MajescoMastek Given ‘Positive’ Rating in Gartner MarketScope for Insurance Incentive Compensation Management for Its Elixir

  MajescoMastek Given ‘Positive’ Rating in Gartner MarketScope for Insurance
  Incentive Compensation Management for Its Elixir Distribution Management

Business Wire

NEW YORK -- April 23, 2013

MajescoMastek, the provider of core insurance systems and services to over 80
P&C and Life insurance carriers in North America, today announced that its
Elixir Distribution Management (EDM) has received a “Positive” rating in
Gartner’s recently published MarketScope for Insurance Incentive Compensation
Management report*. In the report, Gartner reviewed the 13 dominant vendors
that focus on insurance compensation applications in the global life, property
and casualty, and health insurance markets.

According to Steven Leigh, Principal Research Analyst at Gartner and author of
the report, “In the past 12 months, the global market showed a 23% growth for
new implementations across life, health, and property and casualty (P&C)
insurance. As commission, bonus and other payment schemes to agents become
more complex, currently deployed systems, which range from custom-built
incentive compensation management (ICM) systems with basic functionality to
even spreadsheets, have become inadequate for insurers, driving interest in
packaged ICM solutions.”

To date, MajescoMastek distribution management solutions have been
successfully deployed by 15 clients globally across both life and P&C lines of
business, in six languages, and in support of more than 300,000 agents and in
excess of 6 million policies. MajescoMastek has invested heavily in the
continued development effort to expand and enhance its distribution management
system capabilities, including: licensing and appointment processing,
compensation calculations, reporting and analytics, workflow management, and
correspondence. Utilizing a service-oriented architecture (SOA) in combination
with an industry-standard rules engine has increased system usability and
flexibility, providing end-users with maximum control over even the most
complex rules.

“We sincerely appreciate Gartner spearheading this research and for the
recognition for our Elixir Distribution Management offering. As this market
continues its aggressive growth, we see tremendous opportunity to increase our
market share. As the incentive compensation market matures, user expectations
are going to continue to mature as well. In response, we plan to continue our
investments in research and development in an effort to stay ahead of the
demand and exceed expectations,” said Ketan Mehta, CEO of MajescoMastek.

Elixir Distribution Management represents MajescoMastek’s newest generation
distribution management system and offers a single integrated solution that
encompasses all the tools insurers need to manage the end-to-end distribution
process. EDM includes agent administration, compensation management, the
performance manager and an agent portal thus managing distribution from the
enterprise level down to an individual agent.

*Gartner, Inc., MarketScope for Insurance Incentive Compensation Management
Applications, Steven Leigh, December 20, 2012.

About MajescoMastek

MajescoMastek is an established provider of core insurance technology 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.

For more information, please visit us on the Web at www.majescomastek.com, or
call 1-800-249-9540.

About the Gartner MarketScope

The MarketScope is copyrighted 2012 by Gartner, Inc. and is reused with
permission. The MarketScope is an evaluation of a marketplace at and for a
specific time period. It depicts Gartner's analysis of how certain vendors
measure against criteria for that marketplace, as defined by Gartner. Gartner
does not endorse any vendor, product or service depicted in the MarketScope,
and does not advise technology users to select only those vendors with the
highest rating. Gartner disclaims all warranties, express or implied, with
respect to this research, including any warranties of merchantability or
fitness for a particular purpose.

Contact:

MajescoMastek
Ashwin Rodrigues, 646-731-1078
ashwin.rodrigues@majescomastek.com
 
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