Press Release
Mumbai, May 10, 2009
IT company enables business transformation at insurance carriers
- STG Billing powered Farmers Alliance Mutual Insurance (FAMI) won the overall Model Carrier Award for 2009
- Mortality Management Solution powered Transamerica Life Insurance Company won the award in the Underwriting Category
MajescoMastek Ltd, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organisations worldwide announced today that two of its solutions – STG Billing and the Mortality Management Solution (Vector New Business Platform) have won the prestigious Celent Model Carrier Award 2009 for its clients – Farmers Alliance Mutual Insurance (FAMI) and Transamerica Life Insurance Company. While FAMI won the overall Model Carrier Award for 2009, Transamerica Life Insurance Company won the award in the Underwriting Category.
FAMI was honored with the firm's premiere global award, "Celent Model Carrier of the Year," in 2009 for its iFAMI end-to-end system replacement that the researchers found "most exemplifies IT best practices and measurable business results." MajescoMastekMajescoMastek's STG billing system was a critical component of the regional carrier's best-of-breed approach to transform itself into a customer-centric organisation.
With the successful full implementation of STG Billing, a Web-based configurable billing application, FAMI converted more than 300,000 legacy billing transactions. The new billing system gives FAMI the ability to meet increasingly demanding customer service requirements and regulatory changes, and provide flexible payment options and new products to its policy holders.
"Farmers Alliance is honored to receive the Celent 2009 Model Carrier award," said Andy Edwardson, vice president of Information Technology at FAMI. "The STG Billing implementation was a significant milestone in the iFAMI initiative."
MajescoMastek also played a pivotal role in Transamerica Reinsurance being named a "model carrier component" in underwriting, recognition by Celent that its technology helped the insurer improve performance and better meet market demands. Transamerica Reinsurance, a leading supplier of life reinsurance in the United States, is a division of Transamerica Life Insurance Company, an AEGON company.
MajescoMastek's US subsidiary MajecoMastek partnered with Transamerica Reinsurance to create a mortality management system that enables a straight through processing environment for all systems and functions from application to policy issue. The mortality management solution helps underwriters and risk managers make consistent underwriting decisions by gathering all applicant health history and third party vendor results as data and applying the results to the carrier's specific underwriting guidelines and stretch criteria. This is the second honor the Mortality Management System has garnered. It was recognised by Insurance Networking News as a Runner Up to its 2008 INNovators Award in November 2008.
"Mortality management demands a comprehensive understanding of all the drivers of mortality," said David Dorans, Vice President of Transamerica Reinsurance's Product Consulting & Development department. "The missing piece has always been systematic data capture and the ability to use good data to analyse product performance at a granular level. Our solution enables better decision making, ensuring that the right questions are asked during the application process, responses are complete and submitted electronically, and analysed for consistent risk selection."
Speaking on the occasion, Mr Sudhakar Ram, CEO, MajescoMastek Ltd, says, "I would like to congratulate the entire team of STGMajescoMastek and VectorMajescoMastek for reinforcing MajescoMastek's value proposition of delivering solutions that impact our customer's business. At MajescoMastek we have always believed in creating innovation through intellectual property and passion. We believe in delivering strategic solutions and platforms to our clients that enable their business innovation and transformation. These awards substantiate our commitment to the same."
Earlier, MajestoMastek's Mortality Management solution had also won the INNovator Award 2008 from the leading publication - Insurance Networking News, for IT innovation in insurance. Currently a little over 30% of MajescoMastek's revenues are driven out of its US operations.