(Image source: Majesco Digital1st page.)
Majesco (Morristown, N.J.), a global provider of cloud insurance software solutions for insurance business transformation, has announced the availability of expanded capabilities of Majesco Digital1st Insurance to accelerate insurers’ business and technology models in their digital transformation.
“The demands of agility, speed and innovation are accelerating as we enter a new decade,” comments Adam Elster, CEO, Majesco. “To succeed in the future of insurance, which is coming faster than most realize, insurers must lay the groundwork of a new digital insurance business model. Future market leadership and success will be defined by focusing on the customer experience, business innovation, and technological leadership.”
Majesco reports that its research found that a top motivator for digital transformation is driven by customer and distribution channel expectations of a much-improved experience and ranks as a top strategic initiative. Insurers are looking to new platforms with rich and robust capabilities that will enable speed of innovation to reimagine their future as digital insurer, the vendor asserts.
“We have strategically focused on the intersection of business and consumer technology trends that are relevant to the insurance industry,” stated Manish Shah, President and Chief Product Officer, Majesco. “Majesco Digital1st Insurance enables insurance carriers to accelerate their digitalization journey through new ways of designing and delivering compelling customer experiences. We are committed to provide a robust, rich set of capabilities, underpinned by an innovative architecture and technology to support the industry’s continued digital transformation. The variety of uses by customers today highlight the flexibility and innovation that can be delivered rapidly.”
The vendor characterizes Majesco Digital1st Insurance as providing a powerful platform that can be used across a wide variety of use cases ranging from high-fidelity portals over core systems to well-rounded omni-channel and omni-device customer and agent experiences enriched through heterogenous capabilities available through APIs.
The new and expanded capabilities of the platform are intended to further improve the speed and agility, customer experience, connectivity to third party APIs, expanding ecosystems and more, according to Majesco. The latest update, representing a series of monthly software updates includes the following, as described by the vendor:
User Interface Experience Updates:
- 1 compliance to support Digital Accessibility
- Notification Widgets
- Processing Status Widget
- Multi-media Carousel Widget
- Autocomplete Dropdown with third-party data API integration hooks
- Popup Menu Action Widget with dynamic list of actions
- Native Payment Widgets pre-integrated with Visa CyberSource, Chase Paymentech and PayPal gateways
- Enhancements to several existing widgets for configuring animations
New API Management Capabilities:
- No-code API definition and configuration of external APIs through wizard-based imports
- New API Plug-in to create and publish a new API without writing a single line of code.
- 50+ pre-packaged public domain APIs such as Twitter, Facebook etc. ready to be used in configuring digital experiences
Events Funnels powered by Google Analytics to understand usage patterns for applications for test-n-learn apps as well as A/B testing
Smart Connector for Majesco Policy for P&C:
- Fully eliminates need for integrating Majesco Policy for P&C APIs resulting into 5x improvement in building core-enabled digital apps
- Automatically synchronize and validate data bi-directionally between Majesco Digital1st Apps and Majesco Policy for P&C utilizing Majesco P&C Core APIs
- Intelligently optimize number of calls between Majesco Digital1st and Majesco Policy for P&C by reducing chattiness but provide the best real-time experience
Majesco Digital1st EcoExchange Expansion:
15 more partner apps now available on Majesco Digital1st EcoExchange with 50 more coming soon
Majesco Digital1st Electronic and Billing Payments (EBP) App Updates:
- Easy access to invoice and payment history
- Warning message for policies under notice
- Policy terms displayed in the policy card section
- Administrative dashboard with usage information helping to understand the customer experience and user adoption.
“Insurers increasingly understand that being a digital company requires an outside-in customer perspective,” comments Karen Furtado, Partner, Strategy Meets Action. “While many insurers have a digital strategy, bringing that strategy into action demands next-gen technology platform to enable new business processes, products, services, and channels relative to the customer experience and new insurance business model. Solutions such as Majesco’s Digital1st Insurance provide a platform that enables insurers to rethink digital insurance customer experiences.”