Mastek signs $30mn deal with US-based finance major

June 22, 2012

As a part of this contract Mastek will modernise the company's enterprise billing and payments platform across all the lines of insurance and financial products

Mumbai-based Mastek's US subsidiary MajescoMastek announced today that they have signed a multi-year license, implementation and maintenance engagement for its STG Billing solution with a Fortune-100 insurance and financial services company. The initial value of the contract is $30 million (around Rs 170 crore).

As a part of this contract Mastek will modernise the company’s enterprise billing and payments platform across all the lines of insurance and financial products.

The company without divulging the name of the client said, that it is one of the leading companies in the North America insurance and financial industry and is undertaking a multi-year transformation engagement to streamline their internal operations. MajescoMastek was selected after an extensive due-diligence phase that resulted in a comprehensive evaluation of STG Billing’s fit for their end-user business, internal operational and technology roadmap.

MajescoMastek’s STG Billing, the award winning, leading billing solution with the largest number of installations in the North America P&C 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 utilise the Insurance Content Manager and Insurance Content Designer to bring a new level of autonomy to the 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. STG Billing now supports all Insurance lines – Life/Annuity, P&C and Health and is further extended to support financial products with this large engagement.

Reference: Business Standard, Moneycontrol.com, Business Line