Majesco Announces New Release of its Insurance Data & Analytics Platform

The latest updates to the data warehouse and business analytics components of the platform include enhances performance and security measures, DevOps support and operational efficiencies.

(Image source: Snap Stock.)

Majesco (Morristown, N.J.), a global provider of cloud insurance platform software, has announced the latest release of the Majesco Insurance Data & Analytics Platform which includes several enhancements to Majesco Enterprise Data Warehouse (EDW) and Majesco Business Analytics (MBA) components of the platform.

Martina Conlon, EVP, Research & Consulting, Novarica.

The vendor describes Majesco Insurance Data & Analytics Platform as designed to help insurers turn data into results, delivering relevant information to the right people in real-time. “Rich out-of-the-box capabilities allows customers to spend more time on insights and actions and less time on setup,” a vendor statement asserts. “Majesco’s innovative EDW capabilities rapidly unlock insights from multiple internal data sources including policy, billing, claims and distribution, as well as external data sources, traditional third-party and innovative data providers, that enable both operational and strategic insights. The solution provides a holistic view of business operations and its pre-built integration with MBA enables insurers to leverage and analyze data that will take their business to the next level.”

Novarica (Boston) reports that its research has observed an increased interest in data warehouses and data technologies to gain insights that result in improved operations, optimized digital strategy and better business decisions. “BI and data analytics rank as a top priority for business leaders, and CIOs have these efforts in their top 3 initiatives,” says Martina Conlon, Executive Vice President, Novarica. “Despite this, most insurers have implemented only basic capabilities. Robust data technology solutions, like Majesco Insurance Data and Analytics, can enable insurers to rapidly implement a comprehensive data environment to deliver the advanced reporting and analytics that meet the needs of their business.”

Majesco says the latest release highlights its continued strategic investment in the Majesco Data & Analytics Platform that enable insurers to uncover opportunities for new products and experiences. Some key enhancements for EDW include the following, as described by the vendor:

  • Integration with Majesco’s P&C Core Suite to power the Panoramic Customer Snapshot with for data insights and analysis
  • Additional out of the box analytics for commercial lines of business such as workers compensation, commercial auto, inland marine, and commercial property
  • Significantly lowered the effort of adding a new limit, making it an almost no-code process from the source extraction right up to the analytical front end.
  • Support for Medicare line of business
  • Capability to monitor producer relationships
  • Capability for supporting sales organizational hierarchy
  • Wholesale billing support

Majesco reports that improvements to its MBA offering include the following:

Manish Shah, President and Chief Product Officer, Majesco.

  • Data marts and pre-built reports and dashboard with additional Billing and Distribution Management analytics
  • Ability to store and present data in an integrated manner across policies, its associated lines of business and producers
  • Ability to build self-service reports and dashboards to analyze Limits, Deductibles and Options across time, risk, location, policy and coverage and their impact on premium and loss
  • Fully integrated current and historical (AS-IS, AS-ON, AS-WAS) analytics view to support self-service analysis based on any date criteria

“Majesco continues to execute our vision of providing a sophisticated data and analytics platform that helps insurers leverage data as a strategic asset and unlock transformational insights that power market leaders in today’s data-driven world,” says Manish Shah, President Chief Product Officer of Majesco. “These enhancements will help customers optimize business outcomes and enable them to become data-driven organizations.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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