MajescoMastek rated “Promising” in Leading Analyst Firm’s ICM MarketScope
Mumbai, January 19, 2010 : MajescoMastek Ltd has been rated “Promising” in the latest Gartner research report, ‘MarketScope for Insurance Incentive Compensation Management Applications’, published on December 16, 2009. The report evaluates vendors operating in the ICM solutions space.
Steven Leigh, Principle Research Analyst, Gartner, wrote in his recent research report, “From a global perspective, the ICM market for insurance has largely experienced incremental growth, with demand disproportionately originating from insurers with more-complex payment schemes and sales hierarchies.”
MajescoMastek’s channel management system has been successfully implemented by 12 clients globally covering individual, group life and health insurance lines of business. Elixir Distribution Management (EDM), the next generation channel management system is a single integrated solution to all distribution challenges. It encompasses all the tools insurers need to manage distribution as an end to end process. EDM includes agent administration, compensation management, the performance manager and an agent portal thus managing distribution from the enterprise level down to an individual agent. MajescoMastek’s deep domain expertise, advanced product offering and local experts have made it a clear leader in the Indian market with the largest number of installations in this market.
MajescoMastek has been distinguished by its comparatively strong presence in India, with a local advantage over some other providers. Vilas Kanyal, Head – Asia Pacific at MajescoMastek said, “We are seeing a lot of interest from the Insurance companies who are entering the growing Indian market. MajescoMastek’s channel management offering has been implemented at six insurance companies in India. In my opinion, Gartner’s rating stands testimony to our commitment to the insurance industry.”
Rad Sundar, Founder Director of MajescoMastek and Head of Insurance said “Some of the largest multinational Insurance carriers have implemented this product. MajescoMastek’s continuous investment in Elixir Distribution Management platform and best practices from within the insurance community will be beneficial to MajescoMastek’s customers and Indian insurance industry as a whole.” Interest in ICM applications is directly related to a need to manage complex compensation structures, and complicated distribution channels and hierarchies, while achieving greater departmental efficiencies.
The MarketScope is copyrighted 2009 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Except for the historical information and discussion contained herein, statements included in this release may constitute forward looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those that be projected by these forward looking statements. These risks and uncertainties include, but not limited to such factors as competition, growth, pricing environment, recruitment and retention, technology, wage inflation, law and regulatory policies etc. Such risks and uncertainties are detailed in the Annual Report of the company which is available on the website http://www.majesco.com. MajescoMastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.
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