Morristown, NJ – April 5th, 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 L&A and Group Core Suite insurance software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group.
Nearly every L&A insurer today is talking about transforming their business, recognizing the significant need to improve, both operationally and strategically, to enable optimized operations and sustainable growth. This era of insurance is different than even just a few years ago. Insurers are now pressured to develop tailored, simple, affordable, digital products and services for individual, voluntary benefits and group that are grounded in trust. Products encompass a compelling customer experience wrapped around a risk product and value-added services that are part of a broader life, health, wealth, and wellness ecosystem. This is where exciting new business opportunities for growth abound for those embracing next-gen intelligent core platforms that meet the dynamic demands of customers, today and in the future.
“The L&A and Group insurance industry continues to experience significant growth with tremendous opportunities to create unique and personalized customer experiences in current and new markets and segments,” said Ray Law, SVP and General Manager for L&A, Group, and Distribution Management Products at Majesco. “Majesco L&A and Group Core Suite is purpose-built with robust capabilities supporting individual, group, and voluntary benefit - all on a single platform. Using our many out-of-the-box product templates, workflows, or configuration tools, carriers are creating intelligent and smart process with cloud-based digital capabilities and API-native connections. We are excited to announce the Spring ’22 Release for Majesco L&A and Group with even more features to help our customers enable rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture new opportunities and keep them at the leading edge.”
The Spring ’22 release highlights Majesco’s continued strategic investment in the next-generation SaaS platform for the L&A market segment will further enable insurers to meet expanding customer expectations by launching new products and creating personalized digital customer experiences. Key elements for Majesco L&A and Group Core Suite Spring ’22 release include:
- Universal Life and Wellness Expanded Capabilities – Majesco L&A and Group Core Suite has expanded to support universal life, accident and health and wellness capabilities, top areas of market interest. Expanded death claim of a life member and benefits for dependents for Group Universal Life and underlying rider coverages; expanded service capabilities for Accident & Health products with new Wellness coverage options; and seamless end-to-end claims automation from adjudication to payout.
- Optimized Business User Configuration – Reimagined and simplified questionnaire definition to enable business users to define unlimited questionnaire options needed for any business process for Individual, Benefits or Group lines of business.
- Integrated Document Generation and Expanded Ready to Use Templates – Out-of-the-box 125 ready-to-use document templates across policy, billing, and claims that can be leveraged and reused by business users, accelerating speed to market.
- Enhanced Out-of-Sequence Processing – Expanded support of out-of-sequence processing for amendments, recalculates rates and premiums, and automatically triggers policy certificates and more based on configured rules to optimize the business user experience.
- Containerization and Auto Scaling – The suite has been re-architected as Docker images, orchestrated using Kubernetes and deployed as Helm charts. This enables insurers to run on any Cloud and provides portability, agility, speed-to-market, and ease of environment consistency management to accelerate insurer’s business transformation on the cloud.
- Strengthened Data Privacy and Security – “Veracode Verified” certification, following conventional best practices such as firewalls, dynamic application security testing including external certifications.
“Demands for a more digital relationship across channels for policyholders and agents, more efficient and cost-effective operations, staffing productivity, and faster product introductions are driving many life insurers to find technology that meets their needs. Additionally, insurers’ propensities to move to the cloud and increase mobile and digital capabilities via outside resources are driving their external resource spend,” said Keith Raymond Senior Analyst for Life Insurance at Celent.
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.