Edison, N.J. - Software and integration service provider MajescoMastek, the U.S. subsidiary of Bombay-based Mastek, will introduce an enterprise service-oriented architecture (SOA) platform for life and annuity companies next week at the ACORD LOMA Insurance Systems Forum in Las Vegas.
The Edison, N.J., company says its planned release of Elixir 2006, a component-based platform, to insurance carriers in North America, is the first SOA platform developed specifically for the insurance industry.
SOA, which enables different applications in an organization to operate together, typically by using Web services technologies, is becoming more prevalent in insurance, particularly for applications that require business-to-business communications, notes the company. A recent report from Forrester Research, a Boston-based consultancy, found that nearly 40% of insurers have an enterprise-level strategy and commitment to SOA, which is higher than other industries.
According to the company, ACORD industry standards have helped insurance companies use component-based systems to integrate their services for external users, thus driving increased insurer interest in SOA.
The end-to-end Elixir 2006 system is designed to seamlessly integrate the front office with the back office. Components will include point of sale distribution, channel portal, channel compensation and claims processing.
Source: MajescoMastek
