(Image credit: Gerd Altmann.)
Majesco (Morristown, N.J.), a global provider of cloud insurance software solutions for insurance business transformation, has announced the general availability of version 11 of the Majesco Distribution Management platform. This follows the announcement of V11 of P&C Core Suite and L&A and Group Core Suite in October 2019.
“Today’s insurers must rethink their distribution management organization and solutions to manage the variety and uniqueness of a growing diversity of channels to not only modernize their operation but optimize it to support their growth strategies,” comments Mike Fitzgerald, Senior Analyst, Celent. “Insurers need to consider not only the core distribution capabilities, but also the digital and data needs to fully optimize these channels to drive ease of doing business them.”
Meeting Needs of Diverse Distribution Channels
“Insurers across P&C and L&A and Group are focused on growth strategies through traditional agent and broker channels as well as new channels such as marketplaces, white-labelling partnerships, banks, and more but are challenged in effectively engaging, managing and optimizing these channels due to legacy compensation systems designed for a different era of distribution,” comment Eric Bustos, VP, Distribution Management Practice, Majesco. “With the proliferation of new channels and the consolidation of agent and broker channels, insurers must meet the unique needs of these diverse channels with more innovative, forward-looking channel management, compensation and on-boarding capabilities. Majesco Distribution Management provides a new platform that brings digital, distribution and data together for a new era of insurance to help insurers optimize and grow their business.”
The new release aims to address changes in customer behaviors and expectations, particularly among the next generations of insurance buyers. Millennials and Gen Z, require insurers to offer a multi-channel ecosystem of options including agents, brokers, marketplaces, embedding insurance in other businesses at the point of sale, integrating with comparison sites and direct distribution, a Majesco statement notes. The vendor adds that the diversity of these channels, require new, innovative digital, distribution and data capabilities to create a sustainable competitive advantage and drive growth.
“Majesco is aggressively investing and delivering on our vision to help insurers build the future of their multi-channel businesses,” comments Manish Shah, President and Chief Product Officer, Majesco. “This new version of Majesco Distribution Management brings a channel-centric view across all lines of business and channels to leverage ideas, innovations and capabilities delivered on a mature cloud environment with Majesco CloudInsurer.”
Majesco says V11 highlights the vendor’s continued strategic investment in the distribution management solution to enable insurers to optimize their distribution channels with rich digital, distribution and data capabilities. Majesco lists the following as key elements of the new release:
Multi-Channel Enablement: With the robust hierarchy and compensation schemes, insurers can quickly expand to new channels and enable cross-channel management.
Compensation Schemes: Expanded capabilities will support current and forward-looking schemes from transactional, to event-based, KPI based schedules, incentive and innovative new schemes to drive channel optimization and growth.
Enhanced Onboarding and Compliance: Automated credentialing, licensing and appointments, E&O expiry notification, license expiry notification and enhanced processing for promotions and demotions.
Performance and Relationship Management: Enhanced KPI and benefits including automatic evaluation of benefit scheme based on evaluation frequency, state specific requirements, and more.
Robust API Catalog and API Gateway: Over 100 0 compliant APIs covering all major functions such as NIPR integration, producer outstanding dues, producer payment inquiry, application background check available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer.
Fully Cloud-Enabled: Embrace speed and agility with core suites that maximize cloud capabilities.
Digital Tour Guide: Contextual and interactive tutorials and guided tours of existing and newly released features for engaging and improving user adoptions and their productivity.
Ready-to-use Digital1st EcoExchange Capabilities: Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange partner apps without coding.
Simple, Automated Upgrades: Seamless monthly upgrades of software and content to keep insurers compliant and at the leading-edge.