(Image source: Majesco.)
Majesco (Morristown, N.J.), a global provider of insurance software solutions, has announced the general availability of the version 11 R2 of Majesco L&A & Group Core Suite Insurance Software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group.
“This new release of Majesco L&A and Group Core Suite version 11 R2 provides the most encompassing core platform for all L&A lines of business; including individual, benefits and group,” comments Manish Shah, President and Chief Product Officer, Majesco.
The L&A market is facing significant challenges with legacy debt that inhibits many insurers to respond to the market shifts in customer demographics, expectations, new products and services that will determine their future growth and success, Shah continues. “Majesco L&A and Group Core Suite provides a powerful cloud-enabled SaaS platform with a pre-integrated data and analytics platform that provides greater business and technical agility, digital fluency, innovation and speed to value, enabling insurers to better respond to today’s pace of change,” he says. “By focusing on capabilities that provide customer centricity, operational effectiveness, and product innovation, the L&A and Group Core Suite provides insurers a path forward to meet the future of insurance today.”
Majesco characterizes the launch of the new version as a manifestation of its continued strategic investment in next-generation cloud platform solutions for the L&A and Group market segment that will further enable insurers to meet operational demands, launch new products and create personalized digital customer experiences.
The vendor describes key elements of the Majesco L&A and Group Core Suite release as follows:
All-New Majesco L&A Insurance Data & Analytics: Build your own personal business dashboards, access powerful analytics, leverage operational insights into business possibilities using predictive analytics and machine learning to create powerful digital experiences and drive proactive business decisions. Pre-integrated with Majesco L&A and Group Core Platform as well as open to external data sources.
New Insurance Products: Expand into new product lines much faster with additions to the pre-build product library with Medical Supplement, Heart & Stroke, Cancer, and Group Whole Life products
Enhanced Customer Service: Extensive user personalization, intuitive sign posts and alerts and expanded chatbots allow you to convert your procedure documents into an online checklist that also navigates through the screens and processes within and outside the Majesco Suite helping you provide high quality customer service.
Pre-Integrated Document Generation and Storage: Pre-built templates, pre-defined mapping and robust capabilities to generate and store documents allow you to fast track core system implementations, eliminating the cost and headache of integrating and mapping to homegrown or 3rd party document generation systems.
OAS 3.1 Compliant Open APIs: Enables you to create powerful digital experiences, with over 1500+ APIs that can be used for digital interactions with partners, customers and channels to create tailored experiences depending on the business needs.
Seamless Enrollment Intake: Full support for LDEX (LIMRA standard) enrollment files which enable seamless intake of files from benefit administration and third party systems.
“The insurance industry, because of its relatively low transaction volumes and long contractual liability tails, has always followed technology advances that emerge earlier in places like banking and retail businesses,” comments Rob McIsaac, EVP of Research and Consulting at Novarica. “Even before 2020 dawned, the pressure was on for the industry to accelerate the adaptation of digital capabilities across the array of channels and value chain participants that support the sale and servicing of critical products. With the unfortunate arrival of the COVID-19 pandemic, the need to put the digital deployment initiatives into overdrive for many organizations became critical, with many key business processes and operational norms changed almost overnight.”
“Beyond that, once customers, producers and carriers found themselves in the ‘deep end’ of the digitization pool, many found that they very much liked the experience, fueling the notion that going back to the before (pandemic) times is something that few will opt for in the future,” McIsaac continues. “Core systems modernization is foundational to real digital transformation, given the need to improve operational efficiency and access to real time transactional capabilities. At Novarica, we now see many carriers refining both budgets and plans to adapt to this new, and rapidly changing, reality.”