Latest updates to Enterprise Data Warehouse and Business Analytics Platform enhances performance and security measures, DevOps support and operational efficiencies
Morristown, NJ – June 30th, 2020 – Majesco (NASDAQ: MJCO), a global provider of insurance software solutions, today announced the latest release of the Majesco Insurance Data & Analytics Platform which includes several enhancements to Majesco Enterprise Data Warehouse (EDW) and Majesco Business Analytics (MBA) components of the platform.
Majesco Insurance Data & Analytics Platform helps insurers turn data into results and delivers relevant information to the right people in real-time. Rich out-of-the-box capabilities allows customers to spend more time on insights and actions and less time on setup. Majesco’s innovative EDW capabilities rapidly unlock insights from multiple internal data sources including policy, billing, claims and distribution, as well as external data sources, traditional 3rd party and innovative data providers, that enable both operational and strategic insights. The solution provides a holistic view of business operations and its pre-built integration with MBA enables insurers to leverage and analyze data that will take their business to the next level.
“Novarica's research has observed an increased interest in data warehouses and data technologies to gain insights that result in improved operations, optimized digital strategy and better business decisions. BI and data analytics rank as a top priority for business leaders, and CIOs have these efforts in their top 3 initiatives,” says Martina Conlon, Executive Vice President at Novarica. “Despite this, most insurers have implemented only basic capabilities. Robust data technology solutions, like Majesco Insurance Data and Analytics, can enable insurers to rapidly implement a comprehensive data environment to deliver the advanced reporting and analytics that meet the needs of their business.”
This release highlights Majesco’s continued strategic investment in the Majesco Data & Analytics Platform that enable insurers to uncover opportunities for new products and experiences. Some key enhancements for EDW include:
- Integration with Majesco’s P&C Core Suite to power the Panoramic Customer Snapshot with for data insights and analysis
- Additional out of the box analytics for commercial lines of business such as workers compensation, commercial auto, inland marine, and commercial property
- Significantly lowered the effort of adding a new limit, making it an almost no-code process from the source extraction right up to the analytical front end.
- Support for Medicare line of business
- Capability to monitor producer relationships
- Capability for supporting sales organizational hierarchy
- Wholesale billing support
In addition, improvements to MBA include:
- Data marts and pre-built reports and dashboard with additional Billing and Distribution Management analytics
- Ability to store and present data in an integrated manner across policies, its associated lines of business and producers
- Ability to build self-service reports and dashboards to analyze Limits, Deductibles and Options across time, risk, location, policy and coverage and their impact on premium and loss
- Fully integrated current and historical (AS-IS, AS-ON, AS-WAS) analytics view to support self-service analysis based on any date criteria
“Majesco continues to execute our vision of providing a sophisticated data and analytics platform that helps insurers leverage data as a strategic asset and unlock transformational insights that power market leaders in today’s data-driven world,” says Manish Shah, President Chief Product Officer of Majesco. “These enhancements will help customers optimize business outcomes and enable them to become data-driven organizations.”
Majesco (NASDAQ: MJCO) 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 200 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® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.