NEW YORK, May 04, 2011 - MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (BSE: Mastek), announced its new policy administration software offering, "Elixir Policy Administration System," an end-to-end back office solution managing every aspect of the policy lifecycle from new business to claims for Life, Health and Annuity Insurance Carriers.
"We are very pleased to announce our new product offering. Elixir North America reflects our commitment to the North America carrier community" said Erik Stockwell, Senior Vice President of MajescoMastek. " We now have a complete policy administration suite of offerings for both group and individual lines of business. With the economy improving, our timing is perfect."
The platform now includes complete end-to-end functionality with a rules engine loaded with all of the content for product calculations and regulatory requirements.
With the recent acquisition of SEG Software's intellectual property and rules engine platform (PRASE), the company's product development cycle and the company's services capabilities has accelerated. Elixir provides carriers with the utmost flexibility for product definitions, business rules, regulatory interpretation, and automated workflow. The single calculation engine approach eliminates the costly programming and maintenance while reducing time to market challenges.
MajescoMastek plans to leverage its rules engine asset globally through its strong offshore insurance center in India.