MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced that Aite Group named Majesco a “Best-in-Class” Vendor in the Aite Matrix: 2020 U.S. P&C Core Systems Evaluation Report. Using the Aite Matrix, a proprietary Aite Group vendor assessment framework, the Matrix Report evaluates the overall competitive position of each vendor, focusing on vendor stability, client strength, client services, and product features. Based on qualifying criteria, 37 vendors were invited to participate with only 14 agreeing to the evaluation. “Best in Class” qualification requires a score of 91% or more overall across all four categories. The report explores the latest trends within the core systems market and the unique ways technology is playing role in addresses new market needs and challenges while also comparing the vendors’ offerings and strategies and highlights their primary strengths and challenges which helps insurance carriers make informed decisions as they select new partners.
“The best way for carriers to create a more digital experience is with a foundation of data. This means that a core system’s ability to seamlessly integrate copious amounts of existing and emerging data into carrier workflows is critical for a digital evolution. Majesco has constructed a solid data integration function for Majesco Policy for P&C,” says Aite Senior Analyst Jay Sarzen. “The Majesco platform can accommodate and integrate a wide range of data for carriers across most functions without having to make any customizations and offers clients full “out-of-the-box” data integration support for all of the key insurance functions except for reinsurance, which can be supported through customization. Majesco clearly delivered on a promise made a few years ago to enrich its digital capabilities, and there is no reason to believe that it will stop trying to deliver on those promises.”
“Majesco continues to be forward-thinking with new, innovative technology that helps insurers meet the needs of today’s and tomorrow’s digital customer,” says Adam Elster, CEO of Majesco. “We are honored to be named a 'Best-in-Class' vendor by Aite Group in the P&C insurance technology space. This recognition is indicative of our commitment to delivering next-generation SaaS and cloud platform solutions that enable customers to modernize, optimize, innovate and stay ahead of market demands and industry competition.”
Some of the capabilities highlighted by Aite Group were:
- Majesco provides full support for the following components with its core system: rating engine, document generation, billing and claims. Majesco can provide CRM and reinsurance capabilities with customization.
- Majesco Policy for P&C’s front end uses documented APIs, 90% of which are considered open APIs.
- Third-party data integration is fully supported for rating engine, document generation, billing and claims. Majesco can support reinsurance with customization. Majesco fully supports open documentation for third-party integration for all of these components but reinsurance, which can be supported with customization.
- Both business stakeholders and IT staff are able to adjust workflow and rules based upon imported ETPD if needed.
- If can extract, import, and synthesize standard data, photos, social media posts (partial support or customized), telematics data (partial support or customized), structured data, geological data, geospatial data, weather data (partial support or customized), flood zone data, hazard data, and personal financial data. All of this (even when only partial support is offered) can be done without modifying the functional source code.
- Data can be imported in the client’s file format of choice.
- The system can automatically route workflow based upon imported ETPD.
- There is open documentation about how to prefill with new data sources.
“We’re so proud to be named by Aite Group as a 'Best-in-Class' vendor for P&C Core Systems. This reflects our relentless and purposeful innovation that helps insurers, reinsurers, InsurTechs and MGAs transform their business,” said Manish Shah, President and Chief Product Officer at Majesco. “We’re committed to deliver the industry with a next-generation core suite complete with out-of-the-box capabilities, robust functionality and flexible configuration, a mature cloud platform that is necessary to succeed in this new era of insurance.”
For more information, view the Aite Group report at this link.
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 190 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® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.