(Image source: Infinilytics homepage.)
Majesco (Morristown, N.J.), a global provider of cloud insurance platform software, has announced the expansion of new partnerships and apps in the Majesco Digital1st EcoExchange, which the vendor describes as a curated live, plug-n-play ecosystem and service hub of Majesco Digital1st Insurance platform. These new apps will provide new business capabilities to accelerate the insurance industry digital transformation.
“Majesco Digital1st EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.”
Majesco’s Digital1st EcoExchange offers a variety of apps available to enable various aspects of the insurance value chain, ranging from a non-interactive service call to a comprehensive solution that can orchestrate multiple provider services. The vendor reports that latest update to the EcoExchange includes a new app from industry partner Infinilytics (Pleasanton, Calif.) and new partner relationship with Innovative Systems (Pittsburgh).
Infinilytics provides cloud-based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st EcoExchange, is an “insights engine” that uses artificial intelligence and machine learning to provide what Majesco characterizes as a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags, Majesco reports. Its insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents.
Majesco has also signed an agreement with Innovative Systems, described by Majesco as a provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. Innovative Systems’ FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on Majesco’s EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms, according to Majesco. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching, Majesco reports. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases.
Majesco says these additions represent its continued investment in the ecosystem and platform strategy that enable insurers to create personalized and compelling digital experiences for their customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners.