Foresters Picks MajescoMastek to Revamp Infrastructure

Toronto-based life insurer Foresters has partnered with New York vendor MajescoMastek for its IT restructuring initiative, Foresters Invests in Transformation.

Under the terms of the agreement, Foresters will implement MajescoMastek's New Business + Underwriting Solution and extend the vendor's Elixir Policy Administration system in a move to save costs on policy acquisition and inforce maintenance. The insurer will also leverage MajescoMastek’s producer portal to extend current service levels and to enhance their producer experience, according to a release.

The New Business + Underwriting Solution will allow Foresters to leverage its configurable rules engines to accelerate underwriting decisions and business processes, using straight-through-processing when possible, the companies say. This new capability will increase service levels to members and producers by reducing cycle times for policy issuance and increase transparency on case status and decision making, according to the release.

The Foresters Invests in Transformation program, abbreviated FIT, is designed to modernize Foresters infrastructure, dramatically reduce unit costs for both policy acquisition and inforce policy administration, and create a strategic leap forward in their member and producer services platform to position the organization for future growth, the company says.

“Foresters has selected MajescoMastek because they uniquely bring together deep domain expertise to understand our business issues, world-class insurance applications to enable our evolution, and experience in managing large complex programs.” Peter Sweers, SVP and chief operations and information officer at Foresters, says in a statement. “They were best positioned to truly understand the goal of our transformation program, create value-added solutions, and de-risk the business change.”

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio