Majesco Integrates ACORD Solution Group’s ADEPT to Improve Speed, Accuracy and Security of Data Exchange
Press Release
Morristown, NJ – March 23rd, 2023 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced plans to extend its long-time partnership with ACORD, integrating Majesco’s Core Suite for P&C with ACORD Solutions Group’s ADEPT data exchange platform to accelerate support and innovation for customers operating in the Lloyds and London Market.
ACORD, a global nonprofit organization serving the insurance and related industries, facilitates the development of open consensus standards and standard forms, and works with its members and partner organizations to drive implementation of those standards. ACORD Solutions Group, the provider of solutions for standardized data exchange through the global (re) insurance industry, is a wholly owned subsidiary of ACORD.
ADEPT (ACORD Data Exchange Platform & Translator) is a platform for real-time data exchange, translation, and transformation linking trading partners and providing data structure, validation, and reconciliation. Majesco is now a Licensed Integrator Partner of ACORD Solutions Group, enabling the seamless integration of ADEPT within its future-ready Core Suite for P&C.
“The extended partnership with ACORD and integration of ADEPT will accelerate our ability to deliver next-gen Cloud solutions and offerings for our customers who operate in the Lloyd’s and London Market with minimal investment” says Terrence Clark, GM and SVP for P&C Solutions at Majesco. “As our customers expand their business into the Lloyd’s and London market, we are committed to support them and continue our focus on delivering speed, agility, and relentless innovation to meet the rapidly changing risk environment and market demands.”
Majesco Core Suite for P&C will connect via our robust catalog of APIs to ADEPT to facilitate real-time data exchange, translation, and transformation across placement, settlement and claims transactions using ACORD Global Reinsurance & Large Commercial Standards, which have been adopted as a core component of Lloyd’s Blueprint Two market modernization. With customers who are part of the global Ruschlikon initiative, including the two largest reinsurers, over 15 MGAs and brokers and many of the international insurers, Majesco’s active participation in both the ACORD standards development community and the ADEPT-enabled data exchange ecosystem will support their strategic and operational initiatives.
“Majesco shares our mission of helping the global insurance industry transform in order to best meet the challenges and opportunities of a rapidly evolving future,” said Chris Newman, EVP and Global Managing Director, ACORD. “Leveraging the benefits of standardized digital data exchange will be an absolute prerequisite for success moving forward. We are proud to provide ADEPT as complement to unlock those benefits within our partners’ industry-leading solutions.”
About Majesco
Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.
About ACORD Solutions Group
ACORD Solutions Group was created to solve critical industry challenges by delivering next-generation digital solutions and services. Our enterprise-class solutions optimize the speed, cost, and accuracy of data exchange, connecting stakeholders regardless of geography, role, and legacy constraints. ACORD Solutions Group is an extension of ACORD, the standards-setting body for the global insurance industry. Learn more at www.acordsolutions.com.