Policy Administration

Fixed and Variable policies in one policy administration system

An ideal policy administration system is one that addresses both fixed and variable policies at the same time. Such a system has some fairly obvious advantages.

One of the biggest advantages is the reduction in overall support cost; the greater the number of systems, the higher the managerial overheads and supporting talent resource pools, which increases operating costs. A single policy administration system that supports both fixed and variable products reduces costs significantly. The second advantage is that it can reduce time-to-market significantly, which is critical since companies have to introduce new products quickly in order to maintain their competitive edge.

Mastek’s Elixir Policy Administration Component has been designed specifically to address your growth needs, allowing for concurrent product launches and reduces your operating costs while improving efficiency at the same time. It gives you an opportunity to hone your competitive edge in both processing and servicing.

Our policy administration system enables your actuarial team to work on the backroom version of the live system, to develop new products, check feasibility and predict exact development schedules. What’s more, you also do away with the hassles of disparate systems, lower sub-optimal duplication (and discrepancy) of product, data granularity and integrity, and ensure greater accuracy in a single solution.

By using the Elixir policy administration system, you can lower operating costs and capitalize on opportunities for product and market innovation. The result is higher differentiation in the market and increased revenues.

In brief summary, here are some of the key advantages of Mastek’s Elixir Policy Administration Component:

  • It has a single policy administration system for fixed and variable policies
  • You can introduce new products faster and reduce leakages
  • The new standards and technology lower time-to-market
  • You experience a unified view of a customer
  • It leverages contemporary best practices in automated underwriting and advanced rating (pricing) of highly segmented risks
  • It provides separate business rules engine and a common calculation engine
  • It offers a single integrated platform for all product lines and channels

Customer centric policy administration system helps in speedy launch of hybrid products
The client is one of the leading health cash plan and personal medical plan providers in the UK. The company had three separate brands, each with their own business processes and systems. They needed a unified system to manage all their products, and one that was flexible in meeting their aggressive growth plans.
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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.
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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
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To know more on how Elixir – Policy Administration component can help your company Contact Us. Today!