New York Life has implemented Majesco Rating in the cloud for its Group Membership Association Division, the companies announced today. The GMAD unit serves the insurance needs of more than 600 membership groups across North America.
The platform, installed in less than three months, allows New York Life to manage its group premium rates for multiple groups within a single system, reduce the time required for ongoing rating updates from weeks to days, and facilitate electronic payments for new business, according to the companies.
“By personalizing the user experience with clearly displayed benefits, features and pricing, we are growing the building blocks which provide a strong pathway for customers to become well informed and to help make the best decisions for themselves and their families,” said Scott Berlin, senior vice president, New York Life, in a statement.
Tom Scales, research director of Celent’s Americas Life and Health Insurance practice, adds separate rating engines are the logical next step for the life and group insurance market.
“The changes in the group market, both health insurance and voluntary benefits, are pushing insurers to rethink their operational and business models,” he said. “The implementation of a separate rating engine, particularly in the cloud, offers insurers great value in this competitive market.”
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