Mastek acquires SEG Software

MUMBAI, INDIA: Mastek Ltd, a technology solutions provider to insurance, government and financial service organizations, announced on Thursday that its wholly-owned U.S. Subsidiary MajescoMastek has acquired substantially all of the assets of SEG Software, LLC, a provider of policy administration systems covering individual and group life, health & annuity insurance products.

The SEG acquisition will accelerate the delivery of the Elixir policy administration solution at MajescoMastek and complement the existing Elixir brand of solutions that include Elixir NB+U for new business, underwriting and Elixir Distribution Management, said a press release.

The SEG product engine provides market-ready product and regulatory support for virtually all lines of individual and group life, health and annuity products and extends MajesoMastek’s reach into the health, true group and annuity payout markets, the release added.

While making this announcement, Mike Dufton, executive vice president of MajescoMastek, said this acquisition would provide the life and annuity market place with a next-generation configurable solution that gives immediate support for the range of life, health and annuity products in the industry.

“The blend of the SEG capabilities combined with MajescoMastek’s depth of experience will provide a compelling offering to the North American market,” he said.

“SEG is very pleased to have entered into a transaction with a firm as committed to the North American insurance market as MajescoMastek. Through the years, SEG has earned a reputation of developing solutions the right way to support the complexities of the North American life and annuity market and we are thrilled that combined with MajescoMastek,” said Tom Johnson, founder and CEO of SEG.