NEW YORK, N.Y., Oct. 29, 2008 - At last week’s Society of Actuaries (SOA) Conference in Orlando, Fla., MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek (NSE: MASTEK), announced the next generation of its trusted and proven Vector Policy Admin System for the life insurance industry. Vector Policy Admin is a browser-based policy admin system that supports life and annuity products with a comprehensive, low-risk, cost-effective solution. The system, which has been made more flexible and user-friendly, delivers broad functionality, streamlines a complex implementation process, and easily integrates with existing business models.
MajescoMastek said that this enhanced offering complements its very successful Vector product, which has over 10 million policies under administration and a user base of some of the world’s largest life and annuity carriers. New customers will benefit from the company’s previous investment in the Vector system and best practices from within the insurance community.
“We are selling safety and security to an industry devoted to understanding risk,” said Harold Apple, senior vice president, MajescoMastek’s Life and Annuity business. With new generation systems struggling to cope with the complexities of the insurance business and proving to be less effective than hoped, MajescoMastek seized the opportunity to refresh an all-inclusive life system that was stable, secure and affordable, he noted.
Insurance carriers can reduce per-policy servicing cost in a predictable manner through Vector’s hosted delivery model. “There is a staffing advantage to the customer as well,” said Colleen Risk, vice president, MajescoMastek’s Life and Annuity division. “Since we provide the resources and our trained specialists for product support and hosting, companies see a reduction in the total cost of ownership and IT overhead. Results have demonstrated that we can reduce costs by as much as 30 percent.”
Vector Policy Admin offers a comprehensive range of flexible, intuitive features in response to a growing need for improved product development. The system handles all policy administration from issue to claim, allowing for agent oversight, online interface and interactive real-time access to new business policies. The complex is simplified with a robust system of tiered menus and user-friendly computer screens that streamline data entry and afford the functionality to support management decisions and financial reporting requirements.