(Image source: Majesco Distribution Management page.)
Majesco (Morristown), a global provider of core insurance software and consulting services, has announced what it calls a major update to the Majesco Distribution Management solution. The vendor says it seeks to address insurer demand as expressed in their seeking to enhance onboarding of channels and distributors, manage appointments and licensing, create innovative compensation plans and much more to optimize their existing and new channels in order to improve customer acquisition and retention.
“Managing the distribution channel requires discipline in a number of areas from managing the day-to-day relationship, assuring the distributor is in compliance with the licenses and appointments, and strategically managing compensation,” comment Karlyn Carnahan, head of Celent’s (Boston) property casualty practice for the Americas. “It’s not a surprise that a growing number of insurers are implementing strategies to manage the channels more effectively and looking for tools to help them. Those looking to improve distribution effectiveness are increasingly using technology as a strategic differentiator.”
“Distribution management is increasingly critical in support of insurers’ growth strategies, including optimizing their existing agent channels and expanding to new ones,” comments Manish Shah, EVP of Products at Majesco. “This major update will enable insurers to rapidly onboard, manage and optimize their distribution operations by providing comprehensive capabilities to effectively and efficiently manage their distribution channels.”
Majesco details key enhancements to the Majesco Distribution Management solution as follows:
On-boarding and Life Cycle Management
- Out-of-the-box integration with Producer Database (PDB) enabling real-time inquiry and verification of producer and license details during the application capture process.
- Ready-to-use NIPR Gateway for electronic exchange of appointment and termination transactions with pre-configured rules for states supported by NIPR.
- Support for bulk transactions interface (eAppoint) for Florida state appointments and terminations available out- of-the-box.
- Retroactive commission rate changes, chargeback and commission adjustments in bulk.
- Complex Agent of Record (AOR) changes supporting reversal and recalculation of credits.
- Transfer of commission share from single agent to multiple & vice versa
- Comprehensive commission payments workflow and review for adjustments, finalization and approval.
- Ad hoc evaluation of incentives, bonus, and profit sharing plans with benefit lock-in capability.
Majesco P&C Core Suite Integration
- Out-of-the-box integration with Majesco Policy for P&C and Majesco Billing for P&C.
- Usability, Scalability and Performance
- Improved scalability for large scale data volume and processing.
- New HTML5 based user interface to enhance usability.
- Performance optimization including parallel processing.