MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek, has announced the release of its Vector Policy Admin System for the life insurance industry. Vector Policy Admin is a browser-based system that supports life and annuity products. The system, which has been made more flexible and user friendly, delivers broad functionality, streamlines a complex implementation process, and integrates with existing business models.
MajescoMastek says this enhanced offering complements its Vector product, which has more than 10 million policies under administration and a user base of some of the world's largest life and annuity carriers.
"We are selling safety and security to an industry devoted to understanding risk," says Harold Apple, senior vice president, MajescoMastek's life and annuity business.
Insurance carriers can reduce per-policy servicing cost in a predictable manner through Vector's hosted delivery model. "There is a staffing advantage to the customer, as well," says Colleen Risk, vice president, MajescoMastek's life and annuity division. "Since we provide the resources and our trained specialists for product support and hosting, companies see a reduction in the total cost of ownership and IT overhead. Results have demonstrated we can reduce costs by as much as 30 percent."
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