Implementation is one of the first for a workers compensation state fund
Morristown, NJ – November 29, 2017 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced that the New York State Insurance Fund (NYSIF) selected Majesco Billing on Majesco CloudInsurer.
NYSIF was established in 1914 as part of the original enactment of the New York Workers’ Compensation Law. The Fund’s mission is to guarantee the availability of workers' compensation insurance at the lowest possible cost to employers, while maintaining a solvent fund, as well as to provide timely and appropriate indemnity and medical payments to injured workers. NYSIF is a self-supporting insurance carrier that competes with private insurers in both the workers’ compensation and disability benefits markets in New York State.
The transformation program will convert their legacy systems onto Majesco Billing on Majesco CloudInsurer, providing a single platform for the business. The advanced architecture platform will enable integration with their large number of banks and payment channels, while supporting regulatory requirements.
“We are honored to add New York State Insurance Fund to our growing customer community,” commented Prateek Kumar, EVP of P&C business at Majesco. “As the insurance market continues to change and adapt to new customer demands, billing is increasingly taking the lead to meet these rapidly emerging new expectations and demands. We are committed to leading the market with a robust billing solution that helps achieve growth and customer engagement strategies. We are proud to work with NYSIF in this strategic transformation program to enable their agility, innovation and speed.”
Billing is no longer a back office function and is front and center to the customer experience. Majesco Billing has consistently been recognized as a leading enterprise platform in the market enhancing the customer experience across all lines of insurance business through an array of billing types – Direct, Customer Account, Agency Statement, Agency Account Current, Wholesale, List/Payroll Deduction and Deductible Billing, among others. Self-service capabilities are offered to both insured and agents alike. Majesco Billing is a part of the Majesco P&C Suite and can be deployed standalone or as a part of the suite on premise, hosted or in the cloud. Majesco has over 30 cloud customers.
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 modeling, 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.