The rise of InsurTech has brought hundreds of real and potential insurance innovations to the industry. Some of them are great ideas, fully-formed and ready for use. Others, however, face an uphill battle with the insurers who may wish to use them.
One of the lessons of InsurTech has been that innovations are only really as good as an insurer’s ability to consume them. Many InsurTech companies have brought forward revolutionary concepts and innovations, only to figure out that some insurers are still incapable of integrating them into their current environments. They were out ahead of the curve. Insurers stare at the InsurTechs and think, “Yes, that’s wonderful, but we’re not quite ready for that.”
Today’s insurance leaders do seem ready, however, to prepare for the future. They are interested in ecosystem and platform development, using the full complement of technologies and networks that are available in order to position themselves competitively. Their primary constraint is how to configure internal systems to accomplish all that digital transformation requires. A true digital transformation will require some insurers to double up on their current load of integration and innovation projects. With so many needs and so little time, modernization and optimization can seem too daunting.
However, what if the core systems are made to be adaptable, upgradeable, easy-to-operate and built to optimize and create new products, services and business models? What if the core already contains many of the transformations that insurers want, drastically reducing the number of projects that they need to take on themselves? This is what drove Majesco developers as they constructed Majesco’s latest version of its P&C Core Suite and its L&A and Group Core Suite.
Majesco P&C and L&A and Group Core Suites Version 11 — Digital Core
On Monday, October 28th, Majesco launched Version 11 of its P&C Core Suite and L&A and Group Core Suite. The P&C Core Suite includes 99 features with over 698 capabilities across 5 modules (Policy, Billing, Claims, Suite, and Distribution Management). The L&A and Group Core Suite includes 262 features and over 1,700 capabilities across 5 modules (Policy, Billing, Claims, Suite, and Distribution Management). From the ground-up, Version 11 was designed to address the major trends driving insurance disruption, placing insurers ahead of customer needs and expectations.
Here is where a trusted vendor partnership pays off for insurers. With Version 11, Majesco has shifted much of the weight of transformation off of insurer shoulders by providing far more usability, functionality, integration points, streamlining and even in-depth insurance content and capabilities across all 50 US states within its P&C and L&A and Group platforms. When an organization looks at the full spectrum of digitally-necessary transformations, turning to a solution provider such as Majesco, that has already built in hundreds of capabilities, just makes sense. Not only do all of the capabilities exist, but they work together cohesively, and they are constructed to allow for the plug-in of future digital technologies and data sources.
Sometimes a new model is so revolutionary that it deserves an in-depth look. In this case, with Version 11, the new models have so many new features that insurers will find it to be a quantum leap forward in core capabilities. Let’s look at V11 from a high level, then dive into a few of its valuable key features within both platforms.
To begin, Majesco innovated across these Focus Areas:
- Operational Efficiency, Experience & Usability
- Digital Insurance Readiness and Cloud Readiness
- Connectivity & Data
Operational Efficiency, Experience & Usability
“Insurers can’t expect to provide usable interfaces to insurance customers, if they are using outdated interfaces with non-intuitive and non-automated workflow,” said Manish Shah, President and Chief Product Officer, Majesco. “When designing V11, we wanted the business user experience to be every bit as time-saving, instructive and intuitive as what insurers are supplying to their customers. This would allow insurers to see support savings and operational efficiencies at the same time they were realizing greater customer insights and better ecosystem connectivity.”
Within the P&C Core Suite V11, Majesco completely redesigned workflow capabilities so that as functions are added, understanding and engagement flow just as smoothly. Task Management was enhanced through an API architecture, with a centralized and modern workflow process for managing business exceptions and approvals through automation and skill-based routing.
Virtual Assistants are one of the P&C Core Suite features that will help business users to utilize a new realm of tools. This is driven by conversational AI bots. They improve navigation and the speed with which nearly any task can be accomplished. A Digital Tour Guide with in-app interactive tutorials, guides users and improves their adoption of new features. This will greatly reduce the learning curve and training costs of new users and open up options in the fight for talent in a competitive marketplace.
