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The high growth opportunities of tomorrow require more granular strategies, product design and pricing. Solutions that create efficiency and agility today while providing a platform to fuel future innovation and growth provide the value proposition and create the “tipping point” where IT becomes a strategic business partner.

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Life & Annuity Insurance Software Solutions

Life & Annuity Insurance Software: Overview

The Life & Annuity insurance market is grappling with the challenges posed by the new economy. Carriers are being asked to focus on new niche markets and services. A new age of customers is increasingly tech savvy, demanding service delivery across all digital platforms.

IT systems, however, are still siloed, making them difficult to manage and costly to maintain, reducing the speed to market and increasing the time it takes to respond to competitive challenges. Life insurance carriers need to modernize their existing core systems urgently, but system upgrades are risky and represent one of their biggest business challenges.

Key challenges facing the Life & Annuity industry

Increasing speed to market for new products

Carriers today need to respond to the regulatory changes and the demands of the marketplace. Business wellness is determined by how quickly they can launch new and innovative products, cultivate new distribution channels and deliver a higher level of customer service. Stiff competition, shrinking market space, and rising consumer demands make the situation even more challenging.

Making business operations more efficient

Today's main objective of automate and modernize IT systems is to make the operations more responsive and efficient. Business agility is also one of the key demands from the CIOs when they embark on IT revamping exercises.

Keeping track of market and regulatory changes and responding to them quickly

The North American insurance industry has to deal with frequent regulatory changes. Keeping track of these changes and applying them to core systems and processes is one of the major challenges that the business face in the market.

Transforming legacy systems to make them flexible and reducing IT costs

What can I do to make my old legacy systems adapt to the demands of the business? Will modernizing my IT organization reduce my overall IT costs in the short and long term? What can I build, and what should I buy? How can I consolidate my multiple IT systems? These are just some of the questions that the CIO has to consider.

E-enable the business

The new age insurance customer is highly demanding.  They expect and demand services through new media like mobile, social media and other digital platforms. To cater to this demand, carriers are being and forced to e-enable their business processes.

MajescoMastek in Life & Annuity

MajescoMastek is a provider of core insurance 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 3600 employees operating in 8 countries across the globe.

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Foresters Invests in Transformation

- Peter Sweers, Chief Operations & Information Officer, Foresters.

MEET THE PRACTICE LEADER

- Erik Stockwell

Life & Annuity Product Manager - Erik

The success of those life & annuity insurers who are modernizing sooner rather than later may spur on the rest of the market to make the modernization change, but those that continue to wait run the danger of waiting too long and being left behind strategically, economically, and competitively.