New cutting-edge capabilities and features will accelerate insurers’ business transformation, drive operational effectiveness and innovation of new products, process and business models
Morristown, NJ October 13th, 2020 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the version 11 R2 for the market-leading Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C.
Tremendous changes are still on the horizon for insurance. While many insurers implemented modern core systems on premise over the last two decades, the shift to next-generation core systems that embrace platform technologies including cloud, APIs, microservices, artificial intelligence or machine learning and ecosystems are crucial for insurers to compete in today’s new era of insurance. Majesco’s research, Insurance Digital Transformation: A New Era of Core Systems, Next Gen Technologies and Ecosystems, overwhelmingly noted that nearly 60% of P&C insurers are operating with Non-Platform solutions, limiting their digital transformation.
“Majesco has been focused on relentless and purposeful innovation to help insurers, reinsurers, InsurTechs and MGAs to transform their businesses,” said Manish Shah, President and Chief Product Officer at Majesco. “With the release of version 11 R2 of our P&C Core Suite our customers can meet the demands and expectations of tomorrow, today. We will continue to work with all segments of the industry to drive a customer-centric view and leverage new ideas across our offerings delivered on our mature cloud environment with Majesco CloudInsurer®.”
This release highlights Majesco’s continued strategic investment in the Majesco P&C Core Suite to enable customers’ transformation and shift to a digital era of insurance. The new version brings advanced and innovative capabilities to further improve speed to value, customer experience, ecosystem connectivity and cloud delivery. Some key elements for the P&C Core Suite release include:
- New Capabilities for Addressing COVID-19 Challenges – New capabilities targeting new challenges of the “new normal” of COVID-19 pandemic. The new release provides new capabilities such as enhanced CAT management by enabling a full or partial extension; shortening of moratorium timeframes based on regulatory announcements at the State, Zip Code and County levels; and fully configurable and automated workflows to ease customer financial hardships through payment credits, leniency on fees and payment extension schedules.
- New Digital Experiences for Agents and Producers – All new digital experience across various devices providing a real time 360o view of their entire book of business with intuitive sales and services capabilities, specifically designed for agents and producers.
- Advanced Fraud Detection Leveraging Artificial Intelligence – AI-based advanced fraud detection for aiding adjusters with anomalies alerts and actionable recommendations to help reduce loss adjudication costs and claim leakage.
- Supervisory Adjuster Dashboard and Monitoring – New supervisory adjuster view to maximize operational efficiencies with their teams.
- New EcoExchange Apps – New plug-n-play EcoExchange Apps in the area of eSignature, AI/ML, Data Prefill, Risk Management and more from various marquee partners.
- High-Volume Scalability - Majesco Billing for P&C is now certified at 100 million policies and 1000 concurrent users, meeting the needs of the largest insurers in the industry.
- Expansion of Open APIs – 200+ new OAS 3.0 APIs and introduction of a “no code API framework” for rapid integration to enable and accelerate insurer’s digital transformation, a top strategic priority.
- Increase User Adoption of Upgrades – Multi-media based “What’s New” feature to learn new features introduced in new releases to help reduce training needs and maximize benefits of each upgrade.
“Leading carriers have no time to waste and are looking for a holistic approach to solving business problems”, said Karlyn Carnahan, Head of Celent’s North American insurance practice. “While feature and functionality remains important, they’re looking for solutions that solve the problems of how to launch products more quickly, how to deliver a differentiated customer experience more successfully, and how to leverage analytics more successfully.”
Majesco was named a Leader in the September 2019 Magic Quadrant for P&C Core Insurance Platforms, 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.
Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal. Over 190 insurance companies worldwide in P&C, L&A, and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
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