Press Archive - Majesco

Majesco Continues Expansion of Digital1st® EcoExchange with Additional Underwriting Solutions from Verisk

Roof age, major systems, condition score, and loss and coverage history solutions from Verisk are now integrated with Majesco P&C Core Suite to improve risk assessment and underwriting for auto and property lines

Morristown, NJ July 27^th, 2021 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced that Verisk, a leading global data analytics provider, added A-PLUS™ (loss history), Coverage Verifier^SM (policy history), Roof Age, Major Systems, and Condition Score property insights to Majesco’s Digital1^st® EcoExchange.

Majesco Digital1^st® 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. As a long-time partner, Verisk added to its existing apps on Majesco’s marketplace with the following:

A-PLUS is a robust loss history database—powered by insurer contributions—to enable more accurate personal auto underwriting and rating at the point of quote. A-PLUS reporting tools enable immediate decisions with information on multiple loss and coverage types. Full-detail reports are regulated by the Fair Credit Reporting Act (FCRA) and provide up to seven years of claims activity on risks.

Coverage Verifier, which is also regulated by the FCRA, provides up to seven years of personal auto policy history to help identify current, lapsed, or suspended coverages, guide critical underwriting and rating decisions, and reduce fraud.

Roof Age combines permit insights, assessor records, and an array of other data elements to assess the age of a structure’s roof using Verisk’s deep industry experience and advanced data science. Roof Age helps insurers quickly assess the age of a structure’s roof to deliver roof year and actionable, numeric confidence scores that are easy to use in underwriting and rating applications.

Major Systems provides insights into the health of a structure’s major systems—building, mechanical, electrical, and plumbing. These insights are crucial for insurers looking to strike the balance between accurate risk exposure and a superior customer experience.
Condition Score enables insurers to elevate their underwriting strategy by better understanding a property’s history. An individual score assigned to a property takes into account key property change events, such as maintenance, remodeling and renovation activity, as well as associated cost drivers. Enabling insurers to segment and underwrite risks with a variable that encapsulates a property’s full history.

“By expanding our presence on the Majesco platform, we further our mission to help insurers make better decisions and focus on their customer relationships and innovations by seamlessly deploying digital advancements into their workflows,” said Doug Caccese, President of Personal Lines at ISO, a Verisk business. “The future of underwriting lies with the fusion of best-in-class products and services into ecosystems that drive efficiency, raise precision, and elevate the customer experience.”

The addition of these Verisk accelerators helps Majesco customers assess industry-leading data to help them better price risk for increased profitability, make recommendations on loss control/prevention during underwriting, and streamline the application and underwriting process.

“We’re thrilled to further our partnership with Verisk and excited about the unique capabilities these new apps bring to our customers,” says Manish Shah, President and Chief Technology Officer at Majesco. “With Majesco Digital1^st® EcoExchange, customers can accelerate speed-to-market by leveraging out-of-the-box integrations and increase its growth plan with improved productivity and accuracy. This is a great addition to a robust platform of apps.”

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.

Announcing General Availability of Version 22 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence Management

New market leading enhancements enable claims operational effectiveness and enhanced absence management with early buildout of Connecticut Paid Family and Medical Leave

Morristown, NJ – July 22^nd, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the general availability of version 22 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence Management – the second major release in 2021.

The latest enhancements have provided additional features to the product, including enhanced straight-through processing, improved user experience and configurability for effortless claims processing and enhanced compliance for absence management. While available separately, together the solutions provide an integrated disability and absence management (IDAM) solution for insurers to meet the increased demand for short-term and long-term disability insurance.

“We continue to place an emphasis on enhancements that optimize the business and provide ease of use for our customers,” said Raymond Law, SVP and General Manager, L&A and Group Products at Majesco. “This latest release further streamlines the solution, allowing for more advanced straight through processing paired with additional user experience features to drive operational effectiveness across the business.”

As the legislative landscape for absence management continues to evolve, Majesco is continuing its investment in compliance enhancements for Majesco ClaimVantage Absence Management to minimize the risk for its customers administering federal and state paid and unpaid leaves. With its June ‘21 release, Majesco has built Connecticut Paid Family and Medical Leave (PFML)— which goes into effect January 1, 2022— into the solution according to the regulatory guidance that was made available in March. As with previous new legislation, iterative enhancements will be made in the lead up to the rollout date as the regulations continue to take shape.

