(Image credit: Dollar Photo Club.)
Majesco (Morristown, N.J.) has released the latest version of its Distribution Management Solution, which the vendor says expands configuration and integration areas within distribution management. The new version also provides new channel management capabilities, including enhanced contracting and appointments and hierarchy management, with a view to supporting insurers’ efforts to design, develop and manage an expanding array of channel relationships.
Built on the vendor’s Majesco Configuration Toolset, Distribution Management supports all lines of business across P&C and individual and group life insurance, as well as all channels. The system is pre-integrated with Majesco Business Analytics and Majesco’s digital portal and mobile capabilities.
“Not too long ago, the only option for carriers was to build their own in-house solution or purchase vendor solutions with limited concentration on administration tasks such as licensing, contracting and commissions for traditional channels like agents,” comments Mike Fitzgerald, a senior analyst with Celent (Boston). “In today’s rapidly changing market and expanding channels, distribution management solutions must have broader capabilities to support any channel from an administrative and strategic perspective including integrated digital and data capabilities and business configuration that meets the broader market needs and opportunities. Majesco’s solution certainly fits this evolution and is an example of how the solution market is responding to the evolving needs in distribution management.”
(Related: Majesco Introduces Business Analytics)
Expanding and changing distribution channels, as well as the increasing complexity of channel management requires insurers to have more robust distribution management systems to optimize their operation, observes Prateek Kumar, EVP, P&C, Majesco. “With rapidly changing and increased complexity of distribution channel ecosystems, Majesco Distribution Management is designed to enable insurers to manage their channels strategically through access to more data, insights, new distribution channels, and enhanced capabilities to efficiently manage compensation and channel productivity aspects,” he says.