Managing Channels, the Elixir Way

A relatively new entrant to the competitive Indian life insurance market, Max New York Life (MYNL) wanted to quickly expand its distribution network. Its existing back office solution wasn't flexible enough to quickly add and manage new channels, and respond to the constantly changing regulatory framework.

The company therefore decided to replace its back-end system with MajescoMastek's proven Channel Management Solution (CMS) from its Elixir suite. CMS incorporated global best practices in channel management. At its heart was a business rules engine that provided MYNL the capability to define business rules for managing compensation across channels and products. It was an engine that was built into the system, so changes did not require code alterations.

The MajescoMastek solution enabled MYNL to make accurate and timely commission payouts; reduced effort in compensation calculation; increased channel and advisory efficiency and productivity; reduced time-to-market for new channels; and provided it with the ability to configure different commission structures and compensation for different channels, products, regions etc, among other things.

"Growing business in new markets is always a challenge, especially one that's as competitive and complex as India's. Mastek's Elixir CMS was not only ready-made; it was flexible enough to handle our specific needs. It helped us get a foothold in the Indian market quicker than we expected"

Amit Kumar, Group CIO, Max New York Life insurance & Max Healthcare

In addition, MajescoMastek also implemented MyMoney – which it developed from scratch – to help MYNL make its collection management more efficient. MyMoney automated the existing collection system and provided MYNL with greater access and process control.

"Managing collections can be a bit of a headache for any company. Mastek's custom-designed solution MyMoney streamlined our collection process, making it more efficient and error-free. It also helped us reduce our wage bill."

Amit Kumar, Group CIO, Max New York Life insurance & Max Healthcare

Because CMS was so effective in tackling MYNL's business challenges, its parent, New York Life, plans to roll out the solution in another country in the Asia-Pacific region.

Besides developing and providing new solutions, MajescoMastek has also been providing continuous maintenance and enhancement services on Ingenium – which powers MYNL's back office – for a few years now.