By adding Connecticut PFML to the solution more than six months ahead of the program’s rollout date, Majesco is providing its insurance carrier, Third-Party Administrators (TPA), and employer customers with substantial lead time to ensure they are fully prepared to effectively manage the new state-mandated paid leave program at the start of 2022. Once Connecticut PFML takes effect, the solution will handle the new PFML regulations when determining employee eligibility and benefit calculations. The built-in rules engine automatically determines employee eligibility based on the criteria specified by the law.

“We are proud to be enhancing our leading Claims solution as well as supporting new Absence leave legislation well in advance of the regulations effective date to help our customers to ensure they are well positioned to support and mange leaves before the rollout date,” commented Monique Bouffard, VP, Product Management. “Our absence experts have been meeting with customers in preparation for Connecticut PFML, just as we did for Massachusetts last year, to ensure a seamless rollout. Together, they provide the industry with a market leading IDAM solution needed in a rapidly changing marketplace.”

Among the highlights for the solutions are:

Majesco ClaimVantage Claims Management for L&H:

New Configurability Options – Ability to configure Elimination Periods, Elimination Units and Duration of Benefits for Custom Cause values.
Automated Payment Calculation Enhancements – Disability Payment Calculator with Duration of Benefits for Custom Cause values for 5- and 7-day work weeks.
Straight-through Processing – Added the ability to adjudicate a claim based on the waiting period at the benefit level.
User Experience Updates – A new correspondence panel brings together all call records, notes, and files into a single, easy-to-use source for accessing all claim-related correspondence.

Majesco ClaimVantage Absence Management:

Connecticut Compliance – Connecticut Paid Military Family Leave, Connecticut Paid Family Violence, Connecticut Paid Family Leave are all now available with iterative changes made on an as needed basis. Connecticut Military Family Changes take effect on 01/01/2022. District of Columbia Compliance – District of Columbia Family Medical Leave Act Public Health Emergency is now available.
New York Compliance – New York Crime Victims intake update.

“In a dynamic market such as Group and Voluntary Benefits, insurance carriers face a significant array of challenges as they plan for a rapidly evolving future,” said Rob McIsaac, EVP, Research & Consulting at Novarica. “Regulatory changes, demographic shifts, cost pressures and increases in competition from both traditional and non-traditional sources, all conspire to create a constant “raising of the bar” on functional and operational efficiency. For technology solution providers who want to be strategic partners to these carriers, continuing to both increase functional capabilities while supporting better and more flexible integration of components, becomes key to future success. Majesco’s recent announcement illustrates the importance of continuing to drive forward with functionality and integration. The competitive pressures across the entire benefits ecosystem are likely to increase as we move toward a post-pandemic era.”

About Majesco

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.

Majesco Announces Launch of Next Generation Customer Portal – Majesco Digital Customer360 for P&C

Provides a unified next-generation digital platform that provides a holistic customer experience vastly different from the traditional, transactional portal approach

Morristown, NJ – June 15, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Customer360 for P&C, a next generation customer portal. Majesco Digital Customer360 for P&C is an accelerator that is designed through the customer lens to enable easier and more seamless interactions across service, billing and claims – an intentional upgrade from the typical transactional experience through separate portals and applications.

“As insurers digitally enhance front-end capabilities to elevate customer experiences (CX), next-generation customer portal solutions must synchronize engagement across the value chain touchpoints to deliver a more engaging, holistic experience,” stated Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1^st® Insurance no code / low code platform, Majesco Digital Customer360 for P&C provides that next-gen customer experience that compares to today’s leading digital companies. The collaboration between the Majesco and KPMG teams has been phenomenal, delivering a truly next generation portal platform.”

Majesco engaged KPMG in the customer experience design and development of the solution using Majesco Digital1^st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution simplifies the interactions for customers on a single platform including:

Policy Inquiry: At any point in time, enables policy inquiry allowing the customer to check policy coverages, deductions, limits, renewal dates, billing status, and more.
Policy Changes: A common dashboard provides a view of all policy information and coverages, and allows for policy changes and service requests related to the policy including changes received via forms using OCR technologies to extract structured data and insert into the workflow to automate the transaction and fulfill the request.
Payment History: Access payment history and the status of upcoming payments and due dates.
Payment Updates: Make changes to payment plan, set up/enable digital payment processing, and make payments through a variety of digital payment modes. When payments are sent, a digital confirmation that the payment has been successfully received is sent.
Claims First Notice of Loss (FNOL): A FNOL can be submitted through the same common access point as all other transactions, including paper or imaged forms using OCR technologies to extract the information and insert it directly into the claims administration system to initiate the processing of the claim.
Connect to Service Providers: Ability to easily connect to value added service providers such as networks to repair or replace damaged vehicles or items, specialists that help recover from cyber-breaches, or smart device companies and services that help to avoid the claim in the first place.
Claims Status: Request information on the status of a claim, the damage estimate, or the payment status through the portal.
Value Added Services: Customers are just beginning to implement IoT devices in their properties and telematics capabilities in their commercial fleets that can help reduce risk and result in faster claim response, while also increasing customer engagement.
Core Integration: Pre-integrated with Majesco Core Suite for P&C and can easily be integrated with any other core solutions.

