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Tech Directory Product Detail

Elixir North America Policy Administration System

MajescoMastek

Contact: Marketing, Address: 5 Penn Plaza, 14th Floor , New York, NY, USA, 10001, Phone: (646) 731-1078, Fax: (646) 674-1392, Email: Ashwin.Rodrigues@majescomastek.com, Website: www.majescomastek.com

Product Description:

Elixir Policy Administration System (PAS) caters to the Life, Health and Annuity markets and is designed for both individual and Group markets. It uses the most modern technology, as noted by a leading analyst firm, to simplify and speed up product configuration.

Product overview  

Elixir PAS has a fully integrated library of products, tax and regulatory content, providing full and fast configuration and self-sufficiency. Its automated workflows and dashboards eliminate manual tasks and support quick business response to market changes. It provides superior customer capabilities to improve the producer and consumer experience. It includes built-in support for all diverse insurance products on a single platform.

Develop new products, adapt existing products rapidly

Insurance carriers operate in a fast changing business environment where regulations keep changing, business models evolve, new products emerge and distribution strategies change. In order to remain competitive, carriers must launch new products faster and cultivate new distribution avenues. Elixir PAS is an innovative solution that provides the required agility and content to support these evolving business demands.

Enhance customer & producer experience

Elixir’s out-of-the-box functionality and customer-centric approach facilitates an enhanced customer and producer experience either via customer and producer portals in the back office, or utilizing its fully automated straight-through processing.

Reduce operating costs, lower IT risk

Elixir's functional components support phased implementation, thus reducing the risk of business transformation. It uses the latest technology and is highly configurable, lowering IT implementation and support costs. Its highly automated system also provides low operation costs and is scalable enough to grow along with the business.

Provide a cost effective path and thought leadership to solve the conversion challenge

A legacy system for a Life insurance carrier has to keep track of information and data about customers’ policies for a very long time. By its very definition, the tenure of a life term of an annuity policy can range for a period of 50 years or more. Migration of such systems to modern platforms can be highly complex. With vital data on the line, having an experienced data migration partner is crucial to reducing your risk. MajescoMastek provides the thought leadership to identify the different avenues for the migration and also guides the carrier throughout the entire the process. The support provided goes a long way in reducing the cost and the risk of system and data migration.

Distinctive Features

  • Comprehensive library of pre-built products, tax and regulatory content, to speed up configuration  
  • 'Most-Modern' technology providing individual and group/worksite Life, Health and Annuity in ONE combined system  
  • Automated workflows and dashboards to reduce costs, improve service and eliminate manual workarounds  
  • Thought leadership on implementation and conversions to enable positive ROI business cases for legacy transformation