INDIANAPOLIS, IN, June 9, 2014 – From the IASA Annual Educational Conference and Business Show, Majesco, the provider of core insurance software and IT solutions to more than 80 property/casualty and life insurance carriers in North America, today announced that its customer — a commercial lines carrier — has gone live with Majesco’s STG Policy with automated use of ISO Electronic Rating Content. As the first insurer in the industry to be in production with ISO Electronic Rating Content, this milestone sets a benchmark for insurance carriers with respect to adoption and implementation of ISO rating content in electronic form. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
At the core of the carrier’s operations is Majesco’s STG Policy — the policy administration system from Majesco with capability to implement ISO Electronic Rating Content which, in turn, helps to reduce implementation time and decrease on-going circular maintenance. Majesco is an ISO Electronic Rating Content Associate.
“I would like to congratulate Majesco for its achievement in directly integrating ISO Electronic Rating Content with its policy administration system and going live with its customer,” said Mark Sheehan, assistant vice president – ISO. “ISO Electronic Rating Content (ISO-ERC) is a key to building and maintaining ISO lines of business supported by ISO” by providing implementation-level details and automated files with key rating data for upload to your policy administration system.”
Majesco is currently implementing STG Policy with direct access to ISO Electronic Rating Content for some of its customers across all states and all lines of commercial property & casualty business.
Key features of Majesco’s integrated STG Policy and ISO ERC solution include:
- Support for personal and commercial lines through ISO ERC;
- Multistate content and state exceptions processed and delivered to policy administration system;
- Ability to import ISO ERC and apply to existing products without overwriting customer exceptions and with minimal manual intervention;
- Expanded document management capabilities to support ISO based lines of business with STG Policy offering standard ISO forms and policy documents bundled with the line of business specific template;
- Delivery of subsequent ISO updates while retaining of customer specific customization
Commenting on the development, Ketan Mehta, CEO, Majesco, said, “Majesco understands that ISO ERC is the future for delivering rating content for insurance. We have made deep investments to interpret, process, and deliver ISO Electronic Rating Content to our customers. We have also set up a center of excellence for ISO content services. This is an industry breakthrough as we continue our tradition of creating innovative core technology solutions for the insurance industry with a goal to increase operational efficiencies and speed to market. Bringing our customer live with ERC is a first of its kind, and we look forward to other Majesco clients that are currently under implementation going live in the next few months.”
STG Policy is a comprehensive system for property/casualty carriers that provides full life-cycle processing capabilities. Majesco’s leading insurance content configuration toolkit for business and IT users is the backbone of all products included in the STG P&C Suite. STG Policy is a key component of the STG Suite that also includes STG Billing, STG Product Modeler, STG Claims, and Distribution Management. These products can be implemented standalone and integrated within the carrier’s IT landscape, or as an enterprise end-to-end suite that supports the complete p/c insurance value chain.