With digital demands from insurance customers seemingly often outpacing the engagement capabilities of many insurers, the industry has arrived at a time of reckoning – and the stakes are high. Customers are looking for the better experience and in insurance that experience can be created and managed with digital tools and digital proficiency, but insurers need to get beyond the basics and traditional “portal happy” approach. This is reflected in the May 2021 J.D. Power survey results that points to digital engagement issues as a massive shift of customers moving to digital occurred over the last 15 months due to the COVID pandemic.

“We saw very early on that the Majesco Digital1st® Insurance platform provided a rich set of insurance content and capabilities to rapidly build digital solutions that can accelerate insurer’s digital transformation,” stated Jeanne Johnson, Principal at KPMG LLP. “Together, leveraging each other’s research, knowledge and expertise, we helped Majesco develop a customer experience solution that redefines customer experience for the digital age. Rather than multiple portals and separate points of interactions, Majesco Digital Customer360 for P&C offers an innovative new solution.”

Customers’ pace of digital adoption is accelerating, and insurers must go beyond the basic portals that automate customer tasks or transactions. Insurers need to move from transactions to experiences. To regain customer trust and satisfaction, insurers now must consider all dimensions of the customer experience across the value chain, creating a next-generation customer experience that is much closer to the “Amazon experience.” Majesco’s 2021 Strategic Priorities Research found that Digital Leaders are widening the gap over the next three years by 102% as compared to Laggards and 28% for Followers, separating themselves from the pack.

“Policyholders today expect an integrated, unified, and cohesive experience that services all their needs. With the emergence of Digital Platforms, this vision now can now become a reality. Insurers can orchestrate the complexities of technologies to deliver an experience tailored to the customer rather than the technology that is servicing their needs. Insurers can now flip the lens – delivering services that delight the customer!” Karen Furtado, SMA Partner.

Majesco and KPMG have held multiple roundtables to discuss this next-gen approach and have established a Charter Client program for the first early adopters.

About Majesco

Majesco Named a Late Stage Provider of Digital Insurance Platforms in New Tech: Digital Insurance Platforms Providers Report, Q2 2021

New report provides an overview of 25 vendors across product maturity of Late Stage, Growth Stage and Early Stage

Morristown, NJ – July 13^th, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that they have been named among Late Stage providers of Digital Insurance Platforms (DIPs) in Forrester’s New Tech: Digital Insurance Platforms Providers, Q2 2021 Report.

“Insurers face increasing competition from within the sector and beyond as companies leverage technology to meet customer preferences for digital experiences,” writes author Jeffery Williams, Senior Analyst at Forrester in the report. “To maintain an edge, insurance leaders must reinvent their companies to become fundamentally digital, from policy application to renewal. Digital insurance platforms enable this transformation by enhancing speed to market, elevating customer experience, and modernizing IT.”

The report states, “customers increasingly expect digital experiences across their buying journeys, a trend that insurrect disruptors and ecosystem orchestrators exploit. In the near term, competition from insurtechs, such as Lemonade Insurance and Next Insurance, and ecosystem orchestrators, like Amazon and Tesla, will only intensify.” To keep pace, Forrester suggests insurers must invest in technology that enables customer engagement, speed to market for products and customer acquisition. They see help coming from digital insurance platforms (DIPs) which they define as “Cloud-native solutions that run front-end or core business applications and services that enable insurers to digitize their customer, agency, and ecosystem partner experiences.”

