(Image credit: Karolina Grabowska/Kaboompics.)
Majesco (Morristown, N.J.), a provider of cloud-based insurance core processing and other software solutions, has announced a range of partner apps available through the vendor’s Majesco Digital1st EcoExchange marketplace, part of Majesco Digital1st Insurance solutions. The vendor describes Majesco Digital1st Insurance as a digital and microservices-based solution designed to enable the next era of insurance business models, products and customer engagement.
Majesco debuted apps from partners CyberSource (Foster City, Calif.-based Visa’s payment management platform), HazardHub (San Diego), LexisNexis (Atlanta), SPLICE Software (Calgary, Alberta), Verisk (Jersey City, N.J.), as well as apps created Majesco itself. The apps announced include those available now and others currently in development (see full list below).
The Digital1st EcoExchange is a partner ecosystem hub that uses third-party services with a standard, semantic layer for easy integration and to create a “plug-and-play” environment for both traditional and InsurTech partners, according to Majesco. The vendor contrasts EcoExchange with accelerators and other industry offerings with a code repository because the former is designed to work as an app store with API-based services. Majesco says its partners will be able to list and offer any number of apps on the EcoExchange, which operates like any other marketplace or app store.
Enabling Insurance’s Transition to the On-Demand Era
“The Digital1st EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital, on-demand era,” commented Manish Shah, President and Chief Product Officer, Majesco. “The EcoExchange supports both experimentation and the creation of new business models with the ability to rapidly scale. In today’s digital economy, capabilities such as pay-per-use pricing and dynamic integration using open APIs to create different cost structures can often mean the difference between success and failure.”
Majesco’s current list of partner apps within the EcoExchange, both currently available and still in development, includes the following, listed by source and described by the vendor:
- Online Payment Acceptance: A global, modular payment management platform built on secure Visa infrastructure helping businesses grow by enhancing customer experience, increasing revenues, and mitigating risk.
- Property Basics: What HazardHub calls its introductory data pack that answers insurers pressing, hard to gather data: Distance to Coast, Distance To Fire Station, Distance to Fire Hydrant, AAIS Fire Protection Class, Property Elevation, Year Built, Number of Bedrooms, and Square Footage, each for $1 per lookup.
- LexisNexis Auto Data Prefill: an interactive single-inquiry solution that automates the insurance application process by delivering information at the initial point of contact with the consumer.
- LexisNexis C.L.U.E. (Comprehensive Loss Underwriting Exchange): a claim history information exchange that enables insurance companies to access prior claim information in the underwriting and rating process for auto, home and commercial insurance.
- Motor Vehicle Records (MVRs): LexisNexis Duplicate Order check, Driver History Database, and Activity Files allow auto carriers to realize significantly reduced MVR data costs.
- LexisNexis National Credit File: provides access to major credit bureau reports through a single point of entry with a common inquiry and results format to help segment risk. LexisNexis continues to enhance the platform and expand data sets, resulting in next generation credit attributes and insurance scores to provide a more granular view of a consumer’s information and risk.
- Send Mail by SMTP: Capability to send email using SMTP.
- Address Validation: Validate, standardize and geocode complete addresses and zipcodes to minimize address issues and speed customer engagement processes.
- FNOL Confirmation: Promptly confirm that a claim has been received and a claim number has been assigned; delivered via the policyholder’s communication channel of choice.
- NPS Survey: Conduct Net Promoter Score (NPS) Surveys allowing you to gauge overall customer satisfaction and measure changes over time. (Currently in development.)
- Post-Cat Notification: Follow-up with policyholders in affected areas after a major CAT event to provide general estimates for claims triage displaced policyholders and provide options for claim submissions. (Currently in development.)
- Claims Closure Notification: Finalize claims process by informing claimants of claim closure, including settlement amount (if any) and expected processing time for payment. (Currently in development.)
- Claim Appointment Reminder: Remind policyholder of an upcoming adjuster appointment, with the option to confirm or reschedule. (Currently in development.)
- 360Value Property Prefill: SmartSource populates address-specific property characteristics from multiple sources, including public records data, real estate data, underwriting and claims estimates, and topographical data.
- BCEGS (Building Code Effectiveness Grading Schedule): Verisk’s ISO Building Code Effectiveness Grading Schedule (BCEGS) offers information on building code adoption and enforcement practices. Property/casualty insurers can use the information for underwriting and to grant premium credits for buildings constructed in communities with effective, well-enforced codes.
- PPC Service (Public Protection Classification): Verisk’s ISO Public Protection Classification (PPC) Service helps property/casualty insurers assess fire protection capabilities at point of sale and renewal. The service provides a PPC rating for communities throughout the United States based on key fire protection information, such as water supply, distance to the nearest fire station, fire department equipment and manpower, and emergency response systems.
“Insurers clearly recognize the value of fanatical attention on customer experience and the need to deliver innovative new products through the use of new digital capabilities and new sources of data. But those that have to individually curate these solutions and then integrate the solutions one at a time will face increasingly high costs,” comments Karlyn Carnahan, head of Celent’s (Boston) property casualty practice for the Americas. “This pre-curated ecosystem with the ability to rapidly deploy solutions gives a tremendous jumpstart to carriers who are looking for rapid transformation.”