Today's Life & Pensions providers face a 'Perfect Storm' of conflicting business challenges. The changing business landscape, new population demographics, rising consumer demand, falling investment returns and constant regulatory changes are all conspiring. In response, providers and outsourcers must launch innovative products, be faster to market than the competition, cultivate new distribution channels, and improve customer service. Legacy systems of previous insurance business models often lack the agility necessary to support the current demands of these newer strategies.

Mastek recognises the dynamic changes occurring within insurance and the system gaps that must be filled to meet those changes. Our life & annuity solutions are designed with the clear purpose of enabling life & pensions providers and outsourcers alike to stay ahead in the market. The enterprise design and component based architecture of these solutions delivers agility while seamlessly integrating with our clients' existing systems.

Elixir is Mastek's comprehensive sales and policy administration system designed using an innovative component-based architecture. It combines a wide range of 'wrappers' for Life, Pensions and Investment products with a comprehensive set of business components including aggregation platform, agency management, new business, policy servicing, investment dealing, claims, income drawdown (USP/ASP) and re-insurance.

Elixir gives you the flexibility to meet today's challenges head-on, making it easier to administer and launch new products, reduce costs and grow market share.

Key Solutions / Projects:

Elixir Solution

Elixir is a set of business and product components built on a modern architecture. The product engine and component based architecture enables rapid development of new products and business requirements.

Elixir supports a wide range of product wrappers (Pensions, SIPPs, Savings, Life Bonds) and investment vehicles (traditional, unit linked, collective investments).

The workflow backbone provides speedy accommodation of business process changes. The browser based interface and tight security architecture enables extension of services to the IFA (agent)/customer.

The design enables consolidation of portfolio information at both customer and agent level.