MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the version 12 of the market-leading Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C. Majesco was named a Leader in the September 2021 Magic Quadrant for P&C Core Insurance Platforms, North America  and named a Dominant Provider in the May 2021 Novarica Market Navigator Property/Casualty Policy Administration Systems.
Insurance leaders are replacing their legacy or modern, on-premise core with next-gen SaaS core platforms that are built on the cloud, leverage APIs and microservices, integrate with robust ecosystem of partners, and AI/ML-enabled reflecting a major technology and business shift that requires carriers to be agile, innovative and a step ahead of ongoing market shifts.
“We are excited about our latest release to help insurers, reinsurers, startups, greenfields, brokers and MGAs rethink and strengthen their business with advanced, innovative core capabilities,” said Manish Shah, President and Chief Product Officer at Majesco. “The demand for broader digital and data capabilities with core offers companies intelligent core to meet today’s demands while preparing for tomorrows with speed and flexibility. We will continue to work with our customers, partners and the industry to drive outside-in capabilities that enable them to meet their customer demands, needs and expectations.”
The release highlights Majesco’s continued strategic investment in the Majesco P&C Core Suite with a deep focus on digital enablement, innovative capabilities, and embedded intelligence that keeps the industry at the leading edge of change. Key elements for the P&C Core Suite release include:
- Cutting Edge Self-Serve Bureau Adoptions – Commercial Lines and Workers’ Compensation insurers now have a cutting-edge capability to stay current with the latest rates, rules and forms to remain compliant with regulatory changes and ISO, NCCI and other bureau content. The innovative self-serve capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process while providing an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention.
- Next Gen Customer Experience - Majesco Digital Customer360 for P&C is pre-integrated with Majesco P&C core and offers a holistic, seamless, and compelling experience across policy, billing, and claims – a shift from the typical transactional experience to a true customer experience.
- Next Gen Underwriting Workbench - Majesco Digital Underwriter360 for P&C is pre-integrated with Majesco P&C Core, providing insight-driven underwriting that enhances underwriting effectiveness and profitability, drives underwriter productivity, and creates greater transparency and collaboration with brokers.
- Advanced Billing Expertise for Large Commercial & Loss Sensitive Policies – Majesco Billing for P&C expands expertise for Large Commercial and Loss Sensitive policies with advanced billing capabilities including capture of estimated and deferred vs. billable premiums, roll over of escrow and deposits, retrospective audits, paid and incurred losses, large third-party deductibles, dividends and more.
- Embedded Intelligence – Signals, an advanced analytic capability of Majesco Business Analytics (MBA) is fully pre-integrated with Majesco P&C Core Suite. Leveraging robust machine learning capabilities, it empowers the ability to detect patterns, outliers, trend changes and other business events that generate automated alerts and notifications to Underwriters and Claim Adjusters for further investigation. The embedded analytics enhances end user effectiveness with insight learning and contextual analysis using natural language explanations and data visualizations.
- Enriched Auto Reconciliation and Balancing – A new capability for Majesco Billing for P&C that automatically reconciles the trial balance, including general ledger feeds daily, while providing automated alerts to specific users with precise details in case discrepancies that provide increased visibility to accounting and finance.
- Containerization and Auto Scaling – Majesco P&C Core Suite has been re-architected as Docker images, orchestrated using Kubernetes and deployed as Helm charts enabling insurers to run on any Cloud to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud.
- Strengthened Data Privacy and Security – Majesco P&C Core Suite is “Veracode Verified” with the “Veracode Standard” certification. The Majesco P&C Core Suite follows conventional best practices such as firewalls, Dynamic Application Security Testing including external certifications, but now with the “Veracode Standard” certification, addresses security at the software code level through Static Application Security Testing.
“Recent Aite-Novarica research shows that core systems implementations continue to be a top priority for insurers in 2022. Carriers are finding that solutions with advanced self-service capabilities, robust out of the box policy and billing functionality and the ability to deliver an exceptional customer experience are critical in achieving business goals in a timely manner. Version 12 of Majesco P&C Core Suite provides key digital, policy, billing and architectural enhancements that can help insurers improve both internal operations and customer service,” said Martina Conlon, Head of P&C Insurance Practice at Aite-Novarica Group.
 Gartner, “Magic Quadrant for P&C Core Platforms, North America”, Sham Gill and James Ingham, September 14, 2021. In 2019, this report was titled “Magic Quadrant for P&C Insurance Core Platforms”, North America”.
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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.