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Majesco (Morristown, N.J.), a global provider of insurance software solutions, has launched Majesco L&A Insurance Data & Analytics Platform, which the vendor describes as a powerful, data-driven solution that captures, analyzes and monetizes data to empower the L&A and Group Benefits business. The platform, which is pre-integrated with Majesco L&A Core Suite, leverages internal and external data with predictive and machine learning analytics to help insurers translate the data into transformational insights and actionable intelligence.
“In today’s digital age, data and analytics are the fuel for innovation and digital transformation,” comments Manish Shah, President and Chief Product Officer, Majesco. “We want to enable carriers to leverage their operational and new, innovative sources of data that is both secure and easy to access, while putting insights directly in the hands of business to drive transformational, intelligent action. Our newly launched Majesco L&A Insurance Data & Analytics Platform provides a rich, robust solution to empower insurers to drive operational efficiency and effectiveness, as well as, innovation using these insights.”
Majesco’s L&A Insurance Data & Analytics Platform’s features ready-to-use reporting templates, reusable widgets and sophisticated out-of-the-box analytic capabilities, empowering the business to create and share meaningful reports and dashboards to drive productivity and growth, while providing new insights through predictive and machine learning that will help accelerate their digital transformation, according to a Majesco statement. Carriers can organize data from any system to capture, analyze and monetize the data to gain transformational business insights.
Data & Analytics for Competitive Advantage
“Investing in digital transformation and getting the most value from data and analytics are top of mind for insurance company executives,” says Keith Raymond, an analyst at Celent (Boston). “The focus on data and analytics is accelerating now especially as digitization and virtualized customer transactions grow due to COVID-19. Data and analytics are also seen as a competitive advantage that makes it easier to do business, make better decisions, and improve customer knowledge translating into an improved customer experience.”
Majesco says this launch highlights its continued strategic investment into next-generation cloud solutions for the L&A and Group market segment that will further enable insurers two-speed strategy of operations and innovation by uncovering opportunities for operational demands, new products and digital customer experiences. With the Majesco L&A Insurance Data & Analytics Platform the vendor says carriers can now:
- Handle structured and unstructured data, scale, visualize or access this data through open APIs
- Analyze broad data sets to gain unique customer insights, predict future outcomes and have a view into possible actions
- Aggregate from legacy and modern core data sources, partition data sets for reporting or machine learning that will provide a 360o of the customer and their business
- Create visualization layer for transparent access to the data, APIs to produce dashboards and URLs to embed dashboards into other applications
- Designed to be integrated with various core systems as well as pre-integrated with Majesco L&A and Group Benefits Suite