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Majesco (Morristown, N.J.), a global provider of cloud platform software for insurance business transformation, has introduced Property Intelligence powered by Majesco Analytics, which the vendor describes a new AI/ML-based analytics offering that provides insightful and intuitive property underwriting information including various quantitative risk scores such as Property Score, Overhead Score, Exterior Score, NatCat Score, and Permit Score. The solution is available as an add-on for Majesco Policy for P&C for Commercial Property and Commercial Package lines of business. Majesco reports that this is the first intelligent analytics offering as part of the new Majesco Analytics product line. Property Intelligence is now available as part of Majesco’s Spring ’22 Product Release.
Majesco Property Intelligence addresses insurer’s need to leverage data and technology to transform the underwriter experience and increase profitability in order to remain competitive, according to a vendor statement. As the customer experience moves digital, the availability of a wide array of data is increasing, leading to transformations on underwriter evaluations and decisions with instantaneous impacts to their books of business, the statement says. By leveraging real-time data from multiple sources and market insights, coupled with underwriter expertise, underwriters can increase profitability through better risk selection and reduced underwriting expenses, according to Majesco.
“The art and science of underwriting is changing,” comments Patrick Davis, SVP and General Manager, Majesco Analytics. “We designed Property Intelligence to provide comprehensive property underwriting information with simple and insightful analysis to improve both underwriting profitability and efficiency. We are excited to see our customers quickly realized benefits of this innovative capability providing better risk selection, improve their loss ratio, reduce loss control expenses through selective high risk inspection orders and more.”
Key elements for Property Intelligence powered by Majesco Analytics include the following, as described in the Majesco statement:
- Simple to understand analytics data from risk scores by leveraging wide variety of data and Machine Learning based analytics: Property Score, Overhead Score, Exterior Score, NatCat Score, and Permit Score to provide a comprehensive insight to the property.
- Leveraging Loss Control Inspection Dataincluding 2+ billion inspection data points and 200+ million images from 16+ million properties collected by professional risk engineers.
- Multi-Source Gallerywith satellite, aerial, ground-level, balloon, and Drone MLS images leveraged by the risk scores and Property Intelligence model.
- Pre-integrated with Majesco Policy for P&Cfor Commercial Property and Commercial Package requiring no implementation efforts.
“People and Technology—underwriters and models—both require improved insights of the property risk to improve the assessment of the risk,” comments Karen Furtado, a Partner at research and advisory firm Strategy Meets Action (Boston). “New insights and analytics that are derived from a unique combination of property characteristics can improve the decision-making process when assessing various property locations.”
Advanced data and analytics using AI/ML is crucial both operationally and strategically for insurers by enabling the ability to analyze data in real-time and drive intelligent decision-making, the vendor statement adds. By identifying property hazards and providing detailed scores, insurers can enhance underwriting, risk exposure analysis, and risk appetite to drive improved profitability and customer service. With the pre-built integration between Majesco Policy for P&C and Majesco Property Intelligence, each property will receive an aggregated location assessment score across the various assessments done, the vendor asserts. “This provides underwriters with insights into the aspects of the property that pose the greatest risk through AI/ML analytics using a diverse set of data sources, which provides Majesco customers with immediate value realization,” the Majesco statement concludes.