An End-to-End Back Office Solution

The second-largest bank in Malaysia wanted a more efficient back office solution for its insurance products. It already had in place solutions for policy administration, financial administration and financial accounting that offered minimal functionality. 

The bank wanted a system that would help it launch new products quickly; was adaptable to changing needs; provided comprehensive information for quick and improved decision-making; easily integrated with other solutions; enhanced customer experience; and improved operational efficiency. It needed a system that could be easily accessed through the Internet.

The bank selected MajescoMastek because of the depth of our domain understanding and the existence of all the business rules in one of our solution frameworks. MajescoMastek recommended Elixir, an enterprise-wide, policy lifecycle management solution. Elixir consists of business components that maximize business value by reducing time-to-market, improve service levels and integrate business processes.

The new system had to be capable of handling 70,000 appropriation records, 4,000 policies generated, and 400 alterations (financial) a month. It also had to handle a total of 236,100 policies, of which 145,000 were active.

Elixir had the ability to quickly adapt to changing business requirements. It reduced time-to-market by up to 100%, cut down sales cycle time by 30%, claims settlement time by 40% and improved operational efficiency by up to 40%. It also enabled quicker decision-making and reduced maintenance costs.

Engagement Facts

• Rapid ramp-up of the team to meet deliveries that had been advanced
• Challenging environment at the client site, with multiple servers and stringent security requirements
• Migrating data on over 250,000 policies and financial information that were in multiple, non-integrated databases
• Eliminating duplicate data and ensuring consistency
• A team size of 72 people, with an onsite-offshore ratio of 1:10 

Technology Facts

• Multi-tier component-based, enterprise-wide open architecture designed to encompass all processes in the insurance industry
•  A steep learning curve, involving new platform Oracle family products like 9iAS, Workflow, Oracle Lite