Oregon Mutual Insurance Company (OMI) has selected MajescoMastek’s STG Suite to replace and consolidate the McMinnville, Oregon-based P&C carrier’s core insurance systems. OMI will deploy the STG Suite, including policy administration, billing and claims, in a cloud environment, which a vendor statement characterizes as offering an attractive total cost of ownership while enabling faster implementation.
OMI CIO Bryan Fowler expressed confidence in the carrier’s selection of the STG Suite, given thorough review of the product, MajescoMastek’s reputation in the industry, and what he calls a customer-centric approach to delivery. “We look forward to the solution advancing our core systems and operations’ futurization imperative, and to provide the agent and customer-centric functionality we are focused on,” Fowler says. “Internally, we are also excited by the business process changes that their suite enables, in part, facilitated by their approach to updating and managing ISO content using electronic rating content.”
Founded in 1894, OMI competes on the basis of its long-standing regional reputation and its relationships with independent agents. The company’s leadership has undertaken a strategic initiative to significantly improve ease-of-doing-business with agents and policyholders, as well as with regard to internal business processes. Since the carrier’s legacy systems are an impediment to the standards OMI has set for itself, it seeks to replace and consolidate an environment that today consists of three policy administration systems, two claims systems and one billing application. OMI also seeks operational efficiencies in replacing core systems that are costly to maintain.
Influential factors in OMI’s decision to select the STG Suite, according to the vendor, include the following:
- A single, integrated, modern core platform for use across all lines of business—personal and commercial, including BOP;
- End-to end-processing capabilities for all core processing including: rating, underwriting, policy administration, billing & accounts receivables, claims administration with fully integrated business intelligence and document generation/management modules;
- A single provider, for software implementation and hosting services;
- A configurable platform that allows for changes to the insurance content, business processes and user interface without any scripting;
- The ability to consume, maintain and update ISO regulatory content using electronic rating content (ERC).
“MajescoMastek offers modern technology and a fully integrated suite, and along with our dedicated team, they assume significant responsibility for delivering the solution,” comments Brian Steffel, president CEO, OMI. “This level of commitment to our success was an important factor in earning our confidence and helping us make the decision to implement their solution.”
The STG Suite offers what the vendor describes as an end-to-end policy processing platform for P&C carriers that includes Policy, Billing, Claims, Rating, an underwriting workbench and Insurance Toolkit. The Suite can be deployed as a product, managed service or on a private cloud.