The Maryland Automobile Insurance Fund to Implement MajescoMastek’s STG Policy Administration and STG Billing
Modernization of MAIF’s core policy administration and billing operation with MajescoMastek is designed to reduce costs, streamline processes, and allow for expansion of services
New York, NY, March 13, 2013 — MajescoMastek, the provider of Insurance Software + IT Services to over 100 carriers, and the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced The Maryland Automobile Insurance Fund (MAIF), an independent agency of the State of Maryland providing automobile liability insurance for Maryland residents has selected MajescoMastek’s STG Policy Administration and STG Billing solutions for legacy replacement and core processing modernization. MajescoMastek’s experience in core processing, proven solutions and services, focus on personal and commercial auto market, and track record were the key reasons that MAIF chose MajescoMastek’s products.
In addition to the policy administration and billing solutions, MajescoMastek’s STG Insurance Content Designer (ICD) and STG Insurance Content Manager (ICM) will empower MAIF’s business and IT users to manage content, including: business rules, rates and forms. The content is accessed through a modern architecture built on open standards, offering an intuitive, web-based user experience, along with built-in industry best practices.
MAIF will also extend the reach of the new operating environment through the deployment of MajescoMastek’s Mobile Application to provide easy access to services and consumer support.
Faced with the technological limitations and process inefficiencies of the legacy environment, MAIF sought to replace the current systems and leverage modern technologies to enhance and expand its service model and lines of business offered.
Anticipated MAIF benefits from the implementation of the MajescoMastek solutions include:
- Reduced costs with improved efficiencies in billing and policy administration processes;
- Streamlined workflows, reporting, metrics;
- Enhanced customer experience and services; and
- Ease in creation, modification, and management of business rules, resulting in an agile operating environment.
Diane Williams, MAIF’s CIO, said, “MajescoMastek has a proven wealth of experience in policy administration in the automobile line of business, and their great reputation in billing is very well known in the industry. This experience and reputation, combined with MajescoMastek’s functionality, technology, and services made for the ideal combination to meet MAIF’s needs. We are confident in MajescoMastek as a valued business partner and we look forward to working closely with their team during our implementation project.”
Anil Chitale, P&C Practice Leader, MajescoMastek, added, “When insurers are looking to replace the legacy core system environment with modern technology, they are looking for more than just good systems. They want to be assured they are working with a technology partner who has the solutions as well as the services and history of experience that are needed to deliver a successful implementation. We are happy that MAIF recognizes our core strength – a combination of our software, our services, our experience, and, just as important, our sense of project responsibility and ownership from start to finish. We are proud to be selected by MAIF as a partner on their transformation initiative.”
As a provider of insurance software + IT Services to over 100 carriers, MajescoMastek uniquely combines its wide intellectual property base, domain expertise, mission-critical program management abilities, and complex solutions capabilities to help insurance carriers unlock business value. MajescoMastek delivers proven solutions in core insurance areas, including: policy administration, product modeling, new business processing, billing, claims and distribution management.
MAIF was created by the Maryland State Legislature in 1972 for the purpose of providing automobile liability insurance for those residents of the State of Maryland who are unable to obtain it elsewhere in the private insurance market. MAIF is an independent agency of the State of Maryland, and as such, reports directly to the Governor and is responsible to the Maryland State Legislature. MAIF receives its operating funds from insurance premiums paid by policyholders and receives no State funding.
To learn more about MAIF, please visit www.maif.net.
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