Morristown, NJ – February 3rd, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that their market-leading Majesco P&C Core Suite is now deeply integrated with the best-on-class Majesco Loss Control 360 SaaS platforms, both used by reinsurers, insurers, brokers, MGAs and top risk engineering companies.
Majesco’s next-gen SaaS core and loss control platforms offer robust business capabilities, digital based surveys coupled with AI/ML, APIs and microservices, and access to the largest survey database and ecosystem of targeted AI/ML models that empower innovation of new products, services, processes, channels, and business models. As market shifts continue to reshape the insurance industry, these solutions help companies easily scale, deliver frequent and seamless upgrades all while providing enhanced customer experiences.
“We are excited to announce the deep integration of Majesco P&C Core Suite with Majesco Loss Control 360 that goes well beyond a typical industry integration,” said Manish Shah, President and Chief Product Officer at Majesco. “As customer expectations, pressure for underwriting profitability, and increased focus on enhanced risk avoidance and mitigation evolve, advanced capabilities leveraging innovative risk management and embedded AI/ML are rising as top priority for insurers to improve customer experience and financial results. It is paramount for Core and Loss Control components to be deeply integrated with seamless experience to make effective underwriting decisions. An intelligent core using robust data including transactional, third-party, contributory loss control data and advanced AI/ML, are the new table stakes in assessing risk, leveraging insights to proactively mitigate risk to enhance customer experiences and push competitive boundaries.”
Majesco P&C Core Suite with Majesco Loss Control 360 includes a distinct yet deeply integrated set of solutions that provide an integrated experience with the flexibility and speed to effectively manage risk and underwriting profitability while enabling innovation to drive significant and sustainable growth. The portfolio is the best-in-class “intelligent” next-gen SaaS solution set on the market today. Key capabilities include:
- “Deep integration” between P&C Core, Loss Control 360 and Majesco Digital Underwriter360 -Provide a holistic and unified view that enables intelligent and comprehensive property assessments delivered straight into Majesco P&C Core Suite
- Leverage the Largest Repository of Survey Data with Embedded AI/ML - Access to 16M+ surveys and 200M+ tagged photos of specific risks used with AI/ML models to identify and assess risks coupled with policy, billing and claims data for close-loop analytics
- Advanced Hazard Identification & Risk Insights - Obtain field-verified hazard identification on properties with quantifiable assertions of risks and provide real-time recommendations to policyholders
- Enriched Policyholder Communication & Engagement – Connect with policyholders regarding hazards and recommendations and receive instant feedback on policyholder engagement with updates on issued recommendations
- Configurable Dashboards – Provide your team with user-specific dashboards relaying pertinent information within customized widgets and filters
- Empowered Underwriters - Increase underwriter productivity with point and click survey requests initiated directly through Majesco Policy for P&C with seamless integration to LC360
“Loss control systems have traditionally been used to verify information, assess hazards and controls, and to help policyholders mitigate risk. Increasingly, loss control services are being used as a key aspect of customer experience and carriers are seeing new ways to use the data coming from loss control”, said Karlyn Carnahan, Head of North American Property Casualty for Celent. “Integrating core systems with loss control systems allows insurers to drive efficiency in their internal workflow and provides underwriters with more transparency into the loss control activities. The resulting integration of policy data, loss data, observed data on risk conditions, and behavioral data, especially on recommendation compliance, holds the promise of greatly improved decisions and an improved ability to uncover unique insights.”
Majesco Loss Control 360 automates and manages all surveys, whether in-house or with independent adjusters. It includes live video and self-survey capabilities to expand risks insurers can assess and underwrite, while reducing cost. Majesco P&C Core Suite provides a comprehensive, advanced policy management solution with full lifecycle processing capabilities for all lines of P&C insurance, including new innovative products and value- added services. It includes preconfigured templates, ready-to-use content including bureau rates, rules, and forms to launch or update products rapidly.
Majesco P&C Core Suite has been recognized as a Leader in2021 Gartner® Magic Quadrant™ for P&C Core Platforms, North America; Dominant Provider for Property/Casualty Policy Administration Systems in Novarica’s Market Navigator™; XCelent Award for Depth of Service in the North American Policy Administration Systems 2020 Personal, Commercial and Specialty ABCD Vendor View Report; and Technology Leader in Quadrant Knowledge Solutions SPARK Matrix™: P&C Core Insurance Platform, 2021.
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 wordpress-82171-584158.cloudwaysapps.com.