The Forrester report notes that DIPs improve speed to market for products and services; customer and agency experiences; connectivity of data and technology ecosystems; and access to new distribution channels. With regards to these attributes, Majesco Digital1^st® Insurance has successful implementations that include:

“We’re honored to be named a Late Stage Provider with Majesco Digital1^st® Insurance in Forrester’s new report, given we launched the product just three years ago, highlighting for us our focus on innovation and future forward thinking which are crucial InsurTech attributes,” stated Adam Elster, CEO of Majesco. “The powerful combination of technology, customer demographics and expectations and new market and product opportunities are compelling the industry to take a two speed approach – speed of operations to modernize and optimize today’s business and speed of innovation to create a new business for the future, which Digital1^st® is well equipped to support.”

Majesco Digital1^st® Insurance is a no code / low code platform built from the ground up to provide a single platform to enable insurance organizations to accelerate their journey on the digital maturity curve and pursue relentless innovation with speed and agility. It enables rapid building of multi-channel user interfaces and workflow through visual tools requiring minimal or no programming, often easy enough for non-technical users to make changes. It is abstracted from any underlying system and therefore can be used to build any user experience or workflow from scratch, not just used to configure a specific system.

“Majesco Digital1^st® Insurance has been used for both by insurers, reinsurers, MGAs, and brokers to successfully transform their business to thrive in an increasingly competitive market,” stated Manish Shah, President and Chief Product Officer at Majesco. “This is where our next-generation digital platform, Majesco Digital1^st® Insurance and the applications, accelerators and partner apps, are pushing boundaries and accelerating digital transformation at speed and scale.”

About Majesco

Majesco Joins Forces with Industry Leaders to Share Expert Insight on How to Navigate Insurance Industry Change

New sessions to the Industry Leaders podcast series uncovers the latest challenges and opportunities insurance faces today

Morristown, NJ – June 22^nd, 2020 – Majesco, a global leader of cloud insurance software solutions platforms, today announced five new podcast sessions to the Future of Insurance: Industry Leaders podcast series. In the latest episodes you’ll hear from host Denise Garth, Chief Strategy Officer at Majesco as she speaks with industry leaders to uncover the latest industry challenges and how emerging new business models, products, channels, and technologies can help companies differentiate themselves from competitors.

“The digital transformation race is picking up pace as insurance companies work to deliver customized products and personalized services to meet customer demands,” says Denise Garth, Chief Strategy Officer of Majesco. “Organizations primed to emerge as leaders in this new era are looking to industry experts to help navigate today’s insurance landscape and better understand the latest business models, products, channels, technologies, trends and changes needed to stay ahead of the curve.”

New episodes added to the Future of Insurance: Industry Leaders series include:

Episode 23 – The Role of AI and Machine Learning in Insurance

Ron Glozman, Founder & CEO of Chisel AI joins Denise Garth, Chief Strategy Officer at Majesco to discuss the role of AI and machine learning in insurance and how insurers can leverage these new technologies to innovate and provide value back to customers.

Episode 24 – Respond, Recover, Thrive: A Digital Transformation During a Crisis – Part 1

Listen in as David Schmitz, Managing Director and Abhishek Bakre, Senior Manager, Strategy of Deloitte Consulting LLP join Denise Garth, Strategy Officer of Majesco, to discuss how insurers are adapting to the impacts of change with new business operating models underpinned by legacy transformation.

Episode 25 – Respond, Recover, Thrive: A Digital Transformation During a Crisis – Part 2

In part 2, David Schmitz and Abhishek Bakre of Deloitte discuss the push to digitalization to meet the needs of customers and the need for next generation digital and core solutions.

Episode 26 – The Distribution Management Maturity Model: A Roadmap to Success

Join Denise Garth, Chief Strategy Officer, Majesco and Brad Denning, Advisory Services Principal, PwC, for a discussion on the Distribution Management Maturity Model, aspects of all five phases and how it can help insurers shape their strategy to achieve specific levels of maturity.

Episode 27 – Get Ready: The Future of Insurance is Here

Chris Cheatham, Vice President, Product Insurance Intelligence of Bold Penguin talks with Denise Garth, Chief Strategy Officer, Majesco as they discuss the current state of insurance, role of AI / ML and expanding channels including embedded, marketplaces and direct.

All of our podcasts, including additional thought leadership resources such as primary research, blogs, and webinars can be found on www.majesco.com.

About Majesco

Majesco Completes Acquisition of Utilant LLC

Acquisition accelerates business innovation and enhances customer experience with new data and analytics business unit

Morristown, NJ – June 16^th, 2021 – Majesco, a global leader of cloud insurance software solutions platforms, today announced that it completed the acquisition of Utilant LLC, a U.S. based InsurTech company providing the industry leading survey management SaaS product suite for Loss Control and Premium Audit surveys and artificial intelligence (AI)/machine learning (ML) data and analytics.

