Press Release

Island Insurance Selects MajescoMastek’s STG Billing System

NEW YORK, N.Y., Dec. 17, 2008 – MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE:MASTEK), today announced that Hawaii-based Island Insurance Company has chosen its STG Billing System to support their Direct and Agency Billing lines of business. Through this agreement, MajescoMastek’s STG Billing System will be used to streamline, consolidate and centralize Island’s Direct Billing needs. Agency Billing will be addressed in a second phase.

With the changing market, growing competition and the emerging needs of the agents and producers, Island was looking for a proven and efficient system to support their Direct Billing needs out of the box. On conducting a detailed analysis, they found that MajescoMastek’s STG Billing System in its base form closely meets all their needs. With around 40 installations, MajescoMastek has the requisite experience to help them reach the market quickly.

“We were looking for a mature and proven solution that would allow us to quickly address the requirements our insured and agents were demanding. STG Billing offers us a proven and functionally rich platform that will support the majority of our needs for Direct Billing out of the box. Add to it their vast industry experience and 40-plus customer base, and they were the right choice for us,” stated Jeff Fabry, CIO, Island Insurance.

Billy McCarter, President P&C Division, MajescoMastek said, “Island wanted a billing solution that will support their diverse needs for their Personal and Commercial business. They were looking for a system that would integrate into their existing platform, which is a combination of modern and legacy systems. MajescoMastek has extensive expertise in managing such projects and we look forward to leveraging this experience in building a successful partnership with Island Insurance.”

About Island Insurance Company 

Founded in 1939, Island Insurance Company is Hawaii’s largest locally owned and managed property and casualty insurance carrier. Island Insurance has been serving Hawaii’s families and businesses for over 70 years and employs over 180 people. It is the first and only Hawaii-based company to be recognized as a Top 50 Property and Casualty Insurance company in the nation by the Ward Group. Island Insurance provides all general property and casualty insurance, predominately personal and commercial automobile liability and physical damage coverages, solely in Hawaii. The company also writes workers’ compensation, homeowners, commercial multiple peril, renters, condominium, dwelling fire, flood and umbrella insurance, as well as insurance or businesses and surety bonds.

They enjoy an AM Best Rating of A (Excellent), and “A” (Strong) from Fitch Ratings. For more information, visit: http://www.islandinsurance.com

About Majesco

Majesco is a provider of core insurance technology software and IT services to insurance carriers (P&C and Life, Annuity, Group) globally. Majesco delivers proven software solutions and IT services in core insurance areas including policy administration, billing, claims and distribution.

Media Contact

Majesco
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services
Phone: +1-718-916-6873
Email: tara.dilzeralexander@majesco.com

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