Majesco Paves the Way for a Smarter Future in Insurance with Fall ’23 Product Release

Introducing Majesco Copilot, the first-ever GenAI embedded in core suites with Majesco P&C and L&AH insurance platforms

MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader in cloud insurance platform software for business transformation, announced the general availability of its Fall '23 Release. The update introduces GenAI powered Majesco Copilot and includes new capabilities across all Majesco software product offerings, delivering integrated intelligence and operational effectiveness spanning across Core, Data, Digital, Distribution, Risk and Compliance for P&C and L&AH insurance.

With a deep commitment to embedded intelligence, the Fall '23 Release delivers a wide range of transformative and innovative capabilities and enhancements that drive operational effectiveness, amplify customer engagement, empower innovation, and accelerate growth. The synergy of these innovative capabilities, woven seamlessly into the Next Generation Architecture, unlocks the transformative power needed in a world where adaptability and innovation are paramount, catapulting businesses towards a future of unrivaled possibilities.

“We are thrilled to unveil the Fall ’23 Release, because we’re not just introducing enhancements; we’re igniting a transformative and intelligent era for insurance software. With our revolutionary Intelligent Core Suites for P&C and L&AH, now integrated with Majesco Copilot, we are trailblazing the insurance software market by infusing advanced data and analytics into our solution as the guiding light toward an intelligent future,” said Manish Shah, President & Chief Product Officer at Majesco. “I’m immensely proud of the Majesco Team, their relentless commitment to innovation that has turned this vision into a market-changing reality. Together, we raised the bar for what the insurance needs to meet the continuous market challenges and opportunities. We encourage our customers, partners, and potential customers to dive in and experience the next generation of intelligent offerings with Majesco’s Fall ’23 release.”

“The Fall '23 Release showcases Majesco's commitment to innovation and offers key functionality for insurers to harness data and insights for smarter business decisions,” said Martina Conlon, Head of Insurance Insights Practice at Datos-Insights. “The company's rapid implementation of cutting-edge technologies, coupled with new functionalities, is impressive and certainly positions them well in the overall industry landscape. The industry will certainly be watching closely as these new offerings are adopted and implemented."

Reflecting new and enhanced capabilities across the entire spectrum