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Majesco Launches Customer Design Panel to Accelerate Innovation and Enrich Customer Experiences

Majesco extends partnerships to innovate Digital Experiences in collaborations with customers.

Morristown, NJ – September 13th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a new Customer Design Panel created to accelerate enriched customer experiences and innovation across Majesco solutions. This pilot program, first introduced at Majesco’s Spring Product Council earlier this year, kicked off on August 30th with 14 Majesco customers. This collaborative customer-centric approach allows Majesco customers to share important input and insights directly with our product teams in real-time, instead of through traditional product enhancement and usability processes. This valuable partnership will be used to directly shape the future of Majesco’s product experiences.

“We’re thrilled to engage our customers in the innovation of digital product experiences. Majesco is steadfastly investing in innovation and building differentiated digital experiences across personas to enable our customers to win in the digital era” says Manish Shah, President and Chief Product Officer at Majesco. “As we constantly look for ways to connect with our customers and better understand their needs and requirements for success, Majesco’s Customer Design Panel provides a medium for us to continuously collaborate and pilot-test new UX innovations for our future solutions, providing a differentiated experience to our customers and users.”

Leading software companies commonly leverage customer data and partner with users through more traditional research methods, such as usability testing. While these methods provide critical information into product design—and key metrics and data that provide the ‘what’—there are limitations. They offer little insight into the ‘why’ or ‘how,’ for example. Studies are also not longitudinal or collaborative in nature, and they do not provide the customer a direct role in the innovation process.

Majesco is further investing in its customer-centric strategy by introducing a Customer Design Panel focused on continuous research, feedback, and real-time insight. Interested customers are invited to participate in recurring collaboration sessions that seek key market insights and feedback, which are used to build and execute plans for future products and enhancements. This new initiative is yet another example of Majesco’s investment and commitment in building a mutually beneficial partnership with its customers.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields, and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, distribution, loss control and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

Majesco Sets Stage for Exciting Week at InsureTech Connect

Morristown, NJ – September 8th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced its exciting plans and active participation at 2022 InsureTech Connect. This annual event is held at the Mandalay Bay in Las Vegas from September 20th – 22nd and serves as the largest insurtech event that offers unparalleled access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents. As a recognized industry leader and 2021 Insurtech 100 company, Majesco has been a sponsor of the event from the beginning to empower digital transformation, growth, and innovation for the industry.  

“We’re thrilled to be back at InsureTech Connect this year and look forward to meeting and partnering with industry leaders that are ready to bring their innovative ideas to life,” says Adam Elster, CEO at Majesco. “We’ve made some significant changes and investments this year that we’re excited to share with the insuretech community and believe can build a new future that leads with agility, speed and innovation.”

As a silver level sponsor, visitors can look for Majesco at Booth #3257 where they can meet with Majesco’s team of leaders and experts to explore the innovative solutions and partner ecosystem that helps customer build Your Next Now.

Majesco will be hosting a key panel session as part of the Innovation Track on September 21st, at 10:30AM, Reshaping the Insurance Marketplace of 2030 One Leader at a Time. Hosted by Denise Garth, Chief Strategy Officer at Majesco and Top 50 InsurTech Influencer, she is joined by industry leaders and innovators, Emilio Figueroa, Chief Insurance Officer at Foresight Commercial Insurance, Eric Tawfall, Vice President of Personal Lines at MMG, and Janet Buzil, SVP, Product Innovation & Delivery at Chubb. This experienced panel will discuss how they are reimagining the future, overcoming the inertia of legacy, and embracing the openness to new ways of doing business to create a new future of insurance.

“I’m thrilled to be joined by such an incredible panel of experts from our customers who are leading the charge for change in this dynamic industry,” says Denise Garth, Chief Strategy Officer at Majesco. “New risks, changing customer behaviors, and technology innovations have accelerated digital transformation and innovation in the industry. Insurers who reimagine insurance by creating great customer experiences, deliver value beyond the risk product, expand market reach with new channels, and leverage technology for speed to market are humanizing and making insurance relevant while also defining a new generation of Leaders, Followers and Laggards.”

