MajescoMastek announces the release of its STG Product ModelerVersion 5.0, a product configuration engine that can be used withMajescoMastek's STG Policy Administration or any third-party policyadministration (PAS) platform.

Additionally, MajescoMastek has become an associate of the ISOElectronic Rating Content program, providing integrated ISO-basedbusiness rules, loss costs, and forms logic to the STG ProductModeler Version 5.0 solution.

Prior to this latest release, MajescoMastek clients used STGProduct Modeler to support their ISO and non-ISO based contentthrough configuration capabilities.

“Working with ISO and integrating the ISO content and businessrules is simply the next evolution of the STG Insurance Suite.MajescoMastek clients were previously able to support ISO losscosts and rules; however, our team wanted to decrease the initialimplementation timeframe, and decrease the effort of on-goingcircular maintenance. With this alliance and integration, our teamhas certainlydone just that,” says Anil Chitale, P&C practiceleader, MajescoMastek.

STG Product Modeler clients now have the ability to manageon-going updates on their own, or outsource such maintenance toMajescoMastek.

“ISO is pleased to welcome MajescoMastek as an associate of ourISO Electronic Rating Content program,” said Kevin Thompson,president of ISO Insurance Programs and Analytic Services.“Together, STG Product Modeler and ISO ERC will offerMajescoMastek's customers a way to access and manage ISO contentacross all states and lines of business that ISO supports.”

Other enhancements made available in STG Product Modeler V 5.0include:

• Product Harvester – Enables the extraction of rates andbusiness rules from legacy systems. This automation tool reducesthe manual effort of legacy system code mining and entering thatdata into STG Product Modeler.
• Testing Workbench – Allows carriers to perform business impactanalysis (what-if scenarios) and offers continuous integration withpredictive modeling tools.
• Interface Modeler – Allows for easy integration to third partydata services.
• Rating enhancements that support comprehensive step by steppremium calculations, including the use of statisticalfunctions.
• Ability to create state-specific rate filing from productdefinitions.

P&C insurers have now embraced product configuration as oneof the must-have critical capabilities, according toKaren Furtado,partner at Strategy Meets Action (SMA).

“The shift to a more granular, adaptive approach to productmanagement has taken years to take hold in the p&c market,” shesays. “Now there is real momentum and real business needs that arepushing product configurator initiatives forward. Productconfiguration has clearly been accepted as the next evolution ofrating—one that the market has been looking for.”

STG Product Modeler is a configurable solution that cancentralize insurance content across various insurer systems,including legacy applications. This business-driven solution shipswith pre-loaded templates (ISO and proprietary) to allow businessusers to create and manage content. STG Product Modeler's built-inworkflows help business users and product managers collaborate andhelp carriers streamline the product lifecycle management processacross the enterprise.