(Image source: Majesco Digital1st Platform homepage.)
Majesco (Morristown, N.J.), a global provider of core insurance software and consulting services, announced the initial release and market availability of Majesco Digital1st Insurance, which the vendor describes as a digital and microservices based solution set designed to enable new business models, new products and customer engagement. Components in the first release of the solution include Majesco Digital1st Platform and Majesco Digital1st EcoExchange. The release follows a successful beta period with selected customers and partners, the vendor reports. Majesco also announced that it has formed a new business unit focused on developing and delivering innovative digital solutions and managing a new partner marketplace.
The new offering addresses insurers’ heightened recent interest in platforms, microservices and ecosystems, according to Karlyn Carnahan, Director in Boston-based analyst firm Celent’s North America Property/Casualty Practice. “In particular, access to innovative solutions and data from traditional and new InsurTech partners is part of every insurer’s strategy, but has been difficult to do,” she comments. “Majesco’s new EcoExchange and marketplace of partners that can be integrated using an open API approach is an innovative approach that will empower every insurer.”
In its work with insurer customers, Majesco has observed a shift to digital operating models centered on bringing best-of-class insurance products and services to their customers, according to Manish Shah, EVP, Majesco. “A real digital transformation requires innovation of new insurance products, expansion of non-traditional distribution channels, rise to the generational differences in customer expectations and adoption of new technology to accelerate innovations, reduce costs and scale successful ideas,” Shah comments. “The microservices platform and the new marketplace of partners offer cutting-edge capabilities designed to rapidly develop and deploy innovative digital solutions in days rather than months or years.”
Digital Engagement the Top Initiative of 2018
Digital engagement is a top initiative for the majority of insurers in 2018, according to Karen Furtado, Partner at research and advisory firm SMA. “This focus has driven the need for business and technical capabilities that are agile and responsive to the changing distribution channel requirements,” she says. “Utilizing microservices provides significant flexibility in addressing the unique needs of each user experience that is desired.”
Majesco Digital1st Insurance supplements the vendor’s core platform solutions for P&C and L&A and Group, though each of the new solutions can be integrated with other core software to accelerate the value of core software solutions, the vendor reports.
The Majesco Digital1st Insurance solutions available include the following, as described by the vendor:
Majesco Digital1st Platform, which the vendor characterizes as the industry’s first micro-services platform bundled with pre-built insurance capabilities across P&C and L&A business segments that is designed to enable a new generation of business models and products that require on-demand capabilities, personalized user experience for a new generation of customer and extensive use of new real-time data sources that traditional core systems cannot effectively support. The Majesco Digital1st Platform will be offered as a 100 percent SaaS offering available with 30-day trial period, low entry costs and no/low commitment, according to the vendor
Majesco Digital1st EcoExchange, is a partner ecosystem hub using third-party services with a what the vendor calls a standard semantic layer for easy integration and a true “plug and play” environment for traditional and InsurTech partners.
“A critical part of the Majesco Digital1st EcoExchange is the new marketplace for insurers to access and use InsurTech apps,” a vendor statement says. “Majesco partners will be able to list and offer any number of Apps on the EcoExchange that they would like to market, similar to how other marketplaces or app stores operate. The types of EcoExchange apps could be as simple as a non-interactive service call to a comprehensive solution that can orchestrate multiple provider services including interactive conversations.”
Majesco’s announcement of the general availability of Digital1st insurance represents a significant commitment to what Celent calls “The New Architecture,” according to Donald Light, Director in the analyst firm’s North America Property/Casualty Insurance Practice. “These are solutions using cloud-based APIs and microservices to broaden and deepen the experiences and value that insurers can offer their policyholders and channel partners,” Light comments. “Specifically, Digital1st Insurance Platform is positioned to host a wide set of offerings, services, and data sourced through Digital1st EcoExchange.”