Support for personal and commercial lines through ISO ERC;
Multistate content and state exceptions processed and delivered to
policy administration system;
Ability to import ISO ERC and apply to existing products without
overwriting customer exceptions and with minimal manual intervention;
Expanded document management capabilities to support ISO based lines
of business with STG Policy offering standard ISO forms and policy
documents bundled with the line of business specific template;
Delivery of subsequent ISO updates while retaining of customer
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
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
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.
Ashwin Rodrigues, 646-731-1078