Press Release
New York, NY, November 1, 2011 — MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced that Jacksonville, Florida-based Cypress Insurance Group Inc. (Cypress Property and Casualty Insurance Company and Cypress Texas Lloyds, writers of personal lines property and selected commercial lines of general liability in Florida and Texas respectively) has selected MajescoMastek’s STG Suite of products and insurance IT services. The single MajescoMastek system will replace Cypress’s multiple existing systems currently used for policy, underwriting, rating, billing, and management of the distribution channel. The Cypress selection validates MajescoMastek’s market position as a provider of complete, integrated, and end-to-end solutions for the property and casualty market.
The MajescoMastek STG solution will be provided to Cypress through a Software-as-a -Service (SaaS) delivery model as part of a multi-year outsourcing agreement which will include a combination of onshore and offshore support. The project is on track for production use in early 2012.
Given the high costs required to maintain the Cypress’s current legacy environment, coupled with the old systems’ lack of automation and limited flexibility, Cypress recognized that the time was right to look for a new solution – a modern and complete solution to address Cypress’s end-to-end processing needs - not just today, but well into the future. Cypress sought a single system that provided extensive functionality, the flexibility to efficiently manage the business and associated processes from the front office to the back office, and a platform for rapid growth in existing and new lines of business and jurisdictions.
After an extensive market search, MajescoMastek was chosen because it offered Cypress the complete package that included:
- the STG Suite, a solid and proven platform that was fully integrated and provided the functionality and flexibility Cypress was looking for;
- a strong relationship with a trusted vendor;
- partner vendors with seamlessly integrated solutions; and
- an attractive TCO through MajescoMastek’s private cloud combined with the onshore and offshore service and support teams.
Commenting on the MajescoMastek decision, Cypress CEO Gary Harger said, “While we had heard a lot about MajescoMastek’s Billing solution, we were pleasantly surprised by the robustness of their policy administration capabilities and the integrated solution built on best-of-breed components for Policy Administration, Billing and Distribution Management. Prebuilt integration with the Third- party data services supported our vision of rules based underwriting and straight through processing and we expect significant efficiencies in our processes as a result of that.”
Harger adds, “I would encourage any insurer looking for a single, modern insurance processing solution to take a serious look at MajescoMastek. They are an outstanding organization with a great solution.”
“We couldn’t be more pleased with Cypress’s decision to implement our STG Suite and for their confidence in our team. It is gratifying that they have recognized the value of the end-to-end solution we are able to offer,” said Anil Chitale, MajescoMastek’s P&C division practice leader. “The implementation effort is already underway with our respective teams working closely with a common focus on achieving Cypress’s financial, process and cost efficiency goals.”
MajescoMastek’s end-to-end STG Suite includes fully integrated STG Policy Administration, STG Billing, and Distribution Management modules. The Suite is delivered pre-configured with standard insurance content for several lines of business, and provides a complete solution for agents, underwriters and direct consumers. The system is enabled by the Insurance Content Manager (ICM), a toolkit designed for business users to maintain their own content for rates, rules, forms and other configurable data.
About Cypress Property and Casualty Insurance Company
Founded in 1999, The Cypress Insurance Group is a Jacksonville, Florida based holding company that operates two insurance companies (Cypress Property & Casualty Insurance Company and Cypress Texas Lloyds); a managing general agency (Service First Insurance Group) and a Claims Solution Company (Service First Claims Solutions). Cypress Insurance Group has about $120 million in revenues and in excess of 110,000 policies in force.