Forward-thinking companies are leveraging new sources of data and using sophisticated analytics to position themselves to be the market leaders in a new digital era of insurance. Advanced AI/ML models provide the capability to extract innovative insights from massive and diverse data sets, giving companies the power to reinvent insurance.
Increase precision in risk selection, pricing and underwriting to dramatically improve profitability.
Identify under-met customer risk needs before competitors do and be first to market with new products and customer experiences.
AI-powered insights to increase profitability through better risk selection and reduced underwriting expenses for P&C personal or commercial property.
Enhanced Insights and Stakeholder Experiences
Access more data sources to gain new risk analysis insights while creating significantly enhanced agent/broker and customer experiences.
Better Business Results
Increase profitability through better risk selection and reduced underwriting expenses.
Always Ahead of the Curve
Keep ahead of the rapid and dramatic changes in the industry, from new types of risk and demanding customer expectations to new sources of data, contributory data, advanced and embedded data, and more.
“From the very beginning we were impressed with the depth of business and technical knowledge and capabilities of the Majesco team. The Majesco core insurance, data and cloud platforms provide forward looking solutions that will enable our ability to create innovative insurance programs to support our growth strategy.”
Kerry Rademacher, VP Underwriting, CCMSI
Underwriting is at the heart of the insurance business. From evaluating individual risks and the exposures to an entire portfolio to assessing the risk, risk appetite, and ultimately profitability is increasingly crucial with rapidly changing risk factors from weather, climate, societal, technology, and more. The underwriting discipline is making major moves not just to automate…
Increased risks are impacting insurance profitability. Earlier this year, AM Best indicated an increase in losses and expenses were responsible for the P&C sector’s $4.1 billion net underwriting loss in 2021 and a weakened combined ratio of 99.6%[i] . AM Best estimated that the 2021 catastrophe losses accounted for 7.7 points on the combined ratio. Already in 2022,…
Machine Learning is a form of Artificial Intelligence that enables software to become extremely precise at predicting future outcomes without being programmed. Effectively learning from previous experience/events.
In insurance, claims processing has been known to be laborious and labor-intensive. Machine Learning is the prescription to decrease costs and time, from the submission of the claim to reviewing coverages.
This is definitely the case. Machine Learning allows insurers to narrow in on potential fraudulent claims extremely early in the transaction. This plays a vital role for insurers to be given ample time to have a thorough investigation.