New software designed to cut the time it takes life insurance carriers and producers to issue policies has been introduced by MajescoMastek, a provider of IT solutions to the life and annuity insurance industry. Elixir New Business/Underwriting 4.0 leverages the power of straight-through processing to simplify and accelerate a carrier's new business underwriting process.

"Elixir New Business/Underwriting 4.0 answers the need of carriers to generate growth through improved responsiveness to producers and customers," says Vijay Chavan, head of insurance services for MajescoMastek.

Part of the company's SOA-based Elixir suite designed specifically for life and annuity carriers, the new release includes a configurable underwriting rules engine and the ability to handle applications for all product lines and from all production channels.
Besides speeding up overall turnaround time, Elixir New Business/Underwriting 4.0 reduces errors and omissions associated with application processing; improves the rate of automatically approved applications to as high as 90 percent; and improves carrier-distributor relationships, including increased ability to attract and retain new distribution channels, as a result of higher closure rates.