(Image source: DataRobot homepage.)
Majesco (Morristown, N.J.), a provider of cloud-based insurance core processing and other software solutions, has announced a partnership with DataRobot (Boston), a provider of automated machine learning-based solutions. Through the new partnership, Majesco customers are able to leverage the DataRobot automated machine learning platform capabilities integrated with Majesco solutions to improve underwriting, claims and servicing excellence, and profitability, according to a Majesco statement.
“In 2019 we’re already seeing a significant shift from proof of concepts in AI to something more industrialized and repeatable in the insurance industry,” commented Craig Beattie, Senior Analyst at Celent. “However, in order for AI to be pervasive in an organization it needs to be accessible, and integrated into the processes and core systems that organization uses. This partnership between Majesco and DataRobot could unleash the potential of this wave of AI for their customers.”
Majesco identifies AI and machine learning, along with cloud, APIs and microservices, as key technologies for emerging insurance platforms, such as the vendor’s core suites and Digital1st Insurance solutions. The partnership with DataRobot was undertaken to make machine learning analytics capabilities accessible to any tier of insurer using Majesco solutions, alleviating the burden of limited expertise and resources.
Benefits of the partnership to Majesco’s clients include the following, as described in Majesco’s statement:
- Data Science Access to All: empower the data-rich, but data science-limited insurance businesses to rapidly build, test, and deploy machine learning models with DataRobot’s automated machine learning platform with Majesco Solutions.
- Optimize the Business: Deliver business value via actionable results by applying machine learning to data to optimize decision making within key business processes.
- Drive Growth and Innovation: Leverage new data sources for innovative new products and services to drive growth and innovation.
“As the insurance industry continues to rapidly transform, advanced analytics capabilities through AI and machine learning are business-critical for growth and innovation,” comments Manish Shah, President and Chief Product Officer at Majesco. “Despite this, AI and machine learning are inaccessible to many insurers due to the lack of access to technical talent. This partnership will level the playing field by integrating Majesco solutions with the DataRobot platform to automate the process of building and operationalizing insurance models within any part of the insurance value chain.”
“AI has the potential to revolutionize the insurance industry, and automated machine learning is ripe to solve the challenges that many insurers face, including scarce resources and a slowly evolving technical infrastructure,” comments Seann Gardiner, SVP of Business Development, DataRobot. “Leveraging the knowledge, experience, and best practices from the world’s leading data scientists, this partnership will put the power of machine learning into the hands of more insurers looking to transform their businesses into AI-driven enterprises.”