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Mastek launches `Elixir`
Our Corporate Bureau / Mumbai December 21, 2005
Mastek today launched its policy administration platform, Elixir, in India.
The platform, positioned as a product for insurance companies, helps clients to reduce launching time of hybrid products, improve efficiency of distribution network and enhance competitiveness
“Incomes are rising among the Indian middle class and there is an increasing demand for innovative and customised life insurance products. As a company with an insurance vertical and good domain knowledge, we are confident that IT solutions can add significant business value for Indian insurance companies and help them stay competitive,” Mastek chairman Ashank Desai said at a press conference here.
Elixir is a policy administration platform that integrates front office with the back office. It also has a library of plug-and-play components that can be flexibly combined to make customer-specific solutions. It is also an alternative to existing legacy products and horizontal offerings that require extensive customisation, he added.
The product has already been installed in 50 locations worldwide. In India, Max New York Life has been using the product for the last 20 months, while Birla Sun Life has recently opted to implement it
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