Mumbai, 3 June 2009
MajescoMastek, a high-end IT solutions player with global operations providing new technology and IP-led enterprise solutions with a focus on the Insurance and Government verticals worldwide, announced today that its STG Billing Solution for property and casualty (P&C) insurers has been ranked by analyst firm Celent as a market leader.
In a newly released report by Celent, Billing System Vendors: U.S. Property/Casualty Market 2009, MajescoMastek's wholly-owned US subsidiary MajescoMastek is recognized as having the largest customer base among 10 P&C system vendors receiving a full profile.
MajescoMastek ranked highly in the ABCD Vendor View that comparatively ranks vendors based on: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions.
"STG billing is a proven billing system," said Mike Fitzgerald, Senior Analyst in Celent’s insurance group and author of the report. "Matched with the resources of MajescoMastek, the company is enhancing the product in significant ways. Recent implementations are evidence of a broadening of the customer base towards larger insurers."
The report noted the broad set of features, quoting one client reference who described the STG Billing system as "best commercial lines choice out of the box."
Originally launched as STG Renaissance Billing, MajescoMastek made a major upgrade of the system in 2007 with the introduction of a Web-based services integration model. STG Billing is available as a stand-alone product or as part of the STG insurance suite.
Current enhancements underway include enhancing the user interface, introducing multiple database support, and multi-lingual and multi-currency capability.
"We are pleased to be recognized by Celent as a leader with the largest customer base among the top players," said Anil Chitale, senior vice president, P&C leader, of MajescoMastek. "We expect to grow further as we continue to enhance our offering to meet the needs of insurers of all sizes and help them transform their businesses using technology."
Among other strong points noted in the report:
- MajescoMastek has more than 35 U.S. insurers, from the smallest to largest P&C insurers, with five additional implementations now underway. The company recently has signed several larger contracts.
- All of the 21 basic and enhanced features are part of the base system. Group billing, one time payment via credit card and PCI security- compliant credit card transactions can be added to the base product.
- STG Billing is live for all standard personal and commercial lines for both direct and agency bill. The product offers support and is in production for multiple specialty lines as well.
- Business users report that only moderate training is required to learn the system.
- PL/SQL and Java. All of STG Billing's points of integration with other systems use Web services. A download to agency management systems via XML is part of the basic package.
- The solution is currently being implemented for a personal lines carrier with over four million policies and $5 billion in direct written premium.