Press Releases
Mastek launches its globally successful Elixir policy administration solutions in India.
20 December 2005
Component based solution to considerably reduce time-to-market of new products for insurance companies.
International software solutions and services provider, Mastek Ltd, which has a 15-year leadership record in providing solutions exclusively for the insurance industry worldwide, has now launched its world-class policy administration platform, Elixir, for the first time in India. It is a perfect fit for insurance companies who want to launch innovative hybrid products in a shortest time, improve efficiency of their distribution network and enhance competitiveness.
Elixir is a component-based solution that has been designed specifically for insurance companies. It offers an alternative to existing legacy product solutions and broader, horizontal offerings that require extensive customisation. Elixir has already been successfully installed in 50 locations worldwide. Customers have reported significant improvements in operational and distribution efficiency, and a considerable reduction in the time-to-market of new products.
Says Ashank Desai, Mastek Chairman: "The insurance market in India is an exciting one for Mastek. Incomes are rising among the Indian middle class and there's increasing demand for innovative and customized life insurance products. As a company with a thriving insurance vertical with good insurance domain and business solutions experience, we are confident that our IT solutions can add significant business value for Indian insurance companies and help them stay competitive."
Elixir is an end-to-end policy administration platform that seamlessly integrates the front office with the back office. It also has a library of plug-and-play components that can be flexibly combined to create unique, customer-specific solutions. Elixir components are designed to jumpstart the adoption of technology and reduce application development time by up to 40%.
Mr Vijay Chavan, Worldwide head of Insurance and Financial Services vertical, Mastek says: "In our experience with insurance customers around the world, we have realized that what they really need are business-agile systems that can help them launch new products quickly, grow and manage their channel partners more efficiently and deliver better customer service. Elixir has been designed keeping these needs in mind."
In India, Max New York Life has been using Elixir components for the last 20 months to enhance the service and satisfaction levels of their distribution force. Birla Sun Life after a detailed evaluation has decided to choose Elixir Components for improving their efficiency.
Elixir's library of components includes:
- Product Architect
- New Business/Underwriting
- Point-of-Sale
- Channel Management
- Policy Servicing
- Claims Processing
- Reinsurance
- Finance
Each Elixir component can be deployed on its own or as part of a complete end-to-end solution. Mastek also offers a range of implementation and maintenance services aimed at minimising cycle deployment, and delivering immediate impact to insurance customers around the world.
About Mastek:
Mastek Limited is an international software solutions and integration services provider, operating in the US, Europe, India, Asia-Pacific and Japan. It is a Rs. 577 cr., US $ 130 million (July 2004 - June 2005) company.
Mastek was founded in 1982 and currently operates six world-class delivery centers in India and Malaysia, as well as a global state-of-the-art voice/data network for delivering software application development, integration and maintenance services.
Mastek's delivery processes have been certified at ISO 9001-2000, and assessed at SEI CMM Level 5 and P-CMM Level 3. It figured among the 13 Indian firms to be listed in the Forbes Global List of 200 Best Small Companies in the World in 2002, and has featured amongst the leading Indian IT companies for Corporate Governance practices as per the Corporate Governance study conducted by Credit Lyonnais during the past four years. A 2004 survey by the National Association of Software and Services Companies (NASSCOM) put Mastek among the Top 20 Indian IT companies. Mastek Limited is one of the fastest growing companies among the major IT firms in India, with over 3,000 employees and over 20,000 man-years of experience. It has executed over 1,000 projects worldwide.
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