MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global provider of cloud insurance platform software for insurance business transformation, today announced that for the third consecutive year has been named a Leader in the Gartner 2020 Magic Quadrant for P&C Core Platforms, North America. The report evaluated 12 vendors, “This Magic Quadrant provides a lens into the North American market for P&C core platforms aimed at very large Tier 1 through small/regional Tier 5 P&C insurers.”
“P&C Core platforms in North America continue to evolve into end-to-end, cloud-based digital business platforms,” says co-authors of the report Venkatesh Padmanabhan, Senior Director Analyst at Gartner, James Ingham, Senior Director Analyst at Gartner, and Sham Gill, Senior Director at Gartner. “CIOs should carefully evaluate differentiating factors, including SaaS maturity, ease of integration and advanced analytics prior to entering long-term contracts with vendors.”
“We’re honored to be named a Leader in the Gartner 2020 Magic Quadrant for P&C Core Systems, North America report,” says Adam Elster, CEO of Majesco. “While many insurers implemented modern on-premise systems over the last two decades, we understand the shift to next-generation core systems is crucial for companies to compete in today’s new era of insurance. That is why we continue to push the boundaries with new, innovative product updates that will help our customers achieve business transformation at speed and scale.”
As stated in the report “Gartner defines the P&C core insurance platform market as composed of offerings that support the concept of the digital business technology platform through a combination of core systems and key technologies focused on employees, customers, partners, data and things. These core platforms include elements such as:
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Core systems, including modules for:
- Policy management, which provides full, end-to-end policy management and issuance functionality – including quoting, rating, underwriting, policy generation and statistical reporting.
- Billing management, which supports the entire insurance billing and collections cycle, including functionality such as electronic bill presentment and payment (EBPP).
- Claims management, which combine claims administration and business process management (BPM) to support every phase of the end-to-end claims process for property and casualty (P&C) insurers, from first notice of loss (FNOL) through settlement and reporting.
- Data repository, which uses a reference data model to centralize from both core systems that are a part of the platform and other external systems.
- Reporting and analytics, which provides prebuilt dashboards and reports with industry-specific key performance indicators and support for ad hoc analysis.
- Customer portal and apps, which provides sales and self-service functions from any device, and enable customers to engage in interactions ranging from simple account information updates to support for new policy applications and claims submission and tracking.
- Agent portal and apps, which provide agent with a variety of functions, such as lead management, needs analysis, collaboration with underwriters, account management, policy, billing and claims management capabilities, and agent analytics.
- Supplier portal and apps, which enable collaboration and online transactions with supply chain partners such as automobile repair shops.
- Integration acceleration, which extend the functionality of the core platform by tapping an ecosystem of third parties offering additional functional capabilities and data sources.
- A venue such as an app store or marketplace that enables customers to search for and more easily in corporate technology, data or services from third parties to extend the capabilities of their P&C core platform.
This list above is not exhaustive – the number of technologies that will be incorporated into core platforms will continue to expand over time – but it represents elements that are commonly available at this time.”
“P&C insurance CIOs and their business peers are increasingly focused on cloud deployment and the ability to support new business models and emerging technologies,” write the authors of the research. “They seek core platform vendors that offer mature and extendable solutions with comprehensive functionality and out-of-the-box content. A proven track record of supporting relevant LOBs and a proven ability to support rapid implementations are essential.”
Majesco P&C Core Suite includes a distinct, yet fully integrated, set of solutions that together provide the flexibility and speed to innovate while driving significant and sustainable growth, putting the power in the insurer’s hands. Built on a common configurable platform that enables both IT and business users with rich, pre-built content – and the power to make changes easily and independently – insurers can achieve new levels of visibility, agility and speed to manage and adapt their business.
“Majesco has been focused on relentless and purposeful innovation to bring a forward-thinking platform to the P&C insurers, reinsurers, InsurTechs and MGAs to digitally transform their businesses,” said Manish Shah, President and Chief Product Officer at Majesco. “The rapid rise in innovative products, advancements in distribution channels, , customer expectations and risk environment are defining a new era of insurance, that require next-generation platforms. We continue to be focused on innovation, speed to implementation and upgrade that keep our customers on the leading edge of a fast-changing market.”
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Majesco
Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