Utilant’s cutting-edge SaaS solutions, contributory database and AI/ML models deliver the necessary next-generation technology that can address critical insurance trends and help keep pace in today’s digital race. This acquisition expands Majesco’s extensive product portfolio and adds over 87 customers in the P&C market segment, including global insurance carriers and top risk engineering companies.

With this addition, Majesco launches an innovative Data and Analytics business unit combining Utilant technology with Majesco’s existing, market-leading data and analytics solution. Utilant Founder and CEO, Patrick Davis joins the Majesco Senior Leadership Team and will lead this new business. The new offering advances Majesco’s digital capabilities, drives operational value for insurers and ultimately improves customer experience with proactive risk management.

“The recent pandemic has accelerated the timeline for insurers to adopt critical technologies like AI/ML, digital core platforms and data and analytics,” says Adam Elster, CEO of Majesco. “We’re pleased to offer our customers advanced, embedded data and analytics capabilities and next-generation insurance SaaS products that can provide them with a key competitive edge, improve underwriting profitability and accelerate their digital transformation journey.”

For more information on the acquisition and Majesco solutions, please visit Majesco.com.

Raymond James & Associates acted as financial advisor to Utilant. Nomura Securities International, Inc. acted as financial advisor to Majesco, and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Majesco.

About Majesco

Majesco Announces Cloud-Native Core Containerization Support for P&C Core Suite and L&A and Group Core Suite

Provides insurance industry stakeholders portability, agility, speed-to-market, and ease of environment management in a highly scalable and secure fashion to accelerate their path to the future of insurance

Morristown, NJ – June 8^th, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced cloud-native core containerization for Majesco P&C Core Suite and Majesco L&A and Group Core Suite to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud.

Majesco P&C Core Suite and Majesco L&A and Group Core Suite are built as Docker images, orchestrated using Kubernetes and deployed as Helm charts enabling customers to run on any Cloud infrastructure. With the first decomposition completed, Majesco will continue to assess the right balance of further decomposition into granular microservices based on customer and market driven demands. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers.

“As an early proponent and provider of cloud, Majesco is dedicated to delivering cloud-native technologies to the insurance industry. Containerization of our core suite solutions is a testament to our commitment to deliver choice, flexibility, and relentless innovation to the insurance industry that meet the dynamically changing business and IT demands of today and tomorrow,” said Manish Shah, Chief Product Officer at Majesco. “As the industry accelerates their effort to modernize, optimize, and innovate their business, Majesco is leading the way by simplifying the challenges faced by companies by breaking down silos and empowering the industry to pursue a cloud-native agenda in our highly scalable and secure applications.”

With cloud-native core Containerization support, Majesco’s cloud operations will be more reliable, responsive, and secure. Additional benefits include:

Consistency –-Enable consistency of deployments across all environments through same app deployment structure and infrastructure configurations.
Dynamic Scalability – Dynamic adjustments to computing resources by automatically scaling to new nodes based on load for better ROI and operational readiness.
Superior Availability – Separation of functionality across containers and monitor for problem detection and self-healing to deliver higher availability.
Enhanced Security – Applications isolation from host and each other, Kubernetes secrets for provisioning passwords/keys and automatic app management and deployment provides enhanced security.
Faster Deployment – Standardized docker images enable faster deployment of Majesco Apps as well as faster patching for host OS.
Cloud Platform Agnostic – Abstraction from host OS, inherent feature of containerization makes app run on any cloud platform.
Cost Effectiveness – Scaling of lightweight containers, auto-scaling and high degree of automation significantly reduce operating costs with horizontal scaling.

“The insurance industry has embraced the cloud for their core systems, but there is still a wide gap between a lift-and-shift approach and true cloud native infrastructure,” said Jeff Goldberg, EVP of Research and Consulting at Novarica. “To realize the full value of cloud adoption, insurers need systems that are made for scalable, rapid deployment, supported by ongoing updates, and that tie into a broader network of data providers and emerging solutions. The future of core systems looks less like insurers licensing a technology and more like them placing their insurance products into an ecosystem that allows them to focus on their differentiated business.”

Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America and a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company also received an XCelent award for Depth of Service in Celent’s Policy Administration Systems: North America Property Casualty Report, and named the Top “Best-in-Class” Vendor in the P&C Policy Administration Aite Matrix Report.

