New York, NY, 19th February, 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), announced today that Gerber Life Insurance Company (Gerber Life), a White Plains, New York based insurer, has chosen MajescoMastek’s Elixir North America platform to administer all its lines of business.
MajescoMastek will also provide a range of additional services to assist Gerber Life in its two year transformation initiative to modernize its core policy administration processes.
MajescoMastek’s Elixir North America was selected after an extensive market search and evaluation of available policy administration solutions. Key to the decision was MajescoMastek’s ability to deliver the full range of functionality to address Gerber Life’s business process needs and product requirements; to provide a truly modern technical architecture that would continue to be relevant for the long term; and to design and deploy an effective modernization effort to support Gerber Life’s aggressive growth plans.
With the implementation of Elixir North America, Gerber Life anticipates significant benefits, including:
- deployment of a fully modernized infrastructure;
- enhanced customer service for its consumers and producers
- facilitating real-time transactional events;
- improved speed-to-market for new products;
- implementing an agile environment to address the ever-changing competitive and regulatory landscape;
- optimization of business processes and improved market share, translating to revenue improvement and cost reduction; and,
- increased contribution to its parent company, Nestlé Group.
“MajescoMastek is an ideal vendor partner for the Gerber Life modernization initiative. The Elixir North America system’s truly modern technical architecture will enable us to handle our extraordinarily high volumes. In addition to the system, MajescoMastek’s proven experience in successfully deploying large scale transformation initiatives was very important to us,” said Mike Borowski, Senior Vice President of Information Technology & Operations at Gerber Life. “With the Elixir North America platform, we can cost-effectively develop new products and processes to better service our policyholders and producer channels, while we also become self-sufficient in the years ahead, enabling us to continuously evolve the business model to meet changing demands and capture additional market share.”
Erik Stockwell, SVP of the MajescoMastek Life & Annuity Division, stated, “MajescoMastek is extremely excited with Gerber Life’s selection of our solution as the technology cornerstone of its transformation initiative. We are thrilled to add the iconic Gerber Life logo to our family of 100+ insurance clients. It is especially gratifying to be recognized for our past experience in the design and deployment of a modern technical architectures, development of real-time integration strategies, facilitation of straight-thru-processes, and execution of highly complex many-to-one data migration initiatives.”
The Elixir North America platform is able to administer all lines of business for Group and Individual on a single platform, and delivers comprehensive functionality including new business and underwriting, policy issue and administration, policyholder services, billing and collections, reinstatements and terminations, claims, accounting and reinsurance. At the heart of the platform is the highly configurable and extensible PRASE rules engine, providing a full library of life, health and annuity products, enabling rapid product and process development capabilities, and innovation at the lowest possible cost point.
About Gerber Life Insurance Company
Gerber Life Insurance Company, founded in 1967, provides affordable, industry-leading juvenile life insurance and other financial products to young families. Gerber Life has maintained an A.M. Best rating of “A” for over 12 consecutive years. It is Gerber Life's mission to be the brand parents and grandparents trust to help them achieve financial security and protection for their families at every stage of life. Throughout the United States, Canada and Puerto Rico, Gerber Life has more than $37 billion of life insurance in force, and helps provide financial security to over 3 million policies. For more information, visit Gerber Life's website at www.gerberlife.com.