INDIANAPOLIS -- (BUSINESS WIRE) -- From the IASA Annual Educational Conference and Business Show, MajescoMastek, the provider of core insurance software and IT solutions to more than 80 property/casualty and life insurance carriers in North America, today announced that its customer — a commercial lines carrier — has gone live with MajescoMastek’s STG Policy with automated use of ISO Electronic Rating Content. As the first insurer in the industry to be in production with ISO Electronic Rating Content, this milestone sets a benchmark for insurance carriers with respect to adoption and implementation of ISO rating content in electronic form. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
At the core of the carrier’s operations is MajescoMastek’s STG Policy — the policy administration system from MajescoMastek with capability to implement ISO Electronic Rating Content which, in turn, helps to reduce implementation time and decrease on-going circular maintenance. MajescoMastek is an ISO Electronic Rating Content Associate.
“I would like to congratulate MajescoMastek for its achievement in directly integrating ISO Electronic Rating Content with its policy administration system and going live with its customer,” said Mark Sheehan, assistant vice president – ISO. “ISO Electronic Rating Content (ISO-ERC) is a key to building and maintaining ISO lines of business supported by ISO by providing implementation-level details and automated files with key rating data for upload to your policy administration system.”
MajescoMastek is currently implementing STG Policy with direct access to ISO Electronic Rating Content for some of its customers across all states and all lines of commercial property & casualty business.
Key features of MajescoMastek’s integrated STG Policy and ISO ERC solution include:
Commenting on the development, Ketan Mehta, CEO, MajescoMastek, said, “MajescoMastek understands that ISO ERC is the future for delivering rating content for insurance. We have made deep investments to interpret, process, and deliver ISO Electronic Rating Content to our customers. We have also set up a center of excellence for ISO content services. This is an industry breakthrough as we continue our tradition of creating innovative core technology solutions for the insurance industry with a goal to increase operational efficiencies and speed to market. Bringing our customer live with ERC is a first of its kind, and we look forward to other MajescoMastek clients that are currently under implementation going live in the next few months.”
STG Policy is a comprehensive system for property/casualty carriers that provides full life-cycle processing capabilities. MajescoMastek’s leading insurance content configuration toolkit for business and IT users is the backbone of all products included in the STG P&C Suite. STG Policy is a key component of the STG Suite that also includes STG Billing, STG Product Modeler, STG Claims, and Distribution Management. These products can be implemented standalone and integrated within the carrier’s IT landscape, or as an enterprise end-to-end suite that supports the complete p/c insurance value chain.
MajescoMastek is an established provider of core insurance technology software and IT services to over 80 carriers in North America. MajescoMastek delivers proven solutions and IT services in core insurance areas including policy administration, product modeling, new business processing, billing, claims, producer lifecycle management and incentive compensation. MajescoMastek is a subsidiary of Mastek (NSE: MASTEK) with over 3200 employees operating in 8 countries across the globe. For more information, please visit us on the Web at www.majescomastek.com, or call 1-800-249-9540.