MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced one of its long-time customers, MMG Insurance, a mid-sized regional insurer, was featured in Dato’s Insurance Technology Impact Awards Case Study Compendium 2023: Digital Initiatives. In its 12th annual year, the Insurance Technology Impact Awards program reviewed and selected 65 case studies of insurer technology initiatives that delivered real business impact. MMG insurance was featured in the mid-sized P&C insurer Initiatives category. MMG’s case study highlights their business goals, challenges, success factors and business impact delivered for the implementation of a next-generation Agent Portal built on Majesco Digital1st Platform.
MMG insurance has a 125-year history of offering superior service, technology, and a wide variety of property and casualty products that meet the changing insurance needs of individuals and businesses. As a customer-focused organization, MMG has been undergoing a business transformation of their core, data and analytics and now digital capabilities – all implemented on Majesco solutions. They wanted to replace their legacy agent portal with a new one built on a modern tech stack as part of a larger legacy transformation initiative. The insurer aimed to improve responsiveness, engagement, and support for its independent agents.
“I offer my heartfelt congratulations to MMG Insurance for being selected for the Insurance Technology Impact Awards Case Study by Datos. Their remarkable journey of transforming their core, data, and analytics, and now embracing a digital agent portal, truly highlights their unwavering commitment to delivering next-generation solutions that cater to the evolving market and digital landscape," states Manish Shah, President and Chief Product Officer. "In today's rapidly changing environment, insurance transformation is an ongoing mission that demands a technologically advanced platform and a culture dedicated to customer needs and adaptability. The collaboration between MMG Insurance and Majesco exemplifies the significance of forward-thinking insurers and customer-centric technology providers in achieving transformative outcomes.
MMG Insurance deployed Majesco’s Digital1st Platform, a low code no code solution, integrated with Majesco P&C Intelligent Core Suite leveraging built-in accelerators that can be used with web applications and APIs to access other solutions to replace its legacy agency quoting/submission portal. After only five months in production and now available in five states, the modern agent portal has led to a 6% increase in quote volume, a 7% increase in hit ratio, a 7% decrease in manual quote entry, and a 10% to 50% improvement in turnaround time. The improved ease of use enables agents to enter more complex risks, creating a 20% increase in average premium per policy. Together these results demonstrate the power of the solution to make it easy to do business with MMG Insurance.
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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 and 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.