New York NY, September 19, 2014 – Majesco, the provider of core insurance systems and services to over 80 insurance carriers in North America, congratulates its clientAssureStart on being named an SMA Innovation in Action Award winner. Each year, SMA presents awards to organizations that have successfully implemented a key business initiative, project or solution that best leverages innovative, transformational approaches and solutions that demonstrate game-changing results. Winners were announced at the 2014 SMA Summit: The Innovation Journey in Boston on September 15th.
Based in Seattle, AssureStart is the first 100% cloud-based insurance provider to sell business owner’s policies direct to small businesses via its website. Nominated for the award by Majesco, AssureStart was recognized for its modern and flexible platform, which enables small business owners to request a quote online and to purchase a business owner’s policy in as little as five minutes, with immediate access to their Declarations Page and Certificate of Insurance. The project kicked off in February 2013, with AssureStart launching service in its first state nine months later. AssureStart continues to add several states into production each month, with a national footprint expected to be complete in early 2015.
Key to the innovative and successful AssureStart effort was the private cloud deployment of Majesco’s STG Suite components as the core insurance processing platform -- implementing STG Billing and STG Policy with automated use of ISO Electronic Rating Content. AssureStart is the first U.S. insurance provider to use ISO Electronic Rating Content in a live production environment. Working with Deloitte Consulting LLP and Majesco, AssureStart built a fully integrated insurance platform that uses propriety rating algorithms for pricing and risk selection, and the STG Suite for all policy transactions.
Ketan Mehta, CEO at Majesco, said, “We congratulate AssureStart on this outstanding achievement and well-earned recognition. Implementing a direct-to-consumer model for commercial insurance sales is a great accomplishment, and being able to do it in such a short timeframe is unprecedented and a true example of ‘innovation in action.’ Having the opportunity to work with AssureStart on this project has been very gratifying for the Majesco team, and we look forward to continuing our close working relationship as AssureStart completes its aggressive nationwide rollout.”