- Property & Casualty Products
- Life & Annuity Products
- IT Services
- Client Resources
The P&C insurance market is grappling with a wide range of challenges given the current state of our economy. Increasing competition and rising customer expectations are pushing carriers to make their business more agile, improve their time to market new products/features and respond quickly to market changes.
The carriers IT organization too needs to keep pace with the demands of the business. Siloed systems are difficult to manage and costly to maintain. There is a growing need to consolidate old legacy systems into a modern platform to meet the market challenges. Such transformational consolidation programs are the biggest risk that P&C carriers face today, a risk they can't avoid to take.
Key Challenges facing the Property & Casualty Industry
Speed to market and customer retention
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.
Optimize and Improve Business Processes, increase operational efficiencies
Today's main objective to automate and modernize IT systems is to make the operations more responsive and efficient. Improving the capacity of business to be more agile and responsive is one of the key demands from the CIO when they embark on an IT revamping exercise.
Response to market and regulatory changes
The North American insurance industry has to deal with frequent regulatory changes. Keeping track of and being updated with these changes is one of the major challenges that the business faces in the market.
Consolidate existing systems, improve flexibility
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 cost 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 answer.
Make the business e-business ready
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 to ensure a competitive advantage.
MajescoMastek in Property & Casualty Insurance
As a provider of insurance software + and IT Services to over 100 carriers, MajescoMastek uniquely combines its wide intellectual property base, domain expertise, mission-critical program management abilities and complex solutions capabilities to help insurance carriers unlock business value. MajescoMastek delivers proven solutions in core P&C insurance areas including policy administration, product modeling, new business processing, billing, claims, producer lifecycle management and incentive compensation. MajescoMastek is part of Mastek with over 3100 employees operating in 8 countries across the globe and has served over 100 insurance clients globally.
MajescoMastek delivers proven software solutions in core insurance areas including policy administration, new business underwriting and distribution management.