MajescoMastek Ranked Fastest Growing P&C Insurance Billing Solution Provider in U.S. Market – by Novarica
NEW YORK, N.Y., January 15, 2010 – MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced that their STG Billing solution has been recognized as the most widely used Property & Casualty insurance billing solution by a recent Novarica Market Navigator™ Report.
The report, “U.S. Property/Casualty Billing Solutions 2010 (Q1),” released this month, highlights the current solutions provider marketplace for P&C billing systems as a means for carriers to analyze and identify potential vendors.
“Our report provides details on over a dozen billing systems providers for P&C carriers. The market for stand-alone billing services grew by more than 25% over the last two years, with a number of new entrants in the space.” said Matthew Josefowicz, director of the insurance practice at Novarica, who co-authored the report. “MajescoMastek’s STG Billing solution not only has the largest number of stand-alone billing clients among US P&C insurers, they have added more live clients in the last two years than any other provider.”
“We are very gratified and encouraged to be recognized as the proven billing leader in the P&C insurance industry and our track record is now fueling our success with larger carriers,” said Billy McCarter, MajescoMastek’s senior vice president of delivery. “Our ongoing customer success makes us a leader in the space and we continue to work with our customers to ensure our billing solution meets their business needs, helps improve efficiencies and provides a better experience for both customer and carrier.”
Following MajescoMastek’s acquisition of the STG billing system in 2008, the company now has 37 billing solutions clients, including five over $1 billion in annual premium. The 37 clients include 16 personal and 21 commercial lines insurers. Additionally, there are nine additional carriers currently implementing the system including three over $1 billion in annual premium.
“As the industry evolves within the current marketplace, we have adapted our billing system to fit the changing needs of our clients – focusing on making our solutions “agent and insured self service” oriented with support for user-configurable business rules and payment plans,” said MajescoMastek’s Anil Chitale, senior vice president and P&C practice leader. “We also recently launched our fourth version of the solution, making it SOA/web services compliant to ease integration while also incorporating new technologies to improve the end-user experience.”
Customers have chosen MajescoMastek’s STG billing solution for its depth of functionality and proven track record. The system is an enterprise billing application that consolidates silos of data residing in multiple systems and provides a real time and single view of customers. The system allows carriers to issue a single bill to clients while providing complete flexibility in billing types and plans.
About Novarica Market Navigator™ Reports
Novarica Market Navigator™ reports are published by Novarica (www.novarica.com), a research and advisory firm focused on markets, operations, and technology for insurers and wealth management firms. The reports are designed to provide technology buyers with a snapshot of the solution provider marketplace. These reports position each solution by its current market position, and provide single-page summaries that cover company, product offering, technology details, support team, client base, and average pricing. The reports are produced independently and are not sponsored by technology vendors. For full details on Novarica’s technology vendor research, see http://www.novarica.com/vendorknowledge.shtml
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.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services