Mastek launches Elixir policy administration solutions in India

December 21, 2005 International software solutions and services provider, Mastek Ltd which provides solutions exclusively for the insurance industry worldwide, has launched its policy administration platform, Elixir, for the first time in India. The product is meant for “insurance companies that want to launch innovative hybrid products in a shortest time, improve efficiency of their distribution network and enhance competitiveness,” according to a company press release. Elixir is a component-based solution that has been designed specifically for insurance companies. It offers an alternative to existing legacy product solutions and broader, horizontal offerings that require extensive customisation. 

It has already been installed in 50 locations worldwide. “Customers have reported significant improvements in operational and distribution efficiency, and a considerable reduction in the time-to-market of new products,” claims Mastek. Says Ashank Desai, Mastek Chairman, “Incomes are rising among the Indian middle class and there's increasing demand for innovative and customized life insurance products. As a company with a thriving insurance vertical with good insurance domain and business solutions experience, we are confident that our IT solutions can add significant business value for Indian insurance companies and help them stay competitive.” Elixir is an end-to-end policy administration platform that seamlessly integrates the front office with the back office. It also has a library of plug-and-play components that can be flexibly combined to create unique, customer-specific solutions. Elixir components are designed to jumpstart the adoption of technology and reduce application development time by up to 40%.