(Image source: Majesco homepage.)
Majesco (Morristown, N.J.), a provider of cloud-based insurance core processing and other software solutions, has released a preview of the version 11 release of the Majesco L&A and Group Core Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. The vendor says the new version will be available in October 2019.
“Celent continues to see significant investment in both the individual and group space for new, modern technology,” said Tom Scales, Head, Americas Life and Annuity practice, Celent (Boston). “From the front-office to back-office and more, innovation investment is growing. It is great to see the vendor community making significant investments as well.”
With the new release, Majesco seeks to address the L&A industry’s reluctance to replace legacy core processing systems amid a time of intensified market disruption and technology change. “The L&A and Group insurance segment is poised for transformation and Majesco’s aggressive investment in a next-generation core suite platform will enable our customers and the industry to not just modernize, but optimize and innovate their business,” comments Manish Shah, President and Chief Product Officer, Majesco.
The entire insurance industry, including L&A and Group insurance is pivoting to a digital operating model that requires speed-to-value, test-and-learn capabilities, and customer-focused products and services with the ability to continually adapt to changing market dynamics and customer behaviors, according to Shah. “Majesco is committed to bringing insurers an insurance platform that enables digital operating models through open architecture, configurability, ready-to-use content, prebuilt end-to-end capabilities and SaaS-based delivery—ultimately helping our customers capture market opportunities as they shape the future of insurance,” he adds.
Addressing an Emerging Appetite
Majesco says that its new version addresses an emerging appetite among L&A carriers for 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. “This release highlights Majesco’s continued, strategic investment in core systems to enable customers’ transformation to meet the demands of a new era of insurance,” the release preview says. Majesco calls out the following key enhancements and capabilities out of what it says is a total of 200 new features and 1500 new capabilities, as well as what the vendor calls a simple upgrade process to accelerate insurers’ transformation to the future of insurance:
- Digital RFPs – AI powered Group sales process that allows insurers to offer the best for the customer based on historical trends and profitability.
- Always STP (straight through processing) – Speeds up transaction processing time and allows having the same information be streamlined through a process across multiple points.
- Reporting Reimagined – Design, schedule, execute and view tailored reports off a NoSQL DB.
- Dashboards– Role based activity, analytical and monitoring dashboard views.
- Global Search – An all-purpose, generic search capability to find any entity across the L&A and Group suite allowing users to initiate transactions right from the search results and make quick judgments.
- 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.
- API – Start your digital journey with our 1000+ APIs covering all major business functions.
- Personal Assistant – AI Bot driven conversational UX for navigation to a process to quickly commence and complete the task.
- User themes & preferences – Configure new themes and preferences for personalized screen layouts and branding.
- Real-time User Feedback – Proactively gather user feedback and needs then apply it to enhance the user experience.
- Knowledge Library – Online context sensitive help with ‘how to’ guides and search capability.