It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
By Robert Dixon
Gerber Life Insurance will turn to MajescoMastek, an information technology provider to insurance companies, to help it overhaul its technology as part of a two-year transformation initiative to modernize its core policy administration processes.
MajescoMastek is the U.S. subsidiary of global technology solutions provider Mastek Ltd. of Mumbai, India. Gerber chose MajescoMastek’s Elixir North America solution after reviewing a range of IT providers, the vendor said in a Feb. 19 statement. The key to the decision was MajescoMastek’s ability to deliver functionality capable of handling Gerber Life’s business process needs and product requirements; and to design and deploy an effective modernization effort to support Gerber Life’s aggressive growth plans.
“MajescoMastek is an ideal vendor partner for the Gerber Life modernization initiative. The Elixir North America system’s truly modern technical architecture will enable us to handle our extraordinarily high volumes,” said Mike Borowski, senior vice president of information technology and operations at Gerber Life. “With the Elixir North America platform, we can cost-effectively develop new products and processes to better service our policyholders and producer channels, while we also become self-sufficient in the years ahead, enabling us to continuously evolve the business model to meet changing demands and capture additional market share.”
The vendor’s experience in successfully deploying large-scale transformation initiatives was very important to Gerber, Borowski said in the release.
The Elixir North America platform is able to administer all lines of business for group and individual insurance programs on a single platform, and delivers functionality including new business and underwriting, policy issue and administration, policyholder services, billing and collections, reinstatements and terminations, claims, accounting and reinsurance, according to the release. The core element of the platform is the highly configurable and extensible PRASE rules engine, which can provide a full library of life, health and annuity products, speeding up processing and lowering costs.
Founded in 1967, Gerber Life Insurance Co. provides juvenile life insurance and financial products to young families in the United States, Canada and Puerto Rico. Headquartered in Fremont, Mich., Gerber Life has more than $37 billion of life insurance in force with over 3 million policies.
© Entire contents copyright 2013 by InsuranceNewsNet.com, Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com. Contact the editor at [email protected] with any questions or comments.