New York, NY-August 3, 2010- MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), announced today that Foresters™, a life insurance provider that champions family well being, has selected MajescoMastek as a technology partner in their larger transformational initiative: Foresters Invests in Transformation (FIT). The FIT program was designed to modernize Foresters infrastructure, dramatically reduce unit costs for both policy acquisition and inforce policy administration, and create a strategic leap forward in their member and producer services platform to position the organization for future growth.
"Foresters has selected MajescoMastek because they uniquely bring together deep domain expertise to understand our business issues, world-class insurance applications to enable our evolution, and experience in managing large complex programs." said Peter Sweers, SVP & Chief Operations and Information Officer at Foresters. "They were best positioned to truly understand the goal of our transformation program, create value-added solutions, and de-risk the business change."
The Foresters partnership will leverage MajescoMastek’s insurance technology solutions in three major areas of business transformation – New Business and Underwriting, Policy Administration, and Producer Portal. As part of the agreement, MajescoMastek is extending its world-class, next-generation Elixir Policy Administration system and implementing its recently launched New Business + Underwriting Solution to allow Foresters to derive dramatic cost savings in both policy acquisition and inforce maintenance. Foresters will also leverage MajescoMastek’s producer portal to extend current service levels and to enhance their producer experience.
"We are extremely excited to partner with Foresters and to be a key part of their business transformation initiative – Foresters FIT. We are also very pleased that Foresters could envision the advantages of leveraging the robust capabilities of the Elixir Policy Administration System and realize the benefits of this highly flexible and scalable solution," said Mike Dufton, President at MajescoMastek.
With the successful implementation of the Elixir Policy Administration System, Foresters will be capable of launching ground-breaking products across multiple distribution channels while maintaining both a low-risk business transformation and a low-cost of ownership.
MajescoMastek’s New Business & Underwriting solution (NB+U) served as a driving force behind Foresters decision to partner with the company. NB+U will allow Foresters to leverage their configurable rules engines and accelerate underwriting decisions and business processes—ensuring optimal efficiency with straight-through-processing wherever possible. This new capability will increase service levels to members and producers by reducing cycle times for policy issuance and increase transparency on case status and decision making. As a result, Foresters will have the ability to apply business intelligence tools for the analysis of the quality and results of their underwriting rules.
"MajescoMastek’s New Business + Underwriting solution and its integration with Elixir will serve as an elegant, modern solution for eliminating non-value add costs, while expediting Foresters business transformation initiatives," added Peter Sweers. "We trust that this partnership will accelerate the critical growth of our business."
Founded in 1874 as a fraternal benefit society, ForestersTM champions the well-being of families through quality life insurance, unique member benefits and inspiring community activities. Foresters has assets of $6.2 billion with liabilities of $4.8 billion resulting in a surplus of $1.4 billion (all figures in Canadian dollars as of December 31, 2009) and maintains an "A" (Excellent) rating by A.M. Best*. Foresters shares its financial strength with more than 675,000 members in Canada, the United States and the United Kingdom. Foresters Equity Services, Inc.†, a wholly owned subsidiary of Foresters, offers investment products in the U.S. Unity Life of Canada‡, a wholly owned subsidiary of Foresters, represents Foresters in Canada. For more information, please visit www.foresters.com.
ForestersTM is a trademark of The Independent Order of Foresters, a fraternal benefit society, Toronto, Canada M3C 1T9.
*An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. In assigning Foresters rating, A.M. Best stated that Foresters rating outlook is "stable", which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A- being excellent ratings.
† Investments offered through Foresters Equity Services, Inc. Member FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858 550 4844.
‡ Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters.
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