If you’re looking to build your next now with industry-leading solutions that leverages the latest technology and digital mindset, stop by the Majesco booth, and join the panel session at the world’s largest InsurTech event.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now.  Over 350 insurers, from greenfields, and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. 

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

MMG Insurance Transforms Agent Experience with Majesco Digital1st® Insurance Platform

Morristown, NJ – September 6th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that MMG Insurance Company, a long-term client of Majesco is seeing significant benefits from the launch announced in October 2021 of its next-generation agent portal built on Majesco Digital1st® Insurance that is integrated with Majesco P&C Core Suite.  MMG Insurance has been on their business transformation journey starting with the implementation of Majesco P&C Core Suite on CloudInsurer®, Majesco Enterprise Data Warehouse and Data & Analytics, followed by implementation of a next-gen agent portal built on Majesco’s low code no code platform, Digital1st® Insurance to support their growth strategy.

Recognized with the 2019 NAMIC Award in Innovation, as Company of the Year in 2020 by Maine Insurance Agents Association, and as 2021 #5 Best Places to work in ME, MMG has a 125-year history of offering superior service, technology, and a wide variety of property and casualty products that meet the changing insurance needs of individuals and businesses. As a customer-focused organization, MMG embarked on a business transformation journey to replace their existing legacy system and replace it with a next-gen, digital and data driven solution. Since the implementation of the new agent portal on Majesco Digital1st® Insurance, agents have reaped the benefits, making it easy to do business with MMG.

“We are thrilled with the success we’ve had with our next-gen agent portal built on Majesco Digital1st® Insurance since implementation last year,” says Stacy Shaw, Senior Vice President, Chief Information Officer at MMG. “The power of the digital platform and the dynamic, real-time integration with the Majesco P&C Core Suite has enabled our agents to work seamlessly and provide customers with an accurate quote in real-time. I’ve never seen such a collaborative system and well-integrated platforms.”

Majesco Digital1st® Insurance is a cloud-native, microservices and open API solution that provides a powerful digital experience, no code/low code and outside-in platform with a robust ecosystem of partner apps that can be leveraged through a wide variety of use cases ranging from high-fidelity portals over core systems to well-rounded omni-channel and omni-device customer and agent experiences enriched through heterogenous capabilities. It is pre-integrated with Majesco P&C Core Suite and delivers personalized and engaging experiences well beyond traditional transactional portals to enhance customer satisfaction and business growth.

“We’re excited to be continuing our partnership with MMG, and happy to celebrate the success of their journey that has extended from internal operations to external agent engagement transformation,” says Manish Shah, President, and Chief Product Officer at Majesco. “We are thrilled to provide next-generation core, data and digital SaaS solutions that enable our customers to rapidly adapt and navigate the evolving digital landscape to deliver exceptional agent and customer experiences.”

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields, and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, distribution, loss control and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

Majesco Adds Exciting New Podcasts to Future of Insurance Industry Leaders Series Helping Insurers Build Their Next Now

Morristown, NJ – August 16th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced 9 new podcast sessions to the Future of Insurance: Industry Leaders podcast series. Ranked #24 by Feedspot as one of the best insurance industry podcasts, it is hosted by InsurTech leader Denise Garth, Chief Strategy Officer at Majesco who is joined by a wide array of industry leaders to discuss the latest industry trends, market opportunities, distribution channels, ecosystems, digital technology and data trends, and the criticality of the customer experience to meet their expectations and stay ahead of the competition.

“Like everything else in a digitally-driven economy, risk is changing faster than it used to,” says Denise Garth, Chief Strategy Officer at Majesco. “To stay ahead, organizations need to leverage the latest digital technologies to bring innovative products, value-added services, and customer experiences together to meet ever-changing customer demands. I’m grateful to the industry leaders who have joined us to share their experiences, insights, and expertise on how to keep pace in today’s dynamic landscape.  It is through this collaboration that together we are helping to shape companies next now.”

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

Episode 40Changing Employee Expectations for Voluntary Benefits and the Fight for Talent

Join Denise Garth for a new podcast featuring Deloitte’s Abhishek Bakre, Senior Manager, Strategy and Santosh Kutty, Principal, discussing changing customer demographics, absence management, and bundling with disability and leave products.

Episode 41Simplifying and Digitizing the Operational Complexity of Disability Insurance and Absence Management

Join Denise Garth for a new podcast featuring Deloitte’s Abhishek Bakre, Senior Manager, Strategy and Santosh Kutty, Principal, for a discussion on modernizing disability insurance and absence management to achieve profitability and customer satisfaction.

Episode 44 – Digital Transformation Opportunity in the P&C Market

Join Majesco’s Denise Garth and KPMG’s Mike Adler for an all-new discussion on innovative digital solutions and the opportunity for growth in the commercial and specialty lines segment.

Episode 46Key Areas for Innovation in Workers’ Compensation

Listen in on a new conversation between Majesco’s Chief Strategy Officer Denise Garth and Foresight’s Chief Insurance Officer Emilio Figueroa on emerging opportunities to innovate workers’ compensation and key areas for future growth.

Episode 47A Digital Transformation Journey

Majesco’s Chief Strategy Officer Denise Garth is joined by MMG Insurance Company’s Chief Information Officer Stacy Shaw for a podcast on their digital transformation journey, how crucial data is in the digital age of insurance, and how machine learning and AI are changing the insurance industry.

Episode 48Innovations in Cyber Risk

Join Majesco’s Chief Strategy Officer Denise Garth and CyberCube’s Head of Client Management & Technology Services Ross Wirth for a discussion on rethinking data sources, helping insurers to innovate and provide value, and the challenge of having access to enough data for AI/ML algorithms. 

Episode 49 – Keeping Insurance Cutting-Edge

Tune in to our latest podcast featuring Kyle Caswell, Chief Revenue Officer at Earnix, for a discussion with Denise Garth on pricing and rating for underwriting, telematics insurance, how to make insurance personalized and transparent, and opportunities for innovation.

Episode 50 – Underwriting: The Next Generation

Join Majesco’s Denise Garth and EPAM Systems’ Gail McGiffin as they discuss what the future holds for underwriting. Listen as they dive into the importance of data and digitalization to help insurers innovate and transform their business!

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

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now.  Over 330 insurers, from greenfields, and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. 

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

Majesco Announces Surge in Hiring to Meet Market Demands and Business Growth

Morristown, NJ – August 4th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced plans to hire an additional 200 employees by the end of the year. Following its recent announcement of outstanding company growth in 2021 and new branding in 2022, Majesco is primed to continue to accelerate its customer-centric growth strategy. As a rule of 40+ SaaS company, with over 350 customers, the organization remains committed to expand product offerings, delivery capabilities, strengthen its partnerships, and invest in a workforce that can meet todays and future market demands.

“We’re excited to be hiring 200 people in multiple geographies and across all parts of the business,” says Adam Elster, CEO at Majesco. “As tech companies from small to large look to cut costs by announcing hiring freezes or company-wide layoffs to combat today’s rising inflation and economic conditions, we are doing just the opposite. Our ability to grow and invest in our workforce is a direct result of the incredible success we have achieved over the last 18 months.”

Today’s digitally driven economy and rising customer expectations is putting more pressure on insurance companies to implement change. To better serve its customers and meet current market demands, Majesco continues to attract top talent through its remote-first work policy which provides employees workplace flexibility and allows them to choose where they work most effectively.

“Our remote-first work policy allows us to hire top talent from anywhere without being restricted to a physical workspace,” says Melissa Blankenbaker, Chief Human Resources Officer at Majesco. “We’re proud to offer our employees the autonomy and flexibility they need to feel both independent and empowered so they can become their best individual self.”

For anyone that thrives in an environment that fosters collaboration, creativity, and opportunity, Majesco encourages you to apply for a position on their website.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

Diversity of Channel Options Including Embedded Insurance for P&C and L&AH is Crucial for Sustainable Growth and Exceeding Customer Expectations

Morristown, NJ – July 21st, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new report, Expanding Channels for Insurance, A Spectrum from Traditional to Affinity and Embedded. This new report, based on primary research with PIMA’s community of insurers and distributors, gives a market assessment to help insurers and distributors determine the direction the ever-evolving industry is headed, where they are at as an organization, and what white space opportunities exist for growing their business across the distribution spectrum, particularly in the growing array of embedded insurance options.  The research contrasted the results Majesco’s SMB, Consumer, and Strategic Priorities research, highlighting a gap between customer expectations and what the insurance market is doing as well as how the PIMA community is ahead of the market in embracing a broader distribution ecosystem.  This is the second joint research initiative between PIMA and Majesco.

”PIMA is excited to again partner with Majesco on this important piece of research by engaging the views of the PIMA Community,” says Ann Dieleman, executive director for PIMA. “Since its founding, PIMA members have collaborated and partnered to put forth a broad distribution ecosystem to deliver options to customers. The report includes a comprehensive look at the distribution ecosystem and provides insight into the many opportunities available for the affinity market in both product development and distribution.”

The current landscape of the insurance industry is one of higher competition that makes it increasingly difficult to attract and retain customers. Insurers now have a golden opportunity to develop and utilize a broad distribution ecosystem that puts customers first. The world is more interconnected than ever, and insurance must be available across a wide spectrum of distribution channel options. Its important insurers reach customers when, where, and with whom they want to buy insurance. To do this, insurers must create an ecosystem of interconnected channels while also using a wide range of digital capabilities to create an on-demand effect.

Producing these options forms an ecosystem that stretches reach, but concurrently requires a need for a partnership approach, especially in the embedded channel realm. Embedded insurance is the game changer in this space. Embedded insurance changes the traditional insurance buying mindset. The insurer receives top-of-mind awareness with the customer because it is placed directly in the purchase path of another product or service, creating an on-demand buy.

“A distribution ecosystem can rapidly reach more markets, potential customers, and current customers with more purchase and service options,” says Denise Garth, Chief Strategy Officer at Majesco. “Companies can do this by tapping into a vast array of channels from direct and agents to financial services partnerships, exchanges, and more importantly embedded insurance. Affinity marketing is a form of embedded, but technology is expanding the opportunities to put insurance products at the point of purchase – quote and issue – with another brand. Shifting customer expectations, changing brand loyalty and innovative products are rapidly enlarging product and distribution partner options, accelerating the use of embedded insurance.”

Learn more by downloading Expanding Channels for Insurance, A Spectrum from Traditional to Affinity and Embedded on the website or by emailing info@majesco.com.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

About PIMA

PIMA (Professional Insurance Marketing Association) is a member-driven trade association focused exclusively on the sponsored benefits market. Whether they are involved in the business of creating, distributing, marketing, or administering products for individuals or businesses, our members collaborate to help people achieve financial security and peace of mind. More than 100 companies – including the largest brokerage firms and largest insurance carriers in the world – belong to PIMA. Individuals include top executives from our member organizations with expertise across all lines of insurance and financial services.

For more information, please visit www.PIMAinsights.org and follow us on LinkedIn.

Majesco Supports Cigna’s Enhanced Supplemental Health Offerings Through Majesco L&A and Group Core Suite on CloudInsurer®

Leverages next generation core platform to accelerate new product development that makes healthcare more affordable, predictable, and simple

Morristown, NJ July 14th, 2022 – Majesco, a global leader of life and annuity insurance software solutions for insurance business transformation, today announced that Cigna, a global health service company, is now using Majesco L&A and Group Core Suite on Majesco CloudInsurer® for its supplemental health solutions product suite.

“Our supplemental health solutions provide financial protection to our customers to help cover the costs of unexpected health events,” said Marc Jeffreys, head of Supplemental Health Solutions at Cigna. “This new administrative platform for our supplemental health solutions will help us continue to innovate and enhance our capabilities to meet the evolving needs of our clients and customers.”

Majesco L&A and Group Core Suite provides essential core insurance capabilities for policy, billing, and claims. Its innovative design and product chassis enables rapid adaption for new products or benefit plans, giving companies the power, flexibility, and speed needed to capture opportunities and keep them at the leading edge. Cigna’s Supplemental Health product suite includes group accidental injury, critical illness, and hospital care.

“We are proud to have collaborated with Cigna on this important milestone in their transformation journey,” says Prateek Kumar, EVP of Sales for Majesco. “Majesco’s L&A and Group Core Suite provides next-generation solutions, digital admin capabilities, and the flexibility needed to bring new products to market quickly.”

About Majesco

Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

A Reimagined Distribution Management Operation that Meets Changing Distributor Expectations and Fuels Sustainable Growth

New research shows customers, technology, innovation, and distribution channels are key to success

Morristown, NJ – July 12th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new report, Distribution Management: Connecting the Dots to Build Future Market Success. This new report, based on roundtables with industry leaders and other research, assesses why and how insurers must rethink their distribution management strategy and operations to meet the rapidly changing marketplace, expanding channel options including embedded insurance to ensure sustainable and profitable growth.

Growth and retention are a top priority for all insurers, regardless of segment or product focus. To grow, insurers must focus on developing innovative new products and services, address new risks that have emerged, enter new markets, expand into new channels, and seek ways to adapt to the changing demographic and lifestyles of buyers. However, too many insurers are reacting instead of proactively meeting these new market demands and customer expectations.

Without engaged customers and an array of distribution channels that meet their expectations, growth is challenging. Adding to this, technology continues its relentless advance, and an emerging new ecosystem of players is threatening traditional market assumptions of who, where, what and how insurance products are bought and serviced. At a macro level, the key market trends driving change include customers, technology, innovation, and distribution channels. Connecting the dots between these three areas is crucial in setting forward a strategy that will enable distribution management operational maturity and help accelerate growth.

“Distribution is evolving, from changes in customer needs, technology, and distribution channel options,” says Denise Garth, Chief Strategy Officer at Majesco. “Distribution management transformations are significant investments, however, when executed properly, they position insurers for success in a multi-channel, customer demanding market.  Insurers must begin transformations with a clear definition of success, comprehensive assessment of current and future state operational processes, data and analytics,, technology, commitment from leadership to identify the right partners to begin the distribution transformation journey,”

Learn more by downloading Distribution Management: Connecting the Dots to Build Future Market Success on the website or by emailing info@majesco.com.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now.  Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. 

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

Digital Underwriting and Loss Control Solutions Top List of Investment Priorities for Insurers

New research shows an increased focus on risk management strategies and solutions

Morristown, NJ – June 23rd, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new report, Underwriting and Loss Prevention: Tackle Rising Insurance Costs with Enhanced Customer Experience Leading to Improved Insurer Profitability. This new report leveraging the results from Majesco’s 2022 Strategic Priorities and Customer and SMB research, underscores the importance of changing how underwriting is done using expanded data sources and analytics, using loss control as a crucial risk evaluation, leveraging AI/ML for new risk analysis insights to improve risk management and profitability.  

“P&C underwriting is at the heart of the insurance business. From natural disasters such as wildfires, hurricanes, and other catastrophic events to the most recent risks of pandemics and other health-related risks, the world is more attuned to risk,” says Denise Garth, Chief Strategy Officer at Majesco. “By investing in digital underwriting, digital loss control solutions and advanced data and analytics, insurers can more effectively identify and address risks to minimize customer impact and drive improved underwriting profitability.”

The old adage of “control what you can control” is now front and center for insurers as they look at new risk management strategies and solutions as a crucial component of their underwriting and customer service strategy. They are increasingly focusing their time and resources on how they can better assess risk and prevent losses that can improve underwriting profitability and customer experiences.

Insurance has always been a data-driven business, but access to new data sources with AI/ML models is redefining the industry. Today’s increased catastrophes, market environment, and pressure on profitability demand a greater focus on preventable losses and better outcomes through underwriting profitability, proactive risk mitigation to minimize or eliminate claims, and enhanced customer experiences.

Core platforms with deep integration with digital loss control solutions and embedded, real-time data and analytics are key enablers to expand risk assessments that can transform underwriting, prevent future loss, improve customer experiences, and improve profitability by diving deeper insight into your business portfolio. The Majesco Loss Control 360 platform drives intelligent risk insights for carriers while leveraging Majesco’s extensive repository of survey data, analytics,  and AI/ML and is integrated with Majesco P&C Core Suite and Majesco Underwriter360 workbench.

Learn more by downloading Underwriting and Loss Prevention: Tackling Rising Insurance Costs with Enhanced Customer Experience Leading to Improved Insurer Profitability on the website or by emailing info@majesco.com.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now.  Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. 

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.