About Majesco

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Majesco Research Underscores Rising Customer Digital Expectations and Increasing Competition are Creating a Time of Reckoning for Insurers

Insurers must reinvent themselves as future-ready, technology-forward companies to keep pace with the demand for digitization and emergence of new digital leaders

Morristown, NJ – June 3^rd, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new thought leadership report, Digital Insurance: The Inflection Point. The report, based on a deeper dive into the 2021 Strategic Priorities research around digital priorities, highlights today’s changing competitive landscape driven by top digital capabilities for customer self-service, distributor portals, and underwriting to drive growth opportunities.

The pace for digitization is not slowing down. Firms in other industries have evolved their customer experience across multiple channels to become omni-channel and digital to meet rapidly shifting and intensifying customer expectations, setting a high bar for insurance. P&C insurers must adapt by delivering a digital experience that creates a new customer experience that drives post-purchase engagement, trust, and loyalty.

“Across most industries including insurance, companies are struggling to keep pace with the demand for digitization, particularly as customers accelerate their adoption of digital in nearly all aspects of their life, as shown in our previous customer research,” commented Denise Garth, Chief Strategy Officer at Majesco. “The year 2020 and COVID have created an inflection point that has accelerated digital adoption. Some are heeding this urgency, but too many are not creating a significant divide between leaders, followers and laggards and a time of reckoning.”

The research shows that insurers are focused on digital customer self-service solutions but are behind in other essential areas that are key in the shift to digital to look more holistically from a 360 digital engagement view rather than siloed portals across customer, agent and underwriter engagement and more. Self-service tools and “out of the box” portals, which have been the “go to approach” for the last decade, do not meet the shift in customer expectations for a personalized, holistic experience that is required today. The report delivers a fresh future-forward view on the growth and retention opportunities that taking this digital, outside-in, 360 view can create for insurers.

Garth further added, “Visionary leaders see the market and technological trends as a many-fold opportunity for insurance — and are preparing and implementing the use new sources of data, reach new market segments, offer innovative new products needed by customers, and more. They are embracing platform technologies that embraces cloud, APIs, no code / low code digital experience platforms; next gen core platforms, advanced digital analytics with AI / ML and robust ecosystems that together enable next-gen customer experiences to realize the value of digital transformation.”

The report is available to download on the Majesco website or by emailing info@majesco.com.

About Majesco

Majesco Appoints Insurance Industry Expert as Chief Technology Officer

Former Amazon Web Services and industry veteran brings cloud platform expertise and leadership to support Majesco SaaS platforms

Morristown, NJ – June 1^st, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the hiring of Ravi Krishnan as Chief Technology Officer (CTO) to oversee the architectural and technical direction for all Majesco SaaS platforms.

Adding Ravi to the team will help Majesco lead the insurance industry in the pursuit to modernize and optimize today’s companies. In order to compete and grow, the industry will demand new levels of operational efficiency and effectiveness, holistic digital experiences, the ability to rapidly launch new products and adapt to new opportunities. The continued rapid adoption of SaaS and Cloud is pivotal for insurers to thrive in this new-age of insurance.

“I am tremendously impressed with Majesco’s vast portfolio of products for all lines of insurance,” said Ravi Krishnan. “My goal is to help Majesco accelerate the industry and customer’s digital transformation to achieve agility, speed and innovation in a rapidly changing marketplace. End-to-end innovation across the portfolio with robust cloud-native architecture and engineering will elevate Majesco solutions and meet rising market demands. I am thrilled to join the Majesco team and leverage all my experience to benefit the industry and Majesco customers.”

Previously, Ravi was Principal Solutions Leader for Worldwide Healthcare and Insurance at Amazon Web Services (AWS). Prior to AWS, he was the Chief Digital Officer for Innoveo, CIO and SVP, Digital Product Innovation at Woodruff Sawyer and held other executive positions with Kaiser Permanente, Verizon, Cognizant, GE Insurance and PwC. His background will provide Majesco with enhanced expertise to continue leading digital insurance transformation.

“Ravi’s breadth and depth of technical experience leading cloud and digital platforms made him a clear standout for us,” said Manish Shah, President and Chief Product Officer of Majesco. “As an early leader in cloud platform solutions for the L&A and Group and P&C industries, Ravi’s experience with AWS will provide new levels of insight to propel us to the next chapter of our product and cloud story. I am thrilled to welcome Ravi to the Majesco family and look forward to working with him as we continue our journey to the future of insurance.”