Straight through processing
Straight through processing: From point of sale to new business to policy administration
The client is the insurance arm of one of the largest financial groups in Malaysia, and a market leader in Insurance products.
They had several disparate legacy systems and faced significant issues with respect to efficiency and customer service.
While an overall lack of integration created reconciliation challenges, the introduction of new products was also time consuming and this severely impacted market competitiveness for the client.
Following an extensive market review and evaluation exercise, the client chose Mastek's Elixir Administration platform to replace their legacy systems.
The implementation of Elixir created an integrated solution supporting Straight Through Processing (STP) from point of sale to new business and policy administration.
Today, Mastek's solution supports life, protection, endowment, unit linked and annuities product lines, all on a single platform.
Through the flexible product engine, they are now able to achieve a dramatic reduction in time to market for new products, and policy administration costs have reduced substantially. Through this initiative the client has significantly improved its customer service and internal productivity.