General availability of new cutting-edge self-serve wizards will drive operational effectiveness, regulatory compliance and pricing changes with speed and agility
Morristown, NJ – March 16th, 2021 – Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today announced the release of the new, innovative Bureau circular and rate Adoption capability for the market-leading Majesco Policy for P&C.
“Majesco has been delivering monthly bureau circular updates containing rates, rules and forms – fully integrated with Majesco Policy from many decades to provide regulatory compliance to our commercial lines customers. We relentlessly explore ways to improve ease of use and speed to implement for impactful product capabilities,” said Manish Shah, President and Chief Product Officer at Majesco. “With the general availability of the Bureau Circular and Rate Adoption self-serve wizards for Majesco Policy for P&C, our commercial lines and workers compensation customers can now continue to meet the demands and expectations of regulatory changes easily and quickly in a more consistent, quality and autonomous way.”
This release highlights Majesco’s continued strategic investment in Majesco Policy for P&C. To keep pace with ISO, NCCI and other bureau content, it’s absolutely essential for commercial lines and workers compensation insurers to stay current with the latest loss costs, rules and forms as well as remain compliant with continuous regulatory changes. While support for bureau circulars has always been a key strength and differentiator for Majesco Policy for P&C, the new self-serve Bureau Circular Adoption capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process. Furthermore, the new feature provides an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention.
This feature also comes with a comprehensive dashboard that not only provides the business users the tools to manage bureau circular adoption along with rate updates, but also provides a catalog of new bureau circulars available for adoption for multiple lines of business. Business users can generate monthly and yearly reports listing bureau circular adoption audit history to help their compliance needs.
“Insurers continue to seek higher degrees of operational efficiencies and timeliness when managing ISO an NCCI bureau content,” stated Karen Furtado, Partner at Strategy Meets Action. “Advancements such as Majesco’s Bureau Adoption capabilities support insurers needs of reducing time to access and implement circulars as well as improving the user experience when interacting with the process.”
Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America; received an XCelent award for Depth of Service in the Policy Administration Systems: North America Property and Casualty Report; and named the Top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report.
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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.