Life insurance provider Foresters has implemented MajescoMastek’s Elixir North America policy administration system (PAS) and New Business & Underwriting (NB&U) solution.
The deployment of MajescoMastek’s solutions has marked a major milestone in Foresters’ transformational initiative, foresters invests in transformation (FIT).
Designed to modernize Foresters’ infrastructure, the FIT program will reduce unit costs for both policy acquisition and in-force policy administration, while improving the member and producer services platform for organization growth.
The new solutions will enable Foresters to quickly develop and roll out new products, improve automation of billing and collections and reduce cost of in-force policy processing.
MajescoMastek North American Life & Annuity Division senior vice president Erik Stockwell said, "Replacing a legacy environment, modernizing the entire operation, and introducing new capabilities require a significant effort, diligent project management, and a close partnership between both carrier and vendor."
Elixir North America policy administration system provides full library of individual and group life and annuity product definitions and regulatory statutes, which includes sample actuarial calculations and business process flows.
Rules-based underwriting application, NB&U can automate and reduce policy processing cycle times, creates consistency and reduces policy acquisition costs.