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Cypress Insurance Group Inc. Adopts MajescoMastek's STG Suite

By Jayashree Adkoli
TMCnet Contributor

Jacksonville, Florida-based Cypress Insurance Group Inc. will deploy MajescoMastek's STG Suite as its solution of choice to replace current multi-system legacy environment with a single system for processing of all products.

According to a press release, the single system from MajescoMastek will replace Cypress's multiple existing systems currently used for policy, underwriting, rating, billing, and management of the distribution channel.

The Cypress Insurance Group operates two insurance companies (Cypress Property & Casualty Insurance Company and Cypress Texas Lloyds); a managing general agency (Service First Insurance Group) and a Claims Solution Company (Service First Claims Solutions). The Group was in need of a new solution as the legacy system lacked automation and flexibility, and also required high costs for maintenance.

While searching for a modern and complete solution to address the company’s end-to-end processing needs, Cypress came across MajescoMastek's STG Suite – a single system that provided: extensive functionality; the flexibility to efficiently manage the business and associated processes from the front office to the back office; and a platform for rapid growth in existing and new lines of business and jurisdictions.

MajescoMastek's end-to-end STG Suite encompasses fully integrated STG Policy Administration, STG Billing, and Distribution Management modules. Delivered pre-configured with standard insurance content for several lines of business, the Suite provides a complete solution for agents, underwriters and direct consumers.

In addition, the STG system is enabled by the Insurance Content Manager (ICM), a toolkit designed for business users to maintain their own content for rates, rules, forms and other configurable data.

Officials with MajescoMastek said in the release that the STG solution will be provided to Cypress through a Software-as-a -Service (SaaS (News - Alert)) delivery model as part of a multi-year outsourcing agreement which will include a combination of onshore and offshore support. And, the deployment project is on track for production use in early 2012.

Gary Harger, CEO, Cypress, said in a statement, “While we had heard a lot about MajescoMastek's Billing solution, we were pleasantly surprised by the robustness of their policy administration capabilities and the integrated solution built on best-of-breed components for Policy Administration, Billing and Distribution Management. Prebuilt integration with the Third- party data services supported our vision of rules based underwriting and straight through processing and we expect significant efficiencies in our processes as a result of that.”

Anil Chitale, P&C division practice leader at MajescoMastek, said in a statement, “The implementation effort is already underway with our respective teams working closely with a common focus on achieving Cypress's financial, process and cost efficiency goals.”

In recent news, Winnipeg-based Wawanesa Life Insurance Company (Wawanesa Life) picked MajescoMastek's Elixir North America as its new policy administration system for individual life and annuity products.