Press Release
Winner in the Digital and Omnichannel category for their cloud-based rating and Affinity Market portal platform for group insurance
Morristown, NJ – April 26, 2017 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that New York Life was selected as a Celent Model Insurer for the Digital and Omnichannel category for their implementation of Majesco DigitalConnect and Majesco Rating, for their Group Membership Association Division (GMAD). New York Life is a mutually owned Fortune 100 company and is the largest direct marketer of life insurance in the US*. The Group Membership Association Division is a unit dedicated to serving the insurance needs of more than 600 membership groups across North America.
The New York Life’s Group Membership Association Division
Celent’s recognition of New York Life’s platform acknowledges, in part, the business benefits gained by this initiative including:
- Speed to Market: Accelerated portal implementation timeframe from 3 -5 months to a couple of weeks.
- Personalization: Created personalized portals and capabilities for each affinity group to offer unique engagement experience with specific products and content
- Real-time integration: Real-time integration capabilities that eliminated significant manual processing, improved data quality and decreased client drop-out rates.
- Business Empowerment: Actuaries became more self-directed to implement rates on enrollment portals across multiple groups more accurately and consistently, enhancing the customer experience.
- Lower cost of ownership: Significantly lowered total cost of ownership by 25% while increasing customer experience.
- Mobility Enablement: Increased sales due to intuitive user interface and tablet support.
“We are honored to be recognized for the Digital and Omnichannel Celent Model Insurer Award,” said Scott Berlin, Senior Vice President, at New York Life. “Providing best-in-class service with an exceptional customer experience are crucial in today’s digital marketplace. We look forward to continuing our partnership with Majesco to deliver enhancements to this digital platform, which can exceed our clients’ expectations.”
EVP for Majesco’s L&A and Group Business Chad Hersh added, “We want to congratulate New York Life on this fantastic recognition and setting a new bar of customer excellence. Customer expectations in today’s market demand personalized, real-time capabilities to facilitate customer purchases. We are honored that they selected Majesco DigitalConnect and Majesco Policy for L&A as the foundation for their solution and recognition.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
Majesco Policy for L&A and Group supports individual and group benefit products including true group, voluntary benefits, and worksite on a single instance of a single platform. Majesco Rating leverages Majesco insurance Content Manager, the product and business rules configurator. Majesco Insurance Content Manager is powered by PRASE, the product rules and scripting engine.
The Majesco DigitalConnect platform is designed to enable personalization of the portal and mobile solutions based on the unique customer journeys and personas defined by each insurer to fulfill their unique and multi-channel distribution and customer experience needs. Majesco DigitalConnect is pre-integrated with Majesco’s core solutions and a broad partner ecosystem, offering insurers a single platform to support their digital strategy. With an open architecture that provides capabilities to integrate with other core solutions and an extensive partner ecosystem that integrates content, channels and technology, Majesco DigitalConnect is one of the industry’s most innovative digital platforms.
*“AM Best’s Rating Report,” July 18, 2016. http://www.newyorklife.com/nyl-internet/file-types/AM-Best.pdf
About Majesco
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 Celent’s research and advisory services for which Celent receives compensation from Majesco