IT Solutions Provider Helps Insurers Issue New Policies Quicker

New software that can dramatically cut by up to 50 percent the time it takes life insurance carriers and their producers to issue policies was introduced by MajescoMastek, a provider of innovative information technology solutions to the life and annuity insurance industry.

Elixir New Business/Underwriting 4.0 leverages the power of straight-through processing – a solution that automates the end-to-end processing of transactions – to  simplify and accelerate a carrier’s new business underwriting process. It was unveiled here at the ACORD/LOMA Insurance Information Systems Forum.

“Elixir New Business/Underwriting 4.0 answers the need of carriers to generate growth through improved responsiveness to producers and customers,” said Vijay Chavan, the company’s head of insurance services. 

Part of MajescoMastek’s SOA-based Elixir suite designed specifically for life and annuity carriers, Elixir New Business/Underwriting 4.0’s features include a configurable underwriting rules engine and the ability to handle applications for all product lines and from all production channels, from agents and brokers to advisers and broker-dealers.

Benefits

Besides speeding up overall turnaround time, Elixir New Business/Underwriting 4.0 offers carriers these business benefits:

·        Significantly reduces errors and omissions associated with application processing

·        Substantially improves rate of automatically approved applications to as high as 90 percent

·        Major cost savings in the underwriting process through its sophisticated integration with external vendors and internal systems, reducing costs by up to 25 percent

·        Improved carrier-distributor relationships, including increased ability to attract and retain new distribution channels, as a result of higher new business-closure rates

“Today’s producers are increasingly independent, with loyalty based on carrier reaction time, while customers are increasingly sophisticated, shopping around and expecting higher levels of service,” Chavan said. “To win and maintain their allegiance, carriers must differentiate themselves by more than just price. Responsiveness, as measured by quickly delivered, creative underwriting, has become a critical distinguishing factor. Elixir New Business/Underwriting 4.0 enables carriers to compete and grow market share on that basis.” 

Key Features

Features of the Elixir New Business/Underwriting 4.0 solution include:

·        Support for a broad spectrum of users including sales, home office, underwriters and supervisors in a collaborative environment

·        Support for a wide array of product lines, including traditional (term, whole life), variable products, annuities, health, credit, and their variants including hybrid products

·        A flexible, pre-populated rules engine that allows user configuration

·        Product line-based business process flow, with variations for channels, customer profile, face amount, etc., and with an ability for user modification

·        A powerful underwriting “workbench” that consolidates all important information on a risk into one resource to provide a 360-degree view of the customer

·        Flexible architecture that allows for ease of configuration to a company’s specific needs

·        Designed with service-oriented architecture (SOA) for ease of integration and to embrace fully ACORD industry standards

Like other newly introduced components of the Elixir suite, Elixir New Business/Underwriting 4.0 is a Java-based “thin” client, Web-deployed solution that uses a flexible SOA-based architecture to allow for ease of customization. The solution’s open architecture helps to easily integrate and coexist with existing legacy applications within a carrier. Also, its support for ACORD XML standards enables rapid integration with third-party systems.

About MajescoMastek

MajescoMastek is a $156 million global software solutions and services provider. MajescoMastek offers Elixir, the only SOA-based enterprise platform for life and annuity carriers. Elixir comprises a suite of components that can be implemented in whole or in component parts. Elixir’s key components include compensation management, e-applications, policy administration, and claims management. Visit www.majescomastek.com.