Majesco Digital1st EcoExchange™ is a dynamic, real-time marketplace of pay-per-use insurance apps built with Majesco and its rich ecosystem of data and solution partners
Morristown, NJ – April 18, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced a wide range of ready-to-use partner apps available in the Majesco Digital1st EcoExchange™ marketplace, which is part of Majesco Digital1st Insurance® solutions.
Majesco Digital1st Insurance® is a ground-breaking digital and microservices-based solution designed to enable the next era of insurance business models, products and customer engagement to drive innovation and growth.
The Digital1st EcoExchange™ is a next-generation partner ecosystem hub using third-party services with a standard, semantic layer for easy integration and a true “plug-and-play” environment for both traditional and InsurTech partners. The EcoExchange™ is different from accelerators and other industry offerings with a code repository because it works as an app store with API-based services. Majesco partners will be able to list and offer any number of apps on the EcoExchange™ which operates like any other marketplace or app store.
“The Digital1st EcoExchange™ is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital, on-demand era,” commented Manish Shah, President and Chief Product Officer at Majesco. “The EcoExchange™ supports both experimentation and the creation of new business models with the ability to rapidly scale. In today’s digital economy, capabilities such as pay-per-use pricing and dynamic integration using open APIs to create different cost structures can often mean the difference between success and failure,” continued Manish.
The EcoExchange™ has a wide variety of apps currently available and in development, ranging from a non-interactive service call all the way to a comprehensive solution that can orchestrate multiple provider services, including interactive conversations. The current list of partner apps within the EcoExchange™ include:
CyberSource, Visa’s payment management platform
- Online Payment Acceptance – A global, modular payment management platform built on secure Visa infrastructure helping businesses grow by enhancing customer experience, increasing revenues, and mitigating risk.
- Property Basics - Our introductory data pack that answers your pressing, hard to gather data - Distance to Coast, Distance To Fire Station, Distance to Fire Hydrant, AAIS Fire Protection Class, Property Elevation, Year Built, Number of Bedrooms, and Square Footage, all for $1 per lookup.
- LexisNexis® Auto Data Prefill is an interactive single-inquiry solution that automates the insurance application process by delivering information at the initial point of contact with the consumer.
- LexisNexis® C.L.U.E.® (Comprehensive Loss Underwriting Exchange) is a claim history information exchange that enables insurance companies to access prior claim information in the underwriting and rating process for auto, home and commercial insurance.
- Motor Vehicle Records (MVRs)- LexisNexis is the single largest provider of MVRs to the insurance industry, allowing us to deliver innovative cost saving solutions. LexisNexis Duplicate Order check, Driver History Database, and Activity Files allow auto carriers to realize significantly reduced MVR data costs.
- LexisNexis® National Credit File provides access to major credit bureau reports through a single point of entry with a common inquiry and results format to help segment risk. LexisNexis continues to enhance the platform and expand data sets, resulting in next generation credit attributes and insurance scores to provide a more granular view of a consumer’s information and risk.
- Send Mail by SMTP : Capability to send email using SMTP.
- Address Validation – Validate, standardize and geocode complete addresses and zipcodes to minimize address issues and speed customer engagement processes.
- FNOL Confirmation - Promptly confirm that a claim has been received and a claim number has been assigned; delivered via the policyholder's communication channel of choice.
- NPS Survey - Conduct Net Promoter Score® (NPS) Surveys allowing you to gauge overall customer satisfaction and measure changes over time. (Coming Soon!)
- Post-Cat Notification - Follow-up with policyholders in affected areas after a major CAT event to provide general estimates for claims triage displaced policyholders and provide options for claim submissions. (Coming Soon!)
- Claims Closure Notification - Finalize claims process by informing claimants of claim closure, including settlement amount (if any) and expected processing time for payment. (Coming Soon!)
- Claim Appointment Reminder - Remind policyholder of an upcoming adjuster appointment, with the option to confirm or reschedule. (Coming Soon!)
- 360Value® Property Prefill - Verisk offers you the next generation of prefill with SmartSource™. SmartSource populates address-specific property characteristics from multiple sources, including public records data, real estate data, underwriting and claims estimates, and topographical data.
- BCEGS® (Building Code Effectiveness Grading Schedule) - Verisk’s ISO® Building Code Effectiveness Grading Schedule (BCEGS®) offers a fast, accurate way to get information on building code adoption and enforcement practices. Property/casualty insurers can use the information for underwriting and to grant premium credits for buildings constructed in communities with effective, well-enforced codes.
- PPC® (Public Protection Classification) Service - Verisk’s ISO® Public Protection Classification (PPC®) Service helps property/casualty insurers assess fire protection capabilities at point of sale and renewal. The service provides a PPC® rating for communities throughout the United States based on key fire protection information, such as water supply, distance to the nearest fire station, fire department equipment and manpower, and emergency response systems.
“Insurers clearly recognize the value of fanatical attention on customer experience and the need to deliver innovative new products through the use of new digital capabilities and new sources of data. But those that have to individually curate these solutions and then integrate the solutions one at a time will face increasingly high costs”, said Karlyn Carnahan, head of Celent’s property casualty practice for the Americas. “This pre-curated ecosystem with the ability to rapidly deploy solutions gives a tremendous jumpstart to carriers who are looking for rapid transformation.”
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 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); Digital1st Insurance™ with Digital1st eConnect™, 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 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.
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: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company;
the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
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.