With the successful full implementation of STG Billing, a Web-based configurable billing application, FAMI converted more than 300,000 legacy billing transactions. The new billing system gives FAMI the ability to meet increasingly demanding customer service requirements and regulatory changes, and provide flexible payment options and new products to its policy holders.
“Farmers Alliance is honored to receive the Celent 2009 Model Carrier award,” said Andy Edwardson, vice president of Information Technology at FAMI. “The STG Billing implementation was a significant milestone in the iFAMI initiative.”
MajescoMastek also played a pivotal role in Transamerica Reinsurance being named a “model carrier component” in underwriting, recognition by Celent that its technology helped the insurer improve performance and better meet market demands. Transamerica Reinsurance, a leading supplier of life reinsurance in the United States, is a division of Transamerica Life Insurance Company, an AEGON company.
“Mortality management demands a comprehensive understanding of all the drivers of mortality,” said David Dorans, vice president of Transamerica Reinsurance’s Product Consulting & Development department. “The missing piece has always been systematic data capture and the ability to use good data to analyze product performance at a granular level. Our solution enables better decision making, ensuring that the right questions are asked during the application process, responses are complete and submitted electronically, and analyzed for consistent risk selection.”
William “Billy” McCarter, senior vice president of delivery for MajescoMastek, said, “We heartily congratulate FAMI and Transamerica for being selected for these prestigious Celent awards from carriers and vendors globally. MajescoMastek is committed to enabling business transformation across the life and annuity, and property and casualty segments. It is deeply satisfying for our company and the MajescoMastek teams who partnered closely with our customers on these initiatives to see them recognized for solving a business problem through the use of technology. The best practices showcased in the FAMI and Transamerica case studies illustrate Celent’s vision of how it looks when an insurance carrier does everything right using today’s technology.”
Nominations from insurance carriers and vendors globally were accepted throughout 2008. Celent’s insurance analyst team selected the 19 winning initiatives based on the business benefits provided.
MajescoMastek is a global technology solutions company providing solutions that deliver business impact and transform enterprises. We are focused on life &annuity and property &casualty insurers. Our proven track record of successful global implementations has resulted in enduring client relationships across insurance, financial services and government sectors. We are a proven and trusted partner for over 70 insurance carriers. We are part of the Mastek Group with annual revenue of $227 million.