road to the ACORD/LOMA Insurance Systems Forum in Orlando. There he expressed the belief that MajescoMastek would benefit from having an American front man.
With the Vector acquisition, MajescoMastek gains even more local expertise, targeted to the life & annuities sector. Vector provides policy acquisition, administration and processing solutions to North American carriers, counting several of the region's largest L&A carriers as its clients, according to a MajescoMastek source. The acquisition complements MajescoMastek's existing L&A capabilities, which include its Elixir policy admin platform.
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