MajescoMastek’s STG Billing and Accounts Receivable Solution goes live at Farmers Alliance Companies
New Flexible Billing System Brings Benefits for Regional Insurer
Mumbai, 6 October 2008
MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek (NSE:MAST), today announced the successful go-live implementation of its STG Billing and Accounts Receivable solution at Farmers Alliance Companies (FAMI), a Kansas-based regional insurer that does business in nine states.
With the implementation of STG Billing, a Web-based configurable billing application, FAMI successfully converted more than 300,000 legacy billing transactions. The new billing system provides FAMI with the ability to meet increasingly demanding customer service requirements and regulatory changes, as well as provide flexible payment options and new products to its policy holders.
“The STG Billing solution fit seamlessly with our technology modernization initiative, where we were seeking a best of class provider, good partner and flexible system,” said Andy Edwardson, vice president of Information Technology at FAMI. “In addition to its ability to quickly integrate with our other products and services, STG Billing is providing a flexible solution, meeting customer needs now and well into the future.”
The STG Billing Solution provides property and casualty insurance carriers and Managing General Agents (MGAs) a standard set of interfaces as well as Web services that are leveraged to integrate with virtually any application.
The implementation took about 12 months to complete. “MajescoMastek has proven to be a wonderful implementation partner, taking time to understand our business needs to ensure a successful implementation,” he said.
“Top insurers understand that billing systems provide a competitive advantage,” said William “Billy” McCarter, president of MajescoMastek’s Property and Casualty (P&C) division. “The deployment of the STG Billing solution has enabled FAMI to transform their business operations by quickly responding to market changes, and bringing new products and services to market ahead of their competitors.”
About Farmers Alliance Companies
Farmers Alliance Companies includes three regional insurance companies – Farmers Alliance Mutual Insurance Company (FAMI), the parent company; Alliance Insurance Company, Inc.; and Alliance Indemnity Company. It was started in McPherson, KS, as a fire insurance company to share the mutual exposures of local farmers in the county, and has grown to be an organization that writes more than $125 million of premium across nine states. Personal and commercial insurance products are offered as well. FAMI is represented by more than 650 independent insurance agencies in nine states. FAMI has an A.M. Best Rating of A- (Excellent).
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