Elixir for Group Protection (EGP) - Modern end-to-end platform for group protection

EGP is an extremely flexible and modern administration platform for Group Protection companies. It supports expanding product lines and manages variable schemes while creating a service differentiator for advisors, employers and employees.

Overview

Ageing systems, systems that have been in use for decades are inflexible and cannot handle the challenges of business dynamics. It leads to increasing business and technology costs.

Product Innovation & Business Agility -  Due to the problems posed by ageing systems mandatory tasks like the application of regulatory changes, changes in base rates, the addition of a new optional provisions and features with pricing impact become difficult, lengthy and involve significant manual intervention.

Mastek’s powerful and configurable platform offers process efficiency and effectiveness, enabling quicker responses to quote requests and comprehensive process automation. EGP’s integrated system supports all business processes and helps introduce new products into the market in a timely manner, at a low cost, enhancing speed to market. It also provides a predictable total cost of ownership since it uses the latest technology supported by open integration, thus offering extensive configuration advantages.

Product Highlights

• Business Rule Engine: EGP offers a comprehensive Business Rules Engine (BRE) which enables scheme underwriting for Group Life, Income Protection, Critical Illness and Voluntary and Flexible Benefits. EGP’s functionality also allows it to import data in flexible and configurable formats.
• End-to-end Electronic Process: EGP implements full end-to-end electronic processes from quotation through new business processing, handling a wide range of policy changes and renewals/rate reviews.
• Automatic Quotations With Rich Information: Users can create a new quote, resume a quote in progress or view expired quotes and even compare loading values for two quotes. Additional information like product guides is available at various stages of the quotes journey. Rules can be set within the system to generate sizeable percentage of quotations automatically.
• Streamlined Process for Renewals: The time taken to process renewals is radically reduced. The employee data can be updated at a regular frequency using electronic forms, enabling more accurate adjustments and removing the wait for information on premium changes. The platform also supports automatic and manual medical underwriting, managing the entire claims process from notification to payment, using its integrated claims component.
• Ease of Integration: Ease of integration is enabled by a multi-tier architecture combined with the Elixir integration layer. Core process and activities can be integrated with an external corporate workflow system in order to drive additional efficiencies.

Mastek with its team of experts and over two decades of experience in the insurance sector understands these challenges and has created Elixir for Group Protection as a platform to address all these needs.