Market-leading enhancements include improved risk management for voluntary benefits and compliance updates for Connecticut Paid Family and Medical Leave
Morristown, NJ – November 4th , 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the general availability of Version 23 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence Management – the third major release for the products in 2021.
The newest enhancements include enriched eligibility and risk management for claims allowing the ability to define the waiting and elimination periods at the coverage level, rather than the policy level. As the industry sees an increase in the demand for voluntary benefits — an Aon study found the percentage employers offering voluntary benefits increased 27% during the past enrollment period — these enhancements will enable insures to better manage the risk for their voluntary offerings.
“The industry is shifting in how they want to define waiting periods and elimination periods, and these enhancements set our customers up to more effectively manage these benefits,” said Raymond Law, SVP and General Manager, L&A and Group Products at Majesco. “Our continued focus is to provide customers with the capabilities needed to efficiently and effectively manage their claims in a constantly changing market. This release demonstrates our commitment to keeping customers in line with market shifts and changing compliance and legislative changes.”
Companies are also preparing for the Connecticut Paid Family and Medical Leave (PFML) rollout on January 1, 2022. Iterative changes included in the Majesco ClaimVantage Absence Management release ensure compliance with the new legislation, as the state issues additional guidance ahead of the New Year. The latest release offers customers the ability to capture an employee’s earnings by completed calendar quarter for quick and accurate benefit calculations.
Among the highlights for the solutions are:
Majesco ClaimVantage Claims Management for L&H:
- Enhanced Risk Management - Ability to define Elimination Periods and Waiting Periods at the coverage level for improved risk management and straight through processing.
- Payment Calculation Options – Ability to calculate payments at the coverage level with considerations for any applied elimination period or waiting periods applied.
Majesco ClaimVantage Absence Management:
- Benefit Calculations – New earnings by completed calendar quarter calculation of Paid Family and Medical Leave benefits
- Connecticut Compliance – Iterative enhancements for the Connecticut Paid Family and Medical Leave Act Absence Specifications.
- Nevada Compliance – Nevada COVID-19 Vaccination Leave is now available.
- Missouri Compliance – Missouri Victims of Domestic or Sexual Violence Leave is now available.
- Pennsylvania Compliance – Pennsylvania Organ Donor Leave is now available.
“For many life insurers, expansion in the Group and Voluntary Benefits space is a key part of their future-state growth strategy, particularly as we hopefully fully emerge from the pandemic in 2022-23,” said Rob McIsaac, Head of Life, Annuities and Benefits Insurance Aite-Novarica Group. “Claim adjudication capabilities across an array of products is crucial to effectively delivering in this growing market segment. Solutions such as what Majesco is delivering, which provide digital capabilities and facilitate automated processing of claims, represent an important step forward as carriers consider how to improve operational and financial performance against stiff competition.”
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 www.majesco.com.