The 12 Days of Christmas with Majesco P&C Core Suite

It’s officially the holiday season. Everywhere you go you will hear Christmas carols and one we all know – whether you celebrate the holiday or not – is the 12 Days Christmas. You know, the one about Two Turtle Doves, Seven Swans-a-Swimming and Eleven Pipers Piping. The 12 Days of Christmas, in fact, is from December 25th through January 6th – on the twelfth night, typically celebrated on January 5^th was a time for feasting and in some cultures (French and Spanish) this was done with King’s Cake – a coffee cake with purple, green, and yellow icing. In Western Cultures King’s Cake now represents and celebrates one of my favorite events, Mardi Gras, but I digress[1]…

The Christmas carol, 12 Days of Christmas, is a holiday favorite.  And to join in and celebrate the most wonderful time of year we wanted to do our own version of the 12 Days by highlighting the 12 best things from our latest release, Version 12 for Majesco P&C Core Suite.

Today’s insurance leaders are replacing their legacy or modern, on-premise core with next-gen SaaS core platforms that are digital, cloud, API, microservices, and AI/ML-enabled reflecting a major technology shift.  It is all about an intelligent core.  And it is to not just remain competitive but keep a step ahead.

This next-gen SaaS core platform provides broader digital, data, and core capabilities to optimize their business, but also accelerate innovation of new business models, products, services, channels, and more, to meet the constantly changing market and customer demands with speed.  This platform provides access to a robust ecosystem of partners – technology, data, digital and channels – to further innovate, easily and seamlessly.  And even more important are the seamless, automated, and frequent upgrades of content and software to keep companies up-to-date cost-effectively and at the leading edge.

Here are the 12 Days – or highlights from this release:

1. Cutting Edge Self-Serve Bureau Adoptions – Commercial Lines and Workers’ Compensation insurers now have a cutting-edge capability to stay current with the latest rates, rules, and forms to remain compliant with regulatory changes and ISO, NCCI and other bureau content. The innovative self-serve capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process while providing an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention.
2. Next Gen Customer Experience – Digital Customer360 for P&C is pre-integrated with Majesco P&C core and offers a holistic, seamless, and compelling experience across policy, billing, and claims – a shift from the typical transactional experience to a true customer experience.
3. Next Gen Underwriting Workbench – Digital Underwriter360 for P&C is pre-integrated with Majesco P&C Core, providing insight-driven underwriting that enhances underwriting effectiveness and profitability, drives underwriter productivity, and creates greater transparency and collaboration with brokers.
4. Embedded Intelligence – Signals, an advanced analytic capability of Majesco Business Analytics (MBA), is fully pre-integrated with Majesco P&C Core Suite.  Leveraging robust machine learning capabilities, it empowers the ability to detect patterns, outliers, trend changes and other business events that generates automated alerts and notifications to Underwriters and Claim Adjusters for further investigation. The embedded analytics enhances end user effectiveness with insight learning and contextual analysis using natural language explanations and data visualizations.
5. Advanced Billing Expertise for Large Commercial & Loss Sensitive Policies – Majesco Billing for P&C expands expertise for Large Commercial and Loss Sensitive policies with advanced billing capabilities including capture of estimated and deferred vs. billable premiums, roll over of escrow and deposits, retrospective audits, paid and incurred losses, large third-party deductibles, dividends and more.
6. Enriched Auto Reconciliation and Balancing – A new capability for Majesco Billing for P&C that automatically reconciles the trial balance, including general ledger feeds daily, while providing automated alerts to specific users with precise details in case discrepancies that provide increased visibility to accounting and finance.
7. Containerization and Auto Scaling – Majesco P&C Core Suite has been re-architected as Docker images, orchestrated using Kubernetes and deployed as Helm charts enabling insurers to run on any Cloud to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud.
8. Strengthened Data Privacy and Security – Majesco P&C Core Suite is “Veracode Verified” with the “Veracode Standard” certification. The Majesco P&C Core Suite follows conventional best practices such as firewalls, Dynamic Application Security Testing including external certifications, but now with the “Veracode Standard” certification, addresses security at the software code level through Static Application Security Testing.
9. Expanded EcoExchange of Partners – Majesco EcoExchange is a next-generation partner ecosystem using third-party services for a true plug-and-play environment. It provides carriers pre-integrated capabilities with Majesco solutions to help digitize, optimize, and innovate insurers’ business, customer, and channel needs today and in the future. Majesco continues to focus on building partnerships to provide insurers with a robust EcoExchange of partners.
10. Expansion of Open APIs – New OAS 3.0 APIs and introduction of a “no code API framework” for rapid integration to enable and accelerate insurer’s digital transformation, a top strategic priority.
11. Containerization – Built as Docker images, orchestrated using Kubernetes and deployed as Helm charts enabling customers to run on any Cloud infrastructure. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers.
12. Seamless, Automated Upgrades – With the seamless, automated, upgrade capability already built-in, customers have the easiest and most cost-effective solution to keep them at the leading edge.

Ready to rethink and strengthen your core?  Want a platform to transform your business and innovate?  Need a platform to create new products and services demanded by the market and your customers cost-effectively and with speed? Then look no further than Majesco P&C Core Suite!

Wishing you and yours a lovely holiday season! We are grateful to our community of customers and partners and are looking forward to working with you in 2022!

 

Co-Authors:

Terrence Clark, SVP & General Manager, P&C Products at Majesco Melis Carroll, VP, Product Marketing at Majesco

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[1] https://en.wikipedia.org/wiki/Twelve_Days_of_Christmas