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Majesco (Morristown, N.J.), a global provider of cloud-based insurance core processing and other software solutions, announced the general availability of version 11 of its Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C, and Majesco L&A and Group Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. The announcement follows a preview of the P&C Core Suite and L&A and Group Core Suite from Majesco in April, 2019.
“Insurers are seeking a platform that connects people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal, to drive growth and innovation for their business,” comments Adam Elster, CEO, Majesco. “Our robust SaaS-based platform provides the open architecture, configurability, ready-to-use content, and pre-built capabilities to help insurers achieve digital transformation.”
“By focusing on customer-centricity, we are providing the capabilities that deliver great customer experiences for all insurance products and services, Elster adds. “Our core insurance suites together with our digital experience platform, Majesco Digital1st Insurance, is a winning combination.”
Majesco places its new release in the context of a time of disruption and change in the insurance industry. “The InsurTech revolution over the last four years has challenged insurers by forcing them to take stock and determine their future path,” according to a vendor statement. “The speed of technology development and the threat of rapid competitive market shifts have given insurers a new perspective in what core technology they will need to compete in a rapidly changing marketplace.” The statement emphasizes the opportunity the cloud-based systems give not merely for modernization, but for the creation of a new business for the future.
“Majesco is aggressively investing and delivering on our vision to help insurers, reinsurers, InsurTechs and MGAs build the future of their businesses—at speed and scale,” comments Manish Shah, President and Chief Product Officer, Majesco. “The new version 11 of our P&C and L&A and Group Core Suites will help our customers and the industry meet the demands and expectations of tomorrow, today, We are in a unique position in working with all segments of the industry across all lines of business which allows us to clearly drive a customer-centric view and leverage ideas and innovations across our solutions, delivered on a mature cloud environment with Majesco CloudInsurer.”
Majesco says that release 11 highlights its continued strategic investment in its core systems to enable its customers’ transformation and shift to future of insurance. “The new versions bring new and innovative capabilities for further improving speed to value, customer experience, ecosystem connectivity and cloud delivery,” according to the vendor.
The vendor calls out the following as key characteristics of both the P&C Core Suite and the L&A and Group Core Suite:
Fully Cloud-Enabled: Embrace speed and agility with core suites that maximize cloud capabilities.
Rich Out-of-the-Box Content: Exploit pre-configured products, processes, rules and content for rapid deployment of all P&C and L&A and group lines of business across all states.
Robust Open API Catalog and API Gateway: Over 2,000 compliant APIs covering all major P&C and L&A and Group functions available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer customer.
Cutting Edge Capabilities: Leverage AI chatbot-driven conversational UX for navigation and quick task completion that cut through the maze of system functionality and deliver AI-driven insights that make decision-making faster, easier and more profitable.
Customer Panoramic View: A panoramic view of the customer’s portfolio through their entire lifecycle with drill down capabilities, providing an effective underwriting and customer service tool.
Digital Tour Guide: Contextual and interactive tutorials and guided tours of existing and newly released features for engaging and improving user adoptions and their productivity.
Global Search: All-purpose, generic search capability to find any entity across all core suite products to initiate transactions right from the search results.
Ready-to-use Digital1st EcoExchange Capabilities: Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange partner apps without coding.
Simple, Automated Upgrades: Seamless monthly upgrades of software and content to keep insurers compliant and at the leading-edge.
No Code Integration with Majesco Digital1st Insurance: Leverage a powerful digital experience platform and rich ecosystem of partners to deliver personalized experiences, access new data sources and offer innovative capabilities for your customers and agents or brokers.
“Insurers are looking to transform into a digital insurance business and as a result must have a focus on products, technology, partnerships and customer experience,” comments Karlyn Carnahan, Head of Americas for Celent. “Today, insurers are looking for core suites that are truly cloud and API-enabled, and vendors with strong product leadership that leads rather than follows where the industry is going. Innovative capabilities that both modernize and optimize while also enabling innovation, bring tremendous value to insurers.”