MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the general availability of version 22 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence Management – the second major release in 2021.
The latest enhancements have provided additional features to the product, including enhanced straight-through processing, improved user experience and configurability for effortless claims processing and enhanced compliance for absence management. While available separately, together the solutions provide an integrated disability and absence management (IDAM) solution for insurers to meet the increased demand for short-term and long-term disability insurance.
“We continue to place an emphasis on enhancements that optimize the business and provide ease of use for our customers,” said Raymond Law, SVP and General Manager, L&A and Group Products at Majesco. “This latest release further streamlines the solution, allowing for more advanced straight through processing paired with additional user experience features to drive operational effectiveness across the business.”
As the legislative landscape for absence management continues to evolve, Majesco is continuing its investment in compliance enhancements for Majesco ClaimVantage Absence Management to minimize the risk for its customers administering federal and state paid and unpaid leaves. With its June ‘21 release, Majesco has built Connecticut Paid Family and Medical Leave (PFML)— which goes into effect January 1, 2022— into the solution according to the regulatory guidance that was made available in March. As with previous new legislation, iterative enhancements will be made in the lead up to the rollout date as the regulations continue to take shape.
By adding Connecticut PFML to the solution more than six months ahead of the program’s rollout date, Majesco is providing its insurance carrier, Third-Party Administrators (TPA), and employer customers with substantial lead time to ensure they are fully prepared to effectively manage the new state-mandated paid leave program at the start of 2022. Once Connecticut PFML takes effect, the solution will handle the new PFML regulations when determining employee eligibility and benefit calculations. The built-in rules engine automatically determines employee eligibility based on the criteria specified by the law.
“We are proud to be enhancing our leading Claims solution as well as supporting new Absence leave legislation well in advance of the regulations effective date to help our customers to ensure they are well positioned to support and mange leaves before the rollout date,” commented Monique Bouffard, VP, Product Management. “Our absence experts have been meeting with customers in preparation for Connecticut PFML, just as we did for Massachusetts last year, to ensure a seamless rollout. Together, they provide the industry with a market leading IDAM solution needed in a rapidly changing marketplace.”
Among the highlights for the solutions are:
Majesco ClaimVantage Claims Management for L&H:
- New Configurability Options - Ability to configure Elimination Periods, Elimination Units and Duration of Benefits for Custom Cause values.
- Automated Payment Calculation Enhancements - Disability Payment Calculator with Duration of Benefits for Custom Cause values for 5- and 7-day work weeks.
- Straight-through Processing – Added the ability to adjudicate a claim based on the waiting period at the benefit level.
- User Experience Updates – A new correspondence panel brings together all call records, notes, and files into a single, easy-to-use source for accessing all claim-related correspondence.
Majesco ClaimVantage Absence Management:
- Connecticut Compliance - Connecticut Paid Military Family Leave, Connecticut Paid Family Violence, Connecticut Paid Family Leave are all now available with iterative changes made on an as needed basis. Connecticut Military Family Changes take effect on 01/01/2022.
- District of Columbia Compliance- District of Columbia Family Medical Leave Act Public Health Emergency is now available.
- New York Compliance - New York Crime Victims intake update.
“In a dynamic market such as Group and Voluntary Benefits, insurance carriers face a significant array of challenges as they plan for a rapidly evolving future,” said Rob McIsaac, EVP, Research & Consulting at Novarica. “Regulatory changes, demographic shifts, cost pressures and increases in competition from both traditional and non-traditional sources, all conspire to create a constant “raising of the bar” on functional and operational efficiency. For technology solution providers who want to be strategic partners to these carriers, continuing to both increase functional capabilities while supporting better and more flexible integration of components, becomes key to future success. Majesco’s recent announcement illustrates the importance of continuing to drive forward with functionality and integration. The competitive pressures across the entire benefits ecosystem are likely to increase as we move toward a post-pandemic era.”
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.