(Image source: Majesco homepage.)
Majesco (Morristown, N.J.), a provider of cloud-based insurance core processing and other software solutions, has announced the version 11 release of the Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C. The vendor says the new version will be generally available in October 2019.
Majesco characterizes the capabilities of the new version as addressing major trends driving insurance industry disruption, including technological revolution, fast-changing customer needs and expectations, and shifts to an on-demand, sharing, Gig and platform economy. The force of trends is driving the creation of new business models, new products, new services and new markets by those who embrace the disruptive potential and looked forward to the future of insurance by modernizing, optimizing and creating new products, services and business models within the business, the vendor says.
“Majesco continues to aggressively invest and deliver expanded capabilities and features in our P&C Core Suite platform,” comments Manish Shah, President and Chief Product Officer, Majesco. “The new version 11 will help our customers and the industry optimize, modernize and innovate to build the future of their business—and the future of insurance—at speed and at scale Our focus is to provide a robust platform that provides the open architecture, configurability, ready-to-use content, pre-built capabilities and SaaS based not just for today’s market demands, but for what is next—positioning our customers as leaders in the future of insurance.”
The vendor says that the new release manifests a continued strategic investment in its core systems to enable its customer’s transformation and shift to future of insurance. “Insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business,” the Majesco announcement says.
The new version includes 100 new features that bring new and innovative capabilities for further improving speed to value, customer experience, ecosystem connectivity and cloud delivery across all suite products with simple, easy and quick upgrade, according to Majesco’s announcement. The vendor calls out 11 key features, describing them as follows:
- Customer Panoramic View: A panoramic view of customer portfolio through their entire lifecycle with drill down capabilities as an effective underwriting and customer service tool.
- Submission and Risk Clearance: Streamlined submission and risk clearance pre-integrated with Majesco Policy for P&C.
- Usage-based Billing: Mileage-based billing for auto insurance.
- Enhanced Task Management: Centralized and enhanced task management for the P&C Suite focusing on managing business exceptions and approvals through automation and skill-based routing and escalations.
- Global Search: All-purpose, generic search capability to find any entity across all P&C suite products to initiate transactions right from the search results.
- Digital Tour Guide: In-app interactive tutorials and guided tours of existing as well as newly released features for engaging and improving user adoptions and their productivity.
- Personal Assistant: AI Bot driven conversational UX for navigation and quick completion of a task within a business process.
- Native Document Management: Preintegrated native document composition, generation and storage modules with intuitive document authoring tools.
- Open API & API Gateway: 700+ OAS3.0 compliant APIs covering all major P&C functions available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer™ customer.
- Ready-to-use Digital1st EcoExchange Capabilities: Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange™ partner apps without coding.
- Enterprise Security & Data Protection: User identity management with popular cloud identity providers with multi-factor authentication for added security measures as well as data protection compliance.
“Modern Insurers are looking for core systems that deliver robust out of the box functionality to accelerate implementation, and an open integration architecture that allows them to deliver unique customer experiences and digital capabilities,” comments Martina Conlon, Executive Vice President at research and advisory firm Novarica (Boston). “Offering this in a secure, stable cloud environment enables insurers to focus resources on differentiators, not commodities like infrastructure. Forward-looking solution providers like Majesco are meeting these needs.”
Majesco CloudInsurer leverages Majesco’s experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers, according to the vendor. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims.
Majesco Policy for P&C provides preconfigured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including Washington D.C. and Puerto Rico), and provides a well-experienced monthly bureau content update service, the vendor reporst. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.