(Among the ways Life.io enables engaging with policyholders is through wearable devices. Source: Fitbit.)
Majesco, a Morristown, N.J.-based provider of core insurance software and services has announced a strategic partnership with Life.io (Philadelphia), an insurance-specific digital consumer engagement platform aimed at transforming how carriers relate to their customers through monitoring and analyzing their behavior, preferences through real-time data integration.
Meeting Needs of New Demographic of Customers
Life.io is designed to help insurers evolve to meet the needs of a new demographic of consumers, transforming how insurers relate to them by gaining insight that enables insurers to offer the right product at the right time based on their life-stage. The Life.io platform integrates with new technologies increasingly popular with consumers, such as wearables and health applications, to provide new sources of data to understand, assess, underwrite and service customers, encouraging healthy lifestyles while improving insurers’ operational and risk management results.
By the terms of the partnership, the two companies are integrating Life.io’s Consumer Engagement platform into Majesco DigitalConnect and Majesco’s core systems software to enhance the user-experience, improve risk management and support smarter selling and marketing of life insurance to consumers and customers throughout their life-stages. The Majesco describes its DigitalConnect platform as enabling insurers to integrate content, data, and collaboration capabilities to provide a cohesive digital experience for policyholders.
Life insurers are starting to recognize the inherent problem of their only customer engagement being the occasion of financial transactions, such as a bill or a loan, suggests Chad Hersh, EVP, L&A and Group Business, Majesco. “New engagement models are required to meet the needs of both their existing and future customers, recognizing the need for a unique, compelling customer experience that actually provides the customer with value, not just a bill or marketing material,” he says. “The combination of Majesco DigitalConnect pre-integrated with Majesco Policy for L&A and Group together with Life.io creates a compelling platform for insurers to meet a fast changing market. We are excited about the partnership and what it will offer the industry and our customers.”
New Ways to Engage with Policyholders
“Life.io is changing the way insurance carriers engage with policyholders, helping our clients build relationships through targeted and meaningful interactions, delivering the right products and messages, to the right individuals at the right time, and creating brand affinity in an industry where only 1 in 5 policyholders can name their carrier,” comments Mike Logsdon, COO and Co-Founder of Life.io. “The integration with Majesco’s DigitalConnect takes our policyholder engagement to a new level. I am excited about the global partnership and the opportunity we have moving forward.”
Majesco describes the Majesco DigitalConnect platform as a set of portal and mobile solutions designed to enable personalization for the unique customer journeys and personas defined by each insurer to fulfill their unique and multi-channel distribution and customer experience needs. Majesco DigitalConnect is pre-integrated with Majesco’s core solutions and the vendor’s partner ecosystem, offering insurers a single platform to support their digital strategy.