MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Ltd., has substantially acquired all of the assets of SEG Software LLC, a provider of policy administration systems covering individual and group life, health, and annuity insurance products. This acquisition reinforces MajescoMastek’s commitment to the North American insurance market and will expand its presence and capabilities in the life and annuity policy administration arena, says MajescoMastek.
The SEG acquisition will accelerate the delivery of the Elixir policy administration solution at MajescoMastek and complement the existing Elixir brand of solutions that include Elixir NB+U for new business/underwriting and Elixir Distribution Management, according to the company. The SEG product engine was designed to provide market-ready product and regulatory support for virtually all lines of individual and group life, health and annuity products, extending MajesoMastek’s reach into the health, true group and annuity payout markets.
MajescoMasket says the acquisition will strengthen its intellectual property portfolio, and uniquely position the company in the North American L&A market with end-to-end solutions and a strong offshore presence.
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