Mastek Ltd has launched its policy administration platform, Elixir, for the first time in India. Elixir is a component-based solution that has been designed specifically for insurance companies, it offers an alternative to existing legacy product solutions and broader, horizontal offerings that require extensive customisation.
The solution is said to be a perfect fit for insurance companies who want to launch innovative hybrid products, improve efficiency of their distribution network and enhance competitiveness. Mastek says that Elixir has already been installed in 50 locations world-wide and customers have reported significant improvements in operational and distribution efficiency, and a considerable reduction in the time-to-market of new products.
"The insurance market in India is an exciting one for Mastek … incomes are rising among the Indian middle class and there's increasing demand for innovative and customised life insurance products," says Ashank Desai, chairman, chairman, Mastek Ltd. "As a company with a thriving insurance vertical with good insurance domain and business solutions experience, we are confident that our IT solutions can add significant business value for Indian insurance Companies and help them stay competitive," adds Desai.
Elixir is an end-to-end policy administration platform that seamlessly integrates the front office with the back office. It also has a library of plug-and-play components that can be flexibly combined to create unique, customer-specific solutions. Elixir components are designed to jumpstart the adoption of technology and reduce application development time by up to 40 per cent.
According to Vijay Chavan, global head of insurance and financial services vertical at mastek, "In our experience with insurance customers around the world, we have realised that what they really need are business-agile systems that can help them launch new products quickly, grow and manage their channel partners more efficiently and deliver better customer service."
In India, Max Mew York Life has been using Elixir components for the last 20 months to enhance the service and satisfaction levels of their distribution force. Birla Sun Life after a detailed evaluation is said to have decided on Elixir components.
Elixir''s library of components includes product architecture, new business / underwriting, point-of-sale, channel management, policy servicing, claims processing, reinsurance and finance. Each component can be deployed on its own or as part of a complete end-to-end solution.