Risk & Compliance Solutions
Insurance Loss Control Software Solutions
Manage Risk and Underwriting Profitability
In today’s world of shifting and growing risk, the imperative for insurers to stay ahead of the risk curve is more crucial than ever. With a proactive approach to identifying risk that can help prevent losses, safeguard policyholders, and elevate customer experiences, Majesco’s cutting-edge Loss Control solution rises to the occasion. Loss control should not be limited to complex, high-risk scenarios, but extended across the broader portfolio using self-service capabilities, seamless automation, and seamless integration into core operations.
Advanced & Configurable Survey Management
Loss Control represents the pinnacle of automation, streamlining the entire survey life cycle from inception to completion. Driven by data from Majesco’s expansive contributory database of survey data, our digital and intelligent tools takes loss control to a whole new level.
Unleash the Power of Innovative AI
Experience the industry’s most extensive repository of survey data, encompassing over 2 billion observational data points from 16+ million meticulously completed property surveys conducted by trained risk engineers in the field. These surveys, rigorously quality-assured, encompass a staggering 200+ million tagged photos, providing the ideal foundation for harnessing the potential of machine learning.
AI-Enabled Property Risk Assessment
The risk characteristics contained within the database are used to create models that can determine how much risk there is for almost any specific given property. Take a picture of an electrical panel, a hot water tank, a roof, a backyard, and the software will automatically analyze and match it against the 200+ million photos in the database to provide quick and useful analysis.
A Robust Portfolio of Solutions
Verify premiums and validate underlying rating for lines of business with an easy to use step-by-step workflow.
Virtually and digitally guide policyholders to collect critical information and optimize underwriting decisions
Automate & Streamline Loss Control Surveys
- Automate the survey life cycle from creation to completion, streamlining the process for insurers.
- Seamlessly integrate data from Majesco’s contributory database, third-party sources, and inspection companies for efficient loss control tasks.
- Enhance operational efficiency and reduce manual efforts, allowing insurers to focus on core business activities.
Data Driven Insights
- Access the industry’s largest set of survey data, comprising over 16+ million property surveys and 200+ million tagged photos.
- Leverage innovative AI and machine learning to gain valuable insights from the extensive data repository.
- Make informed decisions, improve risk assessment, and optimize underwriting profitability based on data-driven intelligence.
Enhanced Risk Accuracy
- Utilize AI-enabled property risk assessment models to precisely determine risk levels for diverse properties.
- Analyze images of crucial components such as electrical panels, hot water tanks, roofs, and backyards for accurate risk identification.
- Proactively address and mitigate potential risks, leading to improved loss prevention and safeguarding policyholders’ interests.
“For us, Loss Control is not just a system that we send out to collect some basic information, the system is truly baked into the bread and butter of our company.”
Erin Selfe, VP of IT, Pennsylvania Lumbermens Mutual
Those of us in the insurance industry often read breaking headlines through an insurance filter. When we hear or read about something like the Norfolk Southern train derailment in East Palestine, Ohio, we naturally think about the people of the town, but we also sort through questions regarding claims and preventive measures. I found myself…
You are the U.S. VP of Human Resources at a global shipping company. For years, the most stressful part of your job was mergers and acquisitions. In the past decade, your company was on an “acquisition spree” and it was up to you to make sure that entire employee populations were brought on board promptly…
A loss control platform manages the entire loss control survey process on insured properties. This includes ordering, assignment to field staff, quality assurance, underwriting, and recommendation follow up. Survey reports, and recommendation letters are generated for underwriters and insureds and this data can be kept in the platform as a system of record.
Premium Audit software helps insurance companies facilitate a periodic review to make sure the estimated workers compensation premium established at the beginning of the policy period accurately reflects any changes in business operations and/or payroll that may have occurred since the policy was issued.
A Guide Stream session is a survey conducted virtually via a live video stream. The session is mentored by an insurance professional who guides a policyholder or other insurance professional through a virtual inspection of a risk. The mentor may take photos and ask questions while providing guidance and recommendations to the inured.