(Image source: Forge Insurance homepage.)
Forge Insurance (Bethesda, Md.), a specialist commercial auto insurer in the small business segment, has selected Majesco’s P&C Intelligent Core Suite and Majesco Digital Agent360 to scale its business, accelerate innovation and bring new products to market quickly, according to a statement from the Morristown, N.J.-based vendor
With origins going back to 1938, Forge’s roots are in insuring taxis and limousines in Washington D.C. The company now offers coverage in now available in 30 states. Its business model has been built over 80 years and specializes in knowing its customers and providing strong coverage at a high level of service while protecting their business.
Richard Hutchinson, President, and COO, Forge Insurance.
“We specialize in knowing our customers business and providing a high level of risk protection and service at an exceptional value,” comments Richard Hutchinson, President, and COO, Forge Insurance. “We pride ourselves at matching and customizing the right insurance coverages to customers unique risks and needs at competitive rates. We are excited about the market potential and operational benefits of Majesco’s next-gen platform solutions and confident their track record of fast, successful implementations and strong commercial auto expertise will bring tremendous value to our business and customers.”
Forge was looking for a partner that could provide out-of-the-box (OOTB) features and functions to enable rapid implementation, according to Majesco. The insurer sought to avoid costly customizations and wanted a flexible solution to enable a rapid launch of new products to the market via MVP, the vendor says. Majesco asserts that its P&C Core Suite has a track record of delivering a distinct, yet fully integrated, set of solutions that provide the flexibility and speed to innovate. The solution empowers organizations with rich, pre-built content so changes can be made easily and independently bringing new levels of visibility, agility, and speed to manage business, the vendor says.
Forge recently implemented Majesco’s Intelligent Core Suite, resulting in noticeable time and cost savings, Majesco reports. The new platform helped reduce the time to generate initial quotes from 2-4 days to mere minutes. Additionally, Forge has successfully automated the straight-through-processing workflow, allowing seamless progress from quote to policy issuance, according to the vendor.
Easy Access to Third-Party Data Sources
“Majesco Policy enables Forge to effortlessly incorporate and maintain current ISO product filings, while also introducing an Artisan Program encompassing 12 industry verticals and 230 NAICS Codes into their existing Public Auto business,” the vendor statement says. “By utilizing Majesco’s Eco-Exchange, Forge gains easy access to third-party data sources like Verisk and LexisNexis, enabling a more efficient underwriting process and enhanced risk pricing accuracy.”
Jim Miller, Chief Revenue Officer, Majesco.
With Majesco Billing, Forge has achieved greater flexibility and structure in their billing rules, resulting in reduced time spent on reconciliation tasks, the vendor reports. Majesco says that Forge has also experienced significant improvements in their claims management through Majesco Claims. The automation of initial reserves setup, based on the cause of loss and applied coverage, has replaced the previously manual process.
“We are seeing more and more companies look to accelerate their innovation strategies and bring new, digital products to the market quickly,” comments Jim Miller, Chief Revenue Officer, Majesco. “Forge has a long history of delivering solutions that meet their customer’s needs, and we are pleased that they have entrusted us to help with this transformation and take hold of these new opportunities.”
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