This is the first blog in a series on our Spring ’23 Release. Over the next few months, we will continue to spotlight how Majesco is helping insurers achieve relentless innovation and meet the ever-changing market needs with an outside approach.
For some time now, the insurance industry has been exploring the potential benefits of Artificial Intelligence (AI) and Machine Learning (ML) to improve efficiency and decision-making through the use of their vast data assets. However, historically, the implementation of AI has been viewed as a separate function, disconnected from core transformation efforts.
But that approach is no longer viable for insurers who want to stay competitive in today’s rapidly evolving landscape. It’s time for a change. AI and ML must be integrated with core suites to achieve the full potential of a digital transformation.
At Majesco, we firmly believe that the integration of “actionable AI” into point-of-sale and point-of-service applications will set insurers apart in the marketplace, providing unparalleled customer service capabilities and differentiating market offerings. By deeply embedding AI technology into these key touchpoints throughout the customer journey, insurers will gain valuable insights, improve decision-making, enhance productivity, and optimize other critical areas. This will ultimately enable insurers to scale more effectively, accelerate growth, and reduce operating costs.
Ushering in the era of Intelligent Core Suites
We’re thrilled to unveil our latest breakthrough, the P&C Intelligent Core Suite, as part of our Spring ’23 Release. This cutting-edge core suite is designed to help insurers succeed in today’s rapidly evolving landscape by leveraging the latest innovations in Artificial Intelligence (AI). With the P&C Intelligent Core Suite, customers can streamline their operations, enhance customer experiences, and drive growth and profitability, making it a powerful and intelligent addition to any business.
The recent advances in AI technology, including ChatGPT/LLM, have led to its rapid adoption across many industries, including insurance. With AI-based analytics and core suites, it is important to view them not as two separate tracks, but rather as an evolution of core systems into intelligent core suites driven by the power of AI.
Majesco P&C Intelligent Core Suite is built on LLM/GPT-4 models, as well as several proprietary and third-party models, making it a comprehensive solution that can enhance underwriting, claims processing, distribution, customer service, and more.
As AI continues to grow and evolve at a rapid pace, it’s crucial to keep an eye on its impact and take advantage of new opportunities that arise. Check out how Majesco is leading the way in developing the next generation of Intelligent Core Suites and staying ahead of the curve in the ever-changing landscape of technology and insurance.
Do you have any additional thoughts or questions on this topic? Drop a comment or reach out to our product teams.