Foresters, a life insurance provider, is using Elixir North America’s Policy Administration System (PAS) and New Business & Underwriting (NB&U) solutions, products of MajescoMastek, a provider of insurance systems to over-80 life and P&C carriers.
MajescoMastek says NB&U is a rules-based underwriting application that automates and reduces policy processing cycle times, creates consistency and reduces policy acquisition costs. The deployment of the NB&U solution has helped the carrier reduce the average decision time, for cases in good order, from three days to one day, with 50 percent of cases now processed automatically, without any manual intervention.
With policies being issued on the Elixir North America PAS, Foresters is positioned to develop and roll out new products quickly, improve automation of billing and collections and reduce cost of in-force policy processing, says MajescoMastek.
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