Majesco’s Fall ‘22 Product Release Empowers Insurers to Accelerate Innovation

MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of their Fall ’22 Release for all Majesco SaaS offerings including their market leading Majesco P&C Core Suite, Majesco L&AH Core Suite, Majesco Digital1^st, Majesco Analytics, Majesco Distribution Management, Majesco ClaimVantage Claims, Majesco Absence Management and Majesco Loss Control.

Insurance companies face many divergent challenges and opportunities. Customer expectations are rising, regulation is increasing, new risks are emerging, distribution channels are expanding, underwriting profitability is challenged, and digital demands are growing which are intensifying insurers’ business transformation to drive operational effectiveness and innovation. These challenges and opportunities intensify the demand for next-gen technology solutions that provide a foundation to adapt, innovate and deliver at speed the ability to execute on strategy and market shifts. The rising importance in adoption of platform technologies, APIs, microservices, digital capabilities, new/non-traditional data sources and advanced analytics capabilities are now crucial to industry leadership.

To be industry leaders and compete, insurers must look at every aspect of their business in the context of the future, what customers expect and demand, and in next-generation technology is foundational for that future. Those who focus on next-gen core, incorporate new sources of data and analytics, expand channels to reach new market segments and customers, offer innovative new products and value-added services are leaping forward from the competition in operational effectiveness and growth.

“It has never been clearer that the Insurance Industry is going through change. Industry needs are rapidly changing to align with volatile macroeconomic environment. While growth continues to be important, profitability is now taking a center stage in inflationary economy and major climate related events. Majesco’s product roadmap is relevant to current and future needs of our customers,” said Manish Shah, President & Chief Product Officer at Majesco. “Our Fall ’22 release launches new and innovative embedded analytics and digital capabilities to help our customer improve their combined ratio through AI-aided underwriting, loss control, operational efficiencies, distribution effectiveness and enriched customer experience.”

The Fall ’22 Release highlights Majesco’s continued approach to helping insurers achieve operational effectiveness and innovation. With this release we are announcing availability of new, innovative capabilities for Majesco Cloud Platform supporting P&C Core Suite, L&AH Core Suite, Digital1^st, Data and Analytics, Distribution Management, Loss Control & Absence Management offerings:

• Majesco HealthCheck – An intuitive platform for evaluating the configuration and customization of Majesco products. It provides a quantitative scoring and guidance in key areas to improve stability and overall TCO.
• Majesco Cloud Control – Self-Serve portal view and manage Majesco SaaS environments covering from infrastructure, application, availability, support tickets and more.
• Majesco API Management – Enterprise API Management across all Majesco products– built on Azure API management – to browse, subscribe, orchestrate, and manage APIs.

Beyond the key cross platform enhancements Majesco’s Fall ’22 Release also includes:

• P&C Core Suite – No-Code Billing configuration wizards, embedded property analytics, agent portal, integrated loss control, Reinsurance integration, new APIs, advancing intelligent and digital capabilities.
• L&AH Core Suite - Streamlined low-code digital experience and expanded multi-company capabilities supporting large insurers, TPAs and BPOs for L&AH Core Suite as well as intelligent, quick, and accurate claim intake for L&AH Claims.
• Majesco ClaimVantage Claims for L&H - Expanded ability to create standalone disability claims using APIs with the ability to use custom fields.
• Majesco Absence Management – Expanded support for Connecticut Human Rights and Opportunities Act.
• Majesco ClaimVantage Connect360 for L&AH – New time-off support Adoption/Foster Care for Court Dates, Bone Marrow, & Organ Donation.
• Majesco Digital1^st® - Personalized digital experiences for agents, employees & employers with new Digital 360 Solutions – Majesco Agent360 for P&C and Majesco Enroll360 for L&AH.
• Majesco Distribution Management --- - Enhanced onboarding capabilities to streamline and simplify the onboarding process helping carriers build efficiencies in their business operations.
• Majesco Loss Control - Equipment breakdown incorporated into the platform at all levels, allowing you to review equipment inventories and conduct a single survey with all necessary equipment while on site.
• Majesco Analytics - Improved underwriting profitability and lowered loss ratio with enhanced property risk insights through Property Intelligence built on extensive proprietary and public data sets and launch of a new subrogation model.

“Customer, market, and technology trends are driving change at a rapid pace and today’s insurers must continue to incorporate the broader digital, data, and core capabilities to deliver exceptional customer experiences that are critical to meeting these ever-shifting demands. Majesco’s Fall ’22 Release provides key core, digital, analytics, and other enhancements that supports these key capabilities required by insurers today,” stated Karen Furtado, Partner at Strategy Meets Action.

Majesco’s P&C Core Suite, L&AH Core Suite, ClaimVantage Claims Management, Digital1st Platform and Digital 360 Solutions have been recognized by industry experts including Celent, Gartner, Forrester, Aite-Novarica, Quadrant Solutions, and ISG.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.