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Majesco (Morristown, N.J.), a provider of cloud insurance platform software to the insurance industry, has announced the general availability of new key capabilities to Majesco’s Distribution Management platform.
“Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers,” comments Manish Shah, President and Chief Product Officer, Majesco. “We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary. In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.”
Majesco says this latest release highlights continued strategic investment in distribution management by expanding innovative, new digital, distribution and data capabilities to speed distribution on-boarding and optimize the distribution operation to drive profitable growth. Some of the key new capabilities are as follows, as described by the vendor:
- Distributor Performance: Enables carriers to configure rules that automate identification of under performers and flag for termination. The approval workflow includes low performance warning notifications sent to producers prior to review of a potential termination decision. After review, the termination can be cancelled if performance is met or accepted.
- Communication Personalization:Enhanced capabilities through configuration of communication and notification preferences for distributors or their parent organization. This capability will enable carrier’s flexibility to better service distribution channels that can influence growth in business from those channels.
- Rapid Mass Onboarding: New mass onboarding that speeds and streamlines the onboarding process and enables hundreds or thousands of producers to be onboarded simultaneously through a simple file load rather than a manual process, accelerating business growth.
“Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels,” comments Karlyn Carnahan, head of Celent’s (Boston) North American Property Casualty practice. “If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation. Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.”
Majesco pitches its Distribution Management Platform as providing insurers with the ability to bring together a range of distribution, data and digital capabilities as a foundation of a next-generation distribution operation to effectively expand their reach, brand and customer engagement in a multi-channel world. The platform offers a next-generation solution to manage the complexities of a changing distribution landscape using technology that keeps the insurance providers on the leading edge by reducing the time to implement a new distribution arrangement or consolidate the existing channel landscape onto a common platform, according to the vendor. “From managing multiple channels, to handling complex and high-volume changes, and personalizing payment schedules for channels, to accommodating integration with existing core insurance systems, Majesco Distribution Management enables agility, innovation and speed,” the vendor says.