In the L&A and Group Core Suite, Conversational UX is the new interaction model and streamlining is the norm. At the front end of the sales process, AI assists agents and brokers with Likely Sales Progression, while Always STP provides straight-through processing by default resulting in reduced cycle time and operational costs. And we took the Digital Tour Guide concept across to the L&A and Group platform as well, leveraging innovative ideas across both.
Digital Insurance and Cloud Readiness
“Insurance systems must be ready for customer engagement,” said Manish. “Insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business. Additionally, they are witnessing unprecedented opportunities for understanding the customer and they want to quickly turn insights into decisions.”
Majesco answered these business needs with cutting-edge engagement tools and features that will turn insights into leads and inquiries into sales. Within the P&C Core Suite, Customer Panoramic View gives insurers a 360° picture of a customer portfolio throughout their entire lifecycle. Usage-Based Billing provides an easy way for insurers to add innovative usage or mileage-based products to their portfolio. Submission and Risk Clearance streamlines the intake and first-level clearance for underwriting so that insurers can move from application to policy issue with fewer hurdles and delays.
As L&A and Group insurers open new digital channels and work to serve all channels with precision, clarity and ease of use, it becomes highly important for user interfaces to reflect customer needs. In Version 11, User Themes and Preferences are easier than ever to set up, enabling internal and external branding where needed. With Universal Product Definition, insurers can create insurance coverages once and offer them to the retail market, employers (true group or voluntary benefits), associations or employees (worksite). And a Digital RFP that is an AI powered Group sales process allows insurers to offer the best options for the customer based on historical trends and profitability.
Digital ecosystems are “the future” of digital transformation. They are proving themselves today, by giving insurers a valuable edge when it comes to plugging in new capabilities. So, P&C and L&A and Group Core Suites v11 now come with a Ready-to-Use Ecosystem Integration and Configuration Capability so insurers can quickly integrate with any Digital1st EcoExchangeTM partner apps without coding.
“The faster that the insurance industry moves,” Manish said, “the more adaptable insurers need to be. We often talk about speed to market without acknowledging that meeting market trends is frequently connected to an insurer’s speed to change. Majesco is helping insurers to think innovatively because they can now adapt quickly with much greater flexibility.”
Connectivity & Data
The ability for data to flow in and out of the organization and within the organization is almost its own metric for insurance system health. Majesco’s enhanced Open APIs & API Gateway give insurers access to 800+ OAS3.0 compliant APIs covering all major P&C functions, and 1100+ APIs for all major L&A functions, available over an enterprise API gateway.
Of course, the more an organization uses data, the more it has to be vigilant regarding security. In V11, P&C Core Suite introduces a greater level of Enterprise Security & Data Protection, including user identity management with popular cloud identity providers and multi-factor authentication for added security and greater data protection compliance.
As data sources and pipelines have improved, reporting intelligence and AI have necessarily improved along with it. Within the L&A and Group Core Suite, Enhanced Dashboards and Reimagined Reporting open new windows on the organization and are provided for nearly everything, allowing for role-based activity flow, monitoring and analysis, with impressive user-defined reporting tools.
And with Simple, Automated Upgrades, insurers have seamless monthly upgrades of software and content to keep them compliant and at the leading-edge, cost-effectively.
Majesco has been aggressive in its development of platforms that will release insurers from many of the constraints that have been keeping them from producing and administering the products of the future. For current and future Majesco clients, both P&C Core Suite Version 11 and L&A and Group Core Suite Version 11 advance insurer capabilities to meet digital demands. They reduce system support needs and give insurers greater access and control over the organization’s valuable data and analytics. For a closer look at all that Version 11 has to offer, be sure to watch Majesco’s recent webinar, The Future of Insurance – Version 11 P&C and L&A and Group Platforms for Growth and Innovation, or request a demo today.