(Image source: Majesco website.)
Majesco (Morristown, N.J.), a global provider of core insurance software and consulting services for insurance business transformation has released the Majesco L&A and Group Suite, version 10.0, which includes Majesco L&A and Group Policy, Majesco L&A and Group Billing and Majesco L&A and Group Claims.
“Celent is seeing increased activity in back-office transformations,” comments Tom Scales, Head, America’s Life and Annuity, Celent (Boston). “This release of Majesco’s suite offers a single platform for both individual and group/voluntary, which can simplify an insurer’s environment. Their continued growth in digital capabilities enhances the value proposition.”
Tom Scales, Research Director, Celent.
Majesco couches the launch in the context of the changing L&A individual, group and voluntary benefits insurance segment, which a company statement says offers unprecedented opportunities for growth and innovation in terms of new markets, new customers, and the demand for new products and services. The new Majesco L&A and Group Core Suite is designed to help insurers capitalize on the changing market through providing a modern, robust core platform that the vendor says enables speed-to-value, scales easily, and is designed and architected to rapidly adapt to market changes.
“While the insurance industry is undergoing unprecedented change and disruption, cutting-edge and functionally rich core systems are a critical foundation for insurers of all sizes,” comments Manish Shah, EVP, Products, Majesco. “In the platform economy, core systems need to be digitally enabled, open API design, are able to scale in the cloud and architected for seamless and frequent upgrades. Majesco L&A and Group Core Suite version 10.0 provides a market-leading platform that will help insurers shift to Digital Insurance 2.0 and enable growth and innovation at time of great opportunity.”
The new version includes the following enhancements and capabilities:
—A single platform supporting individual life, annuity, health, group and voluntary benefits businesses with integrated, modular policy, billing and claims solutions.
—Common and configurable HTML5 based look and feel for the modules as well as seamless navigation across the suite modules.
—Expanded, comprehensive support for 10 group and voluntary benefit products including basic life, optional life, short-term disability, long-term disability, accident, critical illness, hospital indemnity, dental PPO, dental HMO, vision and legal for all functions across Quoting & Rating, policy, billing and claims. This includes support for COBRA, Portability, HIPAA and ERISA plans.
Major capabilities of Majesco L&A and Group Suite. Source: Majesco. (Click to enlarge.)
—An innovative, digital ready platform with:
• Active and ongoing straight through processing (STP) from new business through claims payout enabling touchless administration and a shift from selective to always STP.
• An open API ecosystem for all functionality with over 600 out-of-the-box APIs, making the suite truly digital first ready.
• Powerful file upload capabilities across census, enrollment, incoming payments and claims intake.
• Modern user interface with ‘Amazon like’ global search options, entity specific dashboards and quick actions to reduce transaction time and enhance customer service.
—Enhanced, powerful functionality, user experience and performance including:
• Individual member underwriting capabilities with support for evidence of insurability and integration to third party evidence providers and auto adjudication.
• Extensive third-party administrator support, self-accounting, and direct bill including powerful rules based payment discrepancy management.
• Unique cross line of business claim views, discrepancy management to align claim data with policy, event center to monitor claims timelines, and action plans with 360 degree dashboard for every claim.
• Provider management network support for dental PPO and dental HMO including management of networks, providers, contracts, licenses, fee schedules, bumps and reductions.
• Out of the box workflows providing a ready template to base the new operational model
—Cloud optimized operations with auto deployment and auto provisioning scripts.
Majesco L&A and Group Suite supports individual, group and voluntary benefits on a single platform. The vendor says the suite provides essential core system capabilities for policy, billing and claims. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
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