The new version expands pre-built lines of business and innovative and new capabilities to accelerate insurers’ customer and growth strategies
Morristown, NJ – October 15th, 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 L&A & 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 insurance company is talking about transforming their business, recognizing the significant need to improve, both operationally and innovatively, to change the course to enable growth. Today’s customers want personalized experiences, and products aligned to their personal data – not aggregate data, and they want a product to encompass the risk product, customer experience and value-added services. However, as today’s digital customer seeks innovative digital experiences, they are met with traditional insurance approaches, creating a disparity between customer expectations and insurer’s ability to deliver. But opportunities for growth abound for those that embrace new core platforms that meet the changing demands of customers as noted in our research Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience.
“This new release of Majesco L&A and Group Core Suite version 11 R2 provides the most encompassing core platform for all L&A lines of business; including individual, benefits and group,” said Manish Shah, President and Chief Product Officer at Majesco. “The L&A market is facing significant challenges with legacy debt that inhibits many insurers to respond to the market shifts in customer demographics, expectations, new products and services that will determine their future growth and success. Majesco L&A and Group Core Suite provides a powerful cloud-enabled SaaS platform with a pre-integrated data and analytics platform that provides greater business and technical agility, digital fluency, innovation and speed to value, enabling insurers to better respond to today’s pace of change. By focusing on capabilities that provide customer centricity, operational effectiveness, and product innovation, the L&A and Group Core Suite provides insurers a path forward to meet the future of insurance today.”
This release highlights Majesco’s continued strategic investment in the next generation cloud platform solutions for the L&A and Group market segment that will further enable insurers to meet operational demands, launch new products and create personalized digital customer experiences. Some key elements for the Majesco L&A and Group Core Suite release include:
- All-New Majesco L&A Insurance Data & Analytics – Build your own personal business dashboards, access powerful analytics, leverage operational insights into business possibilities using predictive analytics and machine learning to create powerful digital experiences and drive proactive business decisions. Pre-integrated with Majesco L&A and Group Core Platform as well as open to external data sources.
- New Insurance Products – Expand into new product lines much faster with additions to the pre-build product library with Medical Supplement, Heart & Stroke, Cancer, and Group Whole Life products
- Enhanced Customer Service – Extensive user personalization, intuitive sign posts and alerts and expanded chatbots allow you to convert your procedure documents into an online checklist that also navigates through the screens and processes within and outside the Majesco Suite helping you provide high quality customer service.
- Pre-Integrated Document Generation and Storage – Pre-built templates, pre-defined mapping and robust capabilities to generate and store documents allow you to fast track core system implementations, eliminating the cost and headache of integrating and mapping to homegrown or 3rd party document generation systems.
- OAS 3.1 Compliant Open APIs – Enables you to create powerful digital experiences, with over 1500+ APIs that can be used for digital interactions with partners, customers and channels to create tailored experiences depending on the business needs.
- Seamless Enrollment Intake – Full support for LDEX (LIMRA standard) enrollment files which enable seamless intake of files from benefit administration and third party systems.
“The insurance industry, because of its relatively low transaction volumes and long contractual liability tails, has always followed technology advances that emerge earlier in places like banking and retail businesses,” said Robert McIsaac, EVP of Research and Consulting at Novarica. “Even before 2020 dawned, the pressure was on for the industry to accelerate the adaptation of digital capabilities across the array of channels and value chain participants that support the sale and servicing of critical products. With the unfortunate arrival of the COVID-19 pandemic, the need to put the digital deployment initiatives into overdrive for many organizations became critical, with many key business processes and operational norms changed almost overnight. Beyond that, once customers, producers and carriers found themselves in the “deep end” of the digitization pool, many found that they very much liked the experience, fueling the notion that going back to the before (pandemic) times is something that few will opt for in the future. Core systems modernization is foundational to real digital transformation, given the need to improve operational efficiency and access to real time transactional capabilities. At Novarica, we now see many carriers refining both budgets and plans to adapt to this new, and rapidly changing, reality.”
Majesco Positioned as a Visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company was also and named “Best-in-Class” Vendor in the 2019 Aite Life PAS AIM Report.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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.