Gartner Rates MajescoMastek a ``Promising Player'' in the North American Insurance...

Gartner Rates MajescoMastek a ``Promising Player'' in the North American Insurance Incentive Compensation Management Market

EDISON, N.J.--(Business Wire)--IT solutions provider MajescoMastek has been rated as a company to
watch with potential to grow in the North American insurance incentive
compensation market in a new report by industry analyst Gartner.

The company was named a "promising player" in the Gartner
MarketScope for Insurance Incentive Compensation Management (ICM)
Applications 2007 report which evaluated seven key ICM vendors from a
global perspective.

"The company is distinguished from other ICM competitors by its
comparatively strong presence in Asia," the report said of
MajescoMastek. "Opportunities exist for MajescoMastek to leverage cost
advantages with servicing resources to further compete in Europe and
gain more visibility in North America."

MajescoMastek was recognized for its Elixir(TM) Incentive
Compensation Management, a high- powered solution that addresses the
industry's key issues. This SOA, Web-based system integrates with the
rules/workflow engine and the application server.

"We are always actively updating and enhancing Elixir ICM to meet
the ever-changing needs of the insurance industry, without
compromising on its scalability to future requirements," said
MajescoMastek President William McCarter.

The report noted the experience MajescoMastek has in ICM with life
insurance and annuity companies in India, Malaysia, Singapore and the
U.K. using the Elixir product offering. It plans to expand the system
to support 200,000 payees in India with Max New York Life.

Included among Gartner's criteria for assessing companies were the
high viability needed to be profitable, thrive in the long-term and
invest in the industry; the quality of the architecture and features
for insurance; and sales execution and customer experience.

A combination of difficult challenges has led insurers to
investigate ICM applications, the report noted. These include managing
complex variations of products, channels and compensation
arrangements; and handling complicated requirements, such as setting
up agent hierarchies, calculating overrides and dealing with one-off
types of compensation arrangements.

"These are the typical challenges that we designed Elixir to help
insurers manage," said McCarter.

Among Elixir's product features are:

-- Single System for Multiple Channels - Elixir ICM is a single
system for all channels and product lines, from traditional
insurance and investment to retirement and health insurance.

-- Attraction and Retention of High Agents - Elixir ICM allows
companies to define unique commission/incentive rules at each
agent level and have different payment frequencies at
individual agent levels. Elixir also supports negotiable
commissions at each individual agent level.

-- Hierarchy and Agency Movement Management - Elixir ICM supports
unlimited hierarchy and can blend into any organizational
structure. This allows insurers to have fully automated
movements for promotion, demotion, suspension, termination,
reinstatement and transfer of policy/agent, with support for
undo-redo functionality.

About Gartner

Gartner, Inc. is the world's leading information technology
research and advisory company. Headquartered in Stamford, Connecticut,
Gartner is a trusted advisor on how to leverage technology for
business success.

About MajescoMastek

MajescoMastek is the U.S. subsidiary of Mastek, a $184 million (FY
2007) publicly held, leading IT player providing enterprise solutions
to insurance, government and financial services organizations
worldwide. With its principal offshore delivery facility based at
Mumbai, India, Mastek operates across the U.S., Europe, Japan and Asia
Pacific regions. The company has over 5,000 person years of global
insurance industry experience and offers Elixir(TM), a SOA-based
enterprise platform for life and annuity carriers. Elixir's key
components include incentive compensation management, new business and
underwriting, policy administration and claims management. Visit
http://www.majescomastek.com

JMC Marketing Communications & PR
Sandy Frinton, 845-454-3895
sandy@mallen.com

Copyright Business Wire 2008