Software & Consulting Services

Majesco New Business & Underwriting

Bringing consistency, accuracy, efficiency and speed to the underwriting process.

Majesco New Business and Underwriting combines depth of functionality and ease of use with modern technology and proven methods. With recent industry research demonstrating that automating core new business areas can reduce support staff costs by 60%, the potential for savings is clear. Introducing a rules-based solution can further decrease underwriting overhead by 40% and deliver automated decisions on a majority of cases.

Majesco New Business and Underwriting provides carriers with a standalone platform that enables straight through processing backed by a sophisticated workflow management engine. From structured, dynamic data capture to automated requirements gathering and complex case management, Majesco New Business and Underwriting can help reduce new business acquisition costs and NIGO (Not in Good Order) rates, improve underwriting results, and increase the speed to policy issuance. The platform provides a simple and complete out-of-the-box solution that makes new business and underwriting more effective and efficient.

Business Value Delivered:

  • Intuitive and transparent
  • Enables automated underwriting decision making
  • Brings consistency to underwriting
  • Underwriting and new business dashboards
  • Evidence data vendor integration
  • Enables excellence in case management

Features:

Efficient & agile customer service

Efficient management of the case from receipt of customer information to final underwriting decision. Includes sophisticated underwriting requirements management and smart workflow routing to the appropriate underwriting resources.


Transparency in reviews & updates

In addition to smart workflow routing, the rules framework automatically assesses results and status updates; underwriters are provided with a single, intuitive view of detailed case status, including case notes.


Automation of routine tasks

Evaluates data and applies business rules for decisions typically made by people; this includes automation of requirement creation, automation of evidence review, and automation of other common underwriting tasks.


Deployable in the Cloud

Low-TCO solution that is available either on premise or in the cloud, bundled with expert services for a true competitive advantage.
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Informed & reliable data from evidence vendors

Automated requests and monitoring of internal and external information needed to underwrite the case: automated calculation of in-force coverage and integrated access to policy data, laboratory information, driving history, Medical Information Bureau, credit history, claims history, pharmaceutical history, and paramed scheduling.


Consistency in decision making with audits

Manages the underwriting decision process, including making the decision, associated documentation, enforcement of authority limits, managing the counteroffer process, and managing the FAC process with tracking of exceptions.


Analytics

Consolidated information dashboards

Provides information on “the state” of the new business and underwriting department from a work management perspective, underwriting automation perspective, and cost management perspective.

NPS Scores - Consumer
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