New York, NY, June 11, 2012 — MajescoMastek, the insurance industry’s enterprise application specialists and the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), announced at the recent IASA Annual Conference the immediate release of its STG Product Modeler 5.0, a product configuration engine that can be used with MajescoMastek’s STG Policy Administration or any third party policy administration (PAS) platform. Additionally, MajescoMastek has become an Associate of the ISO Electronic Rating Content program, providing integrated ISO-based business rules, loss costs and forms logic to the STG Product Modeler 5.0 solution. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq: VRSK).
Prior to this latest release, MajescoMastek clients used STG Product Modeler to support their ISO and non-ISO based content through configuration capabilities. The solution will now provide built-in ISO-based business rules, loss costs and forms logic – reducing time to market.
“Working with ISO and integrating the ISO content and business rules is simply the next evolution of the STG Insurance Suite. MajescoMastek clients were previously able to support ISO loss costs and rules; however, our team wanted to decrease the initial implementation timeframe, and decrease the effort of on-going circular maintenance. With this alliance and integration, our team has certainly done just that,” said Anil Chitale, P&C Practice Leader, MajescoMastek. STG Product Modeler clients now have the ability to manage on-going updates on their own, or outsource such maintenance to MajescoMastek.
“ISO is pleased to welcome MajescoMastek as an Associate of our ISO Electronic Rating Content program,” said Kevin Thompson, president of ISO Insurance Programs and Analytic Services. “Together, STG Product Modeler and ISO ERC will offer MajescoMastek’s customers a way to access and manage ISO content across all states and lines of business that ISO supports.”
Other enhancements made available in STG Product Modeler 5.0 include:
- Product Harvester - Enables the extraction of rates and business rules from legacy systems. This automation tool reduces the manual effort of legacy system code mining and entering that data into STG Product Modeler.
- Testing Workbench - Allows carriers to perform business impact analysis (what-if scenarios) and offers continuous integration with predictive modeling tools.
- Interface Modeler - Allows for easy integration to third party data services.
- Rating enhancements that support comprehensive step by step premium calculations, including the use of statistical functions.
- Ability to create state-specific rate filing from product definitions.
P&C insurers have now embraced product configuration as one of the must-have critical capabilities, according to Karen Furtado, partner at Strategy Meets Action (SMA). “The shift to a more granular, adaptive approach to product management has taken years to take hold in the P&C market. Now there is real momentum and real business needs that are pushing product configurator initiatives forward. Product configuration has clearly been accepted as the next evolution of rating – one that the market has been looking for.”
STG Product Modeler is a configurable solution that can centralize insurance content across various insurer systems, including legacy applications. This business-driven solution ships with rich, pre-loaded templates (ISO and proprietary) to allow business users to create and manage content. STG Product Modeler’s built-in workflows help business users and product managers collaborate seamlessly and help carriers streamline the product lifecycle management process across the enterprise. Some of the features and benefits of the STG Product Modeler solution are:
- Quicker launch of new products by having a centralized product repository which acts as the single source of truth for all the product definitions;
- Comprehensive product definition, underwriting and pricing capabilities bundled into one single solution;
- An integrated rating engine that can be used in a stand-alone mode outside the Product Modeler with third party policy administration systems as well;
- Built-in Product Analyzer provides a comprehensive test workbench, testing products before launch and includes capabilities for book of business impact analysis, as well as continuous integration with predictive modeling tools;
- Ready interfaces for easy integration with STG Policy Administration or any other policy administration system, offering carriers a low-risk and quick ROI alternative to legacy policy administration replacement initiatives.