Direct to consumer sales portal with policy and billing core systems delivered up to 40% premium cost savings to small business customers
Morristown, NJ – June 27, 2017–Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Homesite Insurance was selected for a Novarica Impact Award for the Digital Initiative category. Homesite Insurance launched a sales portal with Majesco CloudInsurer using Majesco Policy for P&C and Majesco Billing core systems. The initiative was completed in a little over a year, supports product bundling, delivered up to 40% premium cost savings to customers, and enabled expansion for other lines of business to support their growth strategy. Selection for this recognition was made by members of the Novarica Insurance Technology Research Council, a knowledge-sharing group of hundreds of insurer CIOs.
“We are honored to be recognized for the Novarica Impact Award for Digital Initiative,” said Dustin Hubbard, Chief Digital Officer for Homesite. “Providing innovative, best-in-class digital customer engagement is crucial in today’s small business marketplace. Our continued expansion to a multi-line business on the Majesco CloudInsurer platform has been key to our growth strategy, helping us keep pace with customer demands, launch of innovative products and services and operational excellence. We look forward to continuing our partnership with Majesco to continue to deliver on this strategy.”
Homesite, a national, full-service property insurer focused traditionally on the homeowners’, condominium and renters markets, is part of the American Family Mutual Insurance Group, the 13th largest property-casualty insurance group, 8th largest homeowners insurance company and 9th largest private passenger insurer in the U.S.
Key aspects of the initiative include:
- Through a new consumer site, customers can bundle multiple product quotes into a single process without duplicating efforts.
- The initiative implemented business owners (BOP) in nine months, with 51 jurisdiction rollout in 12 months, and commercial general liability and inland marine (CGL/IM) in eight months, with rollout in nine months on Majesco CloudInsurer.
- Workers’ compensation line will be launched in the second quarter of 2017.
- The initiative has allowed the company to pass savings of up to 40% to its small business owner customers and has enabled expansion for other lines of business.
“Homesite’s win demonstrates the potential of a digital core platform in driving new opportunities and growth in a rapidly changing market,” said Mathew Josefowicz, CEO of Novarica. “The focus on customer engagement, innovative new products and speed to value via a cloud platform show an effective deployment of technology to create real business value, which was recognized by the committee of CIOs who select our Impact Award winners.”
EVP for Majesco’s P&C business, Prateek Kumar added, “We want to congratulate Homesite Insurance on this incredible recognition by peers in the industry. The small business market is transforming rapidly with new customer expectations, new businesses that need innovative products and demand digital capabilities across the journey that deliver speed to value. We are honored that they selected Majesco CloudInsurer as the foundation for their business growth and success.”
Majesco CloudInsurer leverages Majesco’s experience with over 30 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions with a digital, multi-channel platform.
Insurance business transformation is a journey of change and revitalization, a renaissance of insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modelling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit majesco.com.
Majesco subscribes to Novarica’s research and advisory services for which Novarica receives compensation from Majesco
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