(Majesco was listed on the NYSE on June 29, 2015. Photo credit: Urban~commonswiki.)
Majesco (New York) has introduced Majesco Business Analytics, a new offering integrated with the Majesco solution portfolio and built on the foundation of the existing Cover-All BI solution. The vendor characterized the launch as a first step in the integration of the portfolio of solutions between Cover-All Technologies and Majesco following their merger, announced in December 2014 and closed in late June 2015.
Majesco Business Analytics will be offered as a pre-built capability to the Majesco P&C Suite and each of the individual components, inclusive of policy, rating, underwriting, billing, claims, and reinsurance, as well as a standalone solution to internalize their data, BI and analytics needs enterprise-wide, according to the vendor. It is also a key component of the Majesco Data Services which includes data strategy, data warehousing and data management, the vendor says.
“The capabilities to generate actionable business insights for improving business performance are becoming critical for insurers to differentiate by meeting increasing customer expectations and sighting opportunities in today’s dynamic insurance market,” comments Manish Shah, EVP, Products, Majesco. “For building such differentiating capabilities using rapidly growing data from disparate internal and external sources require robust and insurance-aware data technologies. Majesco Business Analytics is an enterprise insurance data platform with a comprehensive view of insurance business and collaborative self-serve capabilities for generating business insights by business users.”
Owing to its provenance from Cover-All, the Majesco Business Analytics offering is already an established solution within the P&C insurance market, with seven insurance carriers of various sizes using the solution. Majesco Business Analytics is currently in implementation with two insurers, one a tier one insurer, according to the vendor
“Many in the insurance industry are still struggling with adoption of data management and analytics, within departments and across the value chain,” comments Karlyn Carnahan, a San Francisco-based analyst with Celent (Boston). “Insurers need to capture and effectively analyze their data across all their solutions to achieve efficiencies and effectiveness, but also business optimization and innovation. This is where real business value can define competitive differentiation.”