Roof age, major systems, condition score, and loss and coverage history solutions from Verisk are now integrated with Majesco P&C Core Suite to improve risk assessment and underwriting for auto and property lines
Morristown, NJ July 27th, 2021 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced that Verisk, a leading global data analytics provider, added A-PLUS™ (loss history), Coverage VerifierSM (policy history), Roof Age, Major Systems, and Condition Score property insights to Majesco’s Digital1st® EcoExchange.
Majesco Digital1st® EcoExchange is a next-generation partner ecosystem using third-party services for a true plug-and-play environment. It provides carriers pre integrated capabilities with Majesco solutions to help digitize, optimize, and innovate insurers’ business, customer, and channel needs today and in the future. As a long-time partner, Verisk added to its existing apps on Majesco’s marketplace with the following:
- A-PLUS is a robust loss history database—powered by insurer contributions—to enable more accurate personal auto underwriting and rating at the point of quote. A-PLUS reporting tools enable immediate decisions with information on multiple loss and coverage types. Full-detail reports are regulated by the Fair Credit Reporting Act (FCRA) and provide up to seven years of claims activity on risks.
- Coverage Verifier, which is also regulated by the FCRA, provides up to seven years of personal auto policy history to help identify current, lapsed, or suspended coverages, guide critical underwriting and rating decisions, and reduce fraud.
- Roof Age combines permit insights, assessor records, and an array of other data elements to assess the age of a structure’s roof using Verisk’s deep industry experience and advanced data science. Roof Age helps insurers quickly assess the age of a structure’s roof to deliver roof year and actionable, numeric confidence scores that are easy to use in underwriting and rating applications.
- Major Systems provides insights into the health of a structure’s major systems—building, mechanical, electrical, and plumbing. These insights are crucial for insurers looking to strike the balance between accurate risk exposure and a superior customer experience.
- Condition Score enables insurers to elevate their underwriting strategy by better understanding a property’s history. An individual score assigned to a property takes into account key property change events, such as maintenance, remodeling and renovation activity, as well as associated cost drivers. Enabling insurers to segment and underwrite risks with a variable that encapsulates a property’s full history.
“By expanding our presence on the Majesco platform, we further our mission to help insurers make better decisions and focus on their customer relationships and innovations by seamlessly deploying digital advancements into their workflows,” said Doug Caccese, President of Personal Lines at ISO, a Verisk business. “The future of underwriting lies with the fusion of best-in-class products and services into ecosystems that drive efficiency, raise precision, and elevate the customer experience.”
The addition of these Verisk accelerators helps Majesco customers assess industry-leading data to help them better price risk for increased profitability, make recommendations on loss control/prevention during underwriting, and streamline the application and underwriting process.
“We’re thrilled to further our partnership with Verisk and excited about the unique capabilities these new apps bring to our customers,” says Manish Shah, President and Chief Technology Officer at Majesco. “With Majesco Digital1st® EcoExchange, customers can accelerate speed-to-market by leveraging out-of-the-box integrations and increase its growth plan with improved productivity and accuracy. This is a great addition to a robust platform of apps.”
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.