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MajescoMastek’s STG Billing Selected by OneBeacon Insurance Group as Common Billing Platform

Press Release

New York, NY, August 8, 2012 — MajescoMastek, the insurance industry’s enterprise application specialists and the U.S. subsidiary of global technology solutions provider Mastek Limited (NSE: MASTEK), today announced that Bermuda-based OneBeacon Insurance Group has selected STG Billing to consolidate multiple billing systems to MajescoMastek’s Private Cloud delivered billing platform.  Already in production after its initial STG Billing implementation, a broader deployment is on track for production later this year.  Once in full production use, the STG Billing system will be used as the common platform to support OneBeacon’s entire book of business and all bill types, including: direct, agency, and broker.

After a thorough evaluation of available billing systems, OneBeacon selected MajescoMastek and its STG Billing offering in large part due to the capabilities it provides for users to maintain and configure many of the options and rules within the system. OneBeacon also appreciated the attractive support model offered with MajescoMastek’s private cloud delivery.  The new system gives OneBeacon a cost-effective approach to billing, while also streamlining and bringing consistency to the billing process, regardless of the bill type or product.

Dana Hendershott, SVP - Specialty Collectors and Operations with OneBeacon, said, “We are pleased to be streamlining and enhancing our billing platform with the adoption of MajescoMastek’s STG Billing system. Their track record of success and extensive knowledge of insurance industry billing contributed to our comfort level when evaluating our options last year. We feel confident in MajescoMastek’s ability to deliver and look forward to the full implementation.”

“As the market continues to demonstrate its strong and growing interest in our STG Billing offering, we are enjoying a clear market leadership position, and we couldn’t be more pleased.  OneBeacon’s confidence in our product and our company validate that we are responding well to the industry’s need for a modern, flexible, scalable, and cost-effective billing solution,” Anil Chitale, P&C Practice Leader, MajescoMastek.

STG Billing, the award winning, leading billing solution with the largest number of installations in the North American P&C insurance market today, helps insurance carriers meet their unique business needs by providing users with impressive breadth of functionality and configurability.  Business users and IT developers can utilize the Insurance Content Manager and Insurance Content Designer to bring a new level of autonomy to the billing, payment, disbursements, accounts receivable and cash management processes.  Business rules, business processes, workflows and forms are configured and accessed through a modern architecture built on open standards, offering an intuitive, web-based user experience along with built-in industry best practices acquired from 20 years serving the industry.