Policy administration solution
Policy administration solution supports all processes in the policy life-cycle from product definition to claims settlement.
The client is the leading outsourcing service provider in the UK Life and Pensions market.
They provide SLA based services for a number of companies including Prudential, Lincoln, HBOS, The Children's Mutual, and Winterthur.
To underpin their unique service proposition, they needed a modern, flexible policy administration platform that could:
- Support all UK product sets on a single platform
- Provide a sharp reduction in processing cost
- Enable products to be launched quickly and cost-effectively
After an extensive review of solutions available in the UK market, the client selected Mastek's Elixir solution as their strategic platform.
Elixir's modern browser-based architecture, flexibility of the product engine, and comprehensive product coverage gave it the edge.
The Elixir solution supports all processes in the policy life-cycle from product definition to claims settlement.
The solution supports new business and transaction - servicing via call centre, web and post. It integrated OCR and ICR solutions, to enable Straight Through Processing capabilities (STP).
The client's Child Trust Fund service is now live on the Elixir platform.
Elixir's flexible product engine and plug-and-play components have improved speed of product launch and reduced cost of policy administration.