New York, NY – March 3, 2014 - Majesco, the provider of core insurance systems and services to over 80 Life and P&C insurance carriers in North America, today announced its client Foresters, a leading life insurance provider, has been named a 2014 Celent Model Insurer finalist by leading research and advisory firm Celent. Now in its eighth year, the Celent Model Insurer Awards Program is designed to recognize organizations which demonstrate the year’s top technology initiatives.
Announced by Celent during a webinar on February 26th, Foresters was awarded its ‘finalist’ recognition in the Legacy Transformation category for its Foresters Invests in Transformation (FIT) program, which included the implementation of two Majesco solutions: Elixir Policy Administration System and New Business & Underwriting (NB&U).
The FIT program was designed to modernize Foresters’ infrastructure, dramatically reduce unit costs for both policy acquisition and in-force policy administration, and enhance the member and product services platform to position Foresters for growth.
“Celent recognizes Foresters as a Legacy Transformation Model Insurer finalist for its decision to undertake several IT and business transformations at once to drive sales and reduce the cost of operations,” said Karen Monks, Analyst with Celent’s Insurance Group. “Strong best practices such as automation, STP, and system integration as well as the use of industry standards were factors in Celent choosing Foresters as a finalist.”
“Majesco extends sincere congratulations to Forester on being named a Celent Model Insurer finalist. The Forester FIT program is a great example of a complex legacy replacement and business process modernization project that has been both well planned and well managed,” commented Erik Stockwell, Majesco Senior Vice President – North American Life & Annuity Division.
This year’s Legacy Transformation Model Insurer Award winner will be named at Celent’s Innovation & Insight day in New York, NY on April 3, 2014.