MajescoMastek Announces New Policy Admin System

MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Ltd., has launched a policy administration software product, "Elixir North America Policy Administration System," an end-to-end, back-office solution managing the policy lifecycle for life, health and annuity insurance carriers.

MajescoMastek says the platform includes complete, end-to-end functionality with a rules engine that is loaded with all the content for product calculations and regulatory requirements.

The recent acquisition of SEG Software's intellectual property and rules engine platform, PRASE, have accelerated the company's product development cycle and services capabilities, the company says.

Elixir provides carriers with flexibility for product definitions, business rules, regulatory interpretation, and automated workflow, notes MajescoMastek, adding that the single-calculation engine approach eliminates costly programming and maintenance, while reducing time-to-market challenges.

MajescoMastek says it plans to leverage its rules engine asset globally through its offshore insurance center in India.