NEW YORK, N.Y. – April 1, 2009 – MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today introduced its new STG Electronic Bill Payment and Presentment (EBPP) module enabling insurance carriers to offer online bill payment and viewing to their policyholders. This technology provides insurers with a costcutting tool that can help them attract new customers, increase customer loyalty and expedite cash flow.
The enhanced product offering, from the company’s STG property and casualty (P&C) suite, is a standalone module that offers policyholders a self-service real-time bill payment and account viewing option in a variety of languages, including English, French, German and Spanish. The module, which can be used for single-billed or account-billed policies, also allows policyholders to:
• manage their profiles online;
• pay by credit card, electronic fund transfer (EFT), or virtual check via a direct debit option;
• see and access prior invoices in PDF format; and
• view installment schedules and payment histories.
The interactive user experience is presented in Adobe Flash Player or in an Adobe Flash Web Browser plug-in. The module’s flexible SOA-based architecture operates with both STG products and other enterprise billing and policy administration solutions using Web services.
"We developed this product offering in response to increased demand from insurance carriers who wanted both to provide policyholders the convenience and reliability of paying bills online, and benefit from the improved cash flow and profit that timely payments, reduced risk and better operating efficiencies bring," said William "Billy" McCarter, senior vice president of delivery for MajescoMastek. "We plan to add new functions to this STG module to continue to help insurers transform their businesses."
Electronic Billing on the Rise
Electronic billing is on the rise in business-to-business payments and is expected to grow to almost 50 percent of all payments by 2010, reports industry analyst Celent. In addition, Celent predicts up to 10 percent of non-maintenance IT spending at North American P&C insurers will be devoted to billing in the next five years, with spending up to $749 million by 2010.
"In these challenging economic times, savvy insurance carriers are looking to streamline business processes to make them as cost effective as possible," McCarter said. "Increasing the efficiencies and functionality of the billing process, while improving the customer experience, is one way to sustain competitive advantage and the new STG Electronic Bill Payment and Presentment module delivers these important benefits."