Morristown, NJ – April 7th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the Spring ’22 release for the market-leading Majesco P&C Core Suite insurance software, including Majesco Policy for P&C, Majesco Billing for P&C, and Majesco Claims for P&C.
Today’s customers expect more from their insurance carriers. They view insurance coverage as a combination of protection from risk, value-added services, with a personalized, consistent, transparent, and convenient customer experience − everything from sophisticated price quoting to rapid claims processing − all of which require new data sources and technology. The highly competitive digital and data race to the future requires leaders to invest in innovative next generation intelligent core, digital, and data technology. Proactive market leaders are redefining the competition in terms of new products, underwriting, pricing, service, billing, and claims and most importantly customer experience.
“In today’s ever-changing market, customers are looking for a better experience that can be managed with digital tools and digital proficiency,” said Terrence Clark, SVP and General Manager for P&C Products at Majesco. “An effective customer experience strategy takes an outside in approach, considering when and how the customer wants to engage. At Majesco, we realize insurers must move from transactions to personalized experiences and use a 360° view of the customer whether for buying, servicing, billing, submitting, or paying claims, and accessing value-added services – making insurance relevant for the customer. We are excited about our latest release to help insurers, reinsurers, startups, greenfields, brokers and MGAs examine and refine their strategies around their core system platforms to deliver hyper-relevant experiences to today’s customers.”
The Spring ’22 release highlights Majesco’s continued strategic investment in the next-generation SaaS platform for the P&C market segment across personal, commercial and specialty lines to accelerate insurer’s ability to meet expanding customer expectations by launching new products and creating personalized digital customer experiences across the value chain. Key elements for Majesco P&C Core Suite Spring ’22 release include:
- Embedded AI/ML Analytics – Embedded property score-based assessment with AI / ML based hazard insights on properties to enhance risk management using imagery, permit and peril data, to improve the speed and accuracy of quoting, underwriting, rating to empower underwriting teams with a comprehensive assessment of property conditions and hazards.
- Advanced Reinstatement Capabilities – Enhanced capabilities to help customers calculate reinstatement costs with “Amount to Reinstate” details along with a drill down explanation of the calculation for a simple and error-proof user experience.
- Deep Integration between Majesco Policy for P&C and Loss Control 360 –Deep integration for Personal and Commercial and lines of business to provide holistic and unified views that enable intelligent and comprehensive risk assessments for improved underwriting and identify opportunities to proactively mitigate risk, that together enhance customer experiences and push competitive boundaries.
- 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 through the monthly updates.
“Insurers are investing in technology that is constantly evolving to enable them to respond quickly to shifting customer needs that will support true digital interactions while also improving their operational efficiency and decisioning capabilities, said Karen Furtado, Partner at Strategy Meets Action. The companies today must lean into transformation into data and insights driven businesses utilizing AI/ML wherever possible to augment the critical decisions that are required in evaluating risks and streamlining processes.”
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 wordpress-82171-584158.cloudwaysapps.com.