Elixir New Business/Underwriting 4.0 leverages the capabilities of straight-through processing – a solution that automates the end-to-end processing of transactions – to simplify and accelerate a carrier’s new business underwriting process.
As part of MajescoMastek’s SOA-based Elixir suite designed specifically for life and annuity carriers, Elixir New Business/Underwriting 4.0’s features include a configurable underwriting rules engine and the ability to handle applications for all product lines and from all production channels, from agents and brokers, to advisers and broker-dealers.
According to MajescoMastek, the software reduces errors and omissions associated with application processing; improves rate of automatically approved applications to as high as 90%; provides cost savings in the underwriting process through its integration with external vendors and internal systems, reducing costs by up to 25%; and improves carrier-distributor relationships, including increased ability to attract and retain new distribution channels.
Key features include support for users including sales, home office, underwriters and supervisors in a collaborative environment; support for product lines including traditional (term, whole life), variable products, annuities, health, credit, and their variants including hybrid products; a pre-populated rules engine that allows user configuration; and product line-based business process flow, with variations for channels, customer profile and face amount, and with an ability for user modification.
Like other newly introduced components of the Elixir suite, the new software is a Java-based thin client, web-deployed solution that uses a flexible SOA-based architecture to allow for ease of customization. MajescoMastek says the solution’s open architecture helps to easily integrate and coexist with existing legacy applications within a carrier. Also, its support for ACORD XML standards enables rapid integration with third-party systems.
