For insurers expanding distribution channels to drive growth, self-service onboarding accelerates speed to market
Morristown, NJ – October 6th, 2020 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of expanded capabilities for the Majesco Distribution Management platform.
“The producer experience is vital for insurers to recruit and retain the best agents and brokers to drive growth,” commented Manish Shah, President and Chief Product Officer for Majesco. “The new version of Majesco Distribution Management is a cloud and digital modern distribution platform built leveraging Majesco Digital1st® Platform and Digital1st® EcoExchange capabilities. The new Majesco Distribution Management platform will empower distributors to rapidly onboard, eliminate time-consuming manual paperwork, view reports and manage their business with mobile-ready, digital self-service tools, making it easy to do business with the insurer.”
Distribution management is emerging as a business-critical capability to help insurers navigate compliance requirements with automated license checks and tracking of licensing and appointments including NIPR integration and support the demand for flexible commission and incentive compensation programs that attract and retain the best producers. As independent agencies continue to consolidate, they will look to those insurers who provide flexible, innovative and digitally driven capabilities to help them eliminate arduous manual work, freeing them to focus on sales and growth.
This release continues to highlight Majesco’s continued strategic investment in the distribution management solution to help insurers remain competitive across all their distribution channels with rich digital, distribution and data capabilities. Some of the new capabilities include:
- Integration with DTCC’s Compensation file to support the life and annuity segment.
- New and expanded automated onboarding to take an agent form application to fully on-boarded and ready to sell digitally, including e-signatures to speed the process, reduce complexity and improve efficiencies.
- Generate an onboarding PDF application preview and access digitally welcome letters when onboarding.
- Enhanced integration with National Insurance Producer Registry (NIPR) Gateway rules updates for states with NIPR’s producer database to ensure compliance consistency.
- Integration of AssureSign for e-signature capabilities.
- Expanded Distribution Management APIs including background checks, active license checks and agent questionnaires.
- Full digital and mobile support for onboarding, viewing of commission and payment statements and other self-service needs.
“Distribution Management platform is a critical investment for insurers digital strategies. This solution brings the power of connecting insights, data and workflow of distribution channel and partners to digital strategies and operational plans. Beyond providing digital engagement for distribution channel partners, this solution optimizes distribution operations and brings new data analytics and insights to channels and relationship management in this digital era. It’s a must investment, and Majesco’s latest release offers all critical capabilities,” says Deb Smallwood, CEO & Founder of Strategy Meets Action.
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.