Transforming Insurance through Digital-First Mindset: Harnessing the Power of Digital Innovation

As the insurance industry faces disruption from technology companies and InsurTechs, there is increasing pressure to modernize and meet the digital demands of customers. One of the key ways this is being accomplished is through the adoption of low-code/no-code technology, which streamlines development processes and reduces the amount of coding required.

Harnessing the Power of Low-Code/No-Code Platforms

Majesco’s Digital1st® platform is a cloud-native, low-code/no-code digital insurance platform that provides a robust set of digital experience tools, microservices, and rich insurance content. It is pre-integrated with Majesco P&C Core Suite and L&AH Core Suite, which deliver personalized and engaging experiences beyond traditional transactional portals to enhance customer satisfaction and business growth.

With the emergence of cloud-based platforms in recent years, insurers can adapt to rapid changes by ushering in a new era of core system capabilities. Cloud-based insurance platforms with low-code/no-code capabilities offer a path to freedom from the confines of complex traditional core back-office systems.

To provide consistent and high-quality digital options for interactions across the value chain, insurers must consider all dimensions of the customer experience. Majesco provides pre-built solutions to create personalized experiences through the Digital 360 Solutions portfolio for P&C and L&AH core suites, built on the Majesco Digital1st® Insurance platform. This allows customers to easily connect with their insurer in a personalized and holistic way.

Majesco Digital1st®, 360-Degree customer experience offers next-gen solutions including:

• Majesco Digital1st® offers a 360-degree customer experience with next-gen solutions, including a cloud-native, multi-tenant platform with low-code/no-code capabilities to create richer personalized digital experiences beyond core transactions.
• the platform features a robust EcoExchange insurance marketplace that serves as a partner ecosystem hub, offering a wide range of partner apps that can perform myriad functions, such as insurance objects, templates covering end-to-end insurance functionality, page layouts, UI widgets, and more to rapidly build fully personalized, compelling insurance digital experiences.
• The platform also has robust integration capabilities for modern as well as legacy platforms and fast data ingestion with pre-population of forms that leverage outstanding claims reserve capabilities, machine learning, deep learning, and natural language processing.

Majesco Digital1st® empowers insurers to develop cutting-edge portals, tailored experiences, and groundbreaking products. The platform facilitates seamless connectivity with diverse backend systems to fulfill a wide range of requirements, forming the basis of a comprehensive and top-quality customer-centric experience. Insurers that adopt low-code/no-code cloud-native platforms can stay ahead of future challenges and gain a competitive advantage both presently and in the future.

Do you have any additional thoughts or questions on this topic? Drop a comment or reach out to our product teams.