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MajescoMastek Introduces Enhanced Version of STG Policy Administration System

Press Release

WASHINGTON, DC – Jun 3, 2013 — At the IASA Educational Conference and Business Show, MajescoMastek, the provider of core insurance systems and services to over 80 P&C and Life insurance carriers in North America, today announced the introduction of an enhanced version of STG Policy Administration (STG Policy).

Highlights of the new capabilities introduced with the latest version of STG Policy include:

  • Support for all major P&C lines of business, including: personal, commercial, workers’ compensation and specialty lines.
  • ISO Electronic Rating Content support - With ISO content delivered electronically straight to the policy administration system, STG Policy reduces initial implementation time and decreases the effort of on-going circular maintenance.
  • Enhanced underwriter desktop offers improved support for commercial lines underwriting, better tools for agent/ underwriter collaboration, and better information gathering, including third party data reports;
  • Configuration tools (Insurance Content Manager (ICM) for business users and Insurance Content Designer (ICD) for analysts and IT) are now included with STG Policy. These configuration tools overlay a centralized content management layer and empower much of the business user community to quickly and easily make common changes, freeing up valuable technical resources for more complex changes.
  • Multiple deployment options with STG Policy now available through traditional on premise implementation or via a private cloud, or through a Software as a Service (SaaS) model.
  • Document management capabilities have been expanded 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.
  • Analytics and dashboards provide out of box reports for STG Policy (and the entire STG Suite), leveraging the industry leading business intelligence and analytics platforms to enable greater flexibility, better reporting, and business intelligence capabilities to STG Policy and STG Suite clients.

“We’re seeing growing demand for core systems across the spectrum of carriers from Tier 1 downward, and we’re also seeing an increasing appetite for different types of deployments, from the traditional on-premise to true SaaS solutions,” said Chad Hersh, Managing Director, Insurance Practice at Novarica. “By offering solutions for all sizes of carriers for both ISO and non-ISO lines, across a range of deployment options, MajescoMastek is maximizing the appeal of the STG Policy solution. Additionally, the STG solutions are differentiated by their use of separate configuration tools for business users and IT users, which takes the uncertainty out of allowing business users to configure the system, which is a feature we’ve not seen elsewhere.”

"Our product development efforts are based on market need and we will continue to do so to ensure we invest in providing the most modern technology and depth of capabilities to enable our insurer clients to successfully transform their businesses," said Anil Chitale, P&C Practice Leader at MajescoMastek. “This latest version of STG Policy is our response to the demand from insurers for flexible, feature rich systems that are capable of supporting their entire P&C product portfolio.”

STG Policy is a comprehensive system for property & casualty carriers providing full life-cycle processing capabilities. MajescoMastek’ 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.