New York NY, April 23, 2013 – MajescoMastek, the provider of core insurance systems and services to over 80 P&C and Life insurance carriers in North America, today announced that its Elixir Distribution Management (EDM) has received a “Positive” rating in Gartner’s recently published MarketScope for Insurance Incentive Compensation Management report*. In the report, Gartner reviewed the 13 dominant vendors that focus on insurance compensation applications in the global life, property and casualty, and health insurance markets.
According to Steven Leigh, Principal Research Analyst at Gartner and author of the report, “In the past 12 months, the global market showed a 23% growth for new implementations across life, health, and property and casualty (P&C) insurance. As commission, bonus and other payment schemes to agents become more complex, currently deployed systems, which range from custom-built incentive compensation management (ICM) systems with basic functionality to even spreadsheets, have become inadequate for insurers, driving interest in packaged ICM solutions.”
To date, MajescoMastek distribution management solutions have been successfully deployed by 15 clients globally across both life and P&C lines of business, in six languages, and in support of more than 300,000 agents and in excess of 6 million policies. MajescoMastek has invested heavily in the continued development effort to expand and enhance its distribution management system capabilities, including: licensing and appointment processing, compensation calculations, reporting and analytics, workflow management, and correspondence. Utilizing a service-oriented architecture (SOA) in combination with an industry-standard rules engine has increased system usability and flexibility, providing end-users with maximum control over even the most complex rules.
"We sincerely appreciate Gartner spearheading this research and for the recognition for our Elixir Distribution Management offering. As this market continues its aggressive growth, we see tremendous opportunity to increase our market share. As the incentive compensation market matures, user expectations are going to continue to mature as well. In response, we plan to continue our investments in research and development in an effort to stay ahead of the demand and exceed expectations," said Ketan Mehta, CEO of MajescoMastek.
Elixir Distribution Management represents MajescoMastek’s newest generation distribution management system and offers a single integrated solution that encompasses all the tools insurers need to manage the end-to-end distribution process. EDM includes agent administration, compensation management, the performance manager and an agent portal thus managing distribution from the enterprise level down to an individual agent.
*Gartner, Inc., MarketScope for Insurance Incentive Compensation Management Applications, Steven Leigh, December 20, 2012.
About the Gartner MarketScope
The MarketScope is copyrighted 2012 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.