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MajescoMastek’s Elixir Policy Administration System Named Celent XCelent Award Winner

Press Release

New York, NY, December 14, 2011— MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced its Elixir Policy Administration System (PAS) (formerly SEG’s Policy Administration system) has been named a Celent XCelent Award winner. Elixir North America earned the award for Leading Advanced Technology among the 18 policy processing systems profiled in Celent’s North American Policy Administration System 2011: Life, Annuities and Health report.

Commenting on MajescoMastek’s XCelent win, Craig Weber, co-author of the report and Celent’s Senior Vice President responsible for the global insurance practice, said,“MajescoMastek’s recent 2010 purchase of SEG was a win-win for the two companies with MajescoMastek gaining a strong, fully rules-based modern policy administration system for the life and annuity market. The broad functionality available in Elixir North America offers a true end-to-end solution for a Tier 2 to Tier 4 insurer.”

Weber added, “With a relatively low price point, a java code base, and no-code configuration, Elixir North America should be on the short lists of insurers looking for a modern, self-service policy administration system.”

The Celent report also highlights customer feedback including comments on the system’s “ability to bring new products to market quickly” and the “ability of the business users to program the product calculations,” with customers giving product design/development their highest rating.

“I couldn’t think of a finer way to mark the one year anniversary of the SEG and MajescoMastek marriage. We are extremely proud of this recognition for our Elixir North America solution, with the XCelent Award win validating the strength of the combined organization,” said Erik Stockwell, MajescoMastek’s Senior Vice President, North America Life/Annuity. “We appreciate our customers’ participation in the Celent research and greatly value their feedback as well as the insight of Celent’s analysts. We continue our development investments to further enhance and expand Elixir North America capabilities and maintain our technology leadership position.”

The Celent report utilizes the ABCD Vendor View, Celent’s standard representation of a vendor marketplace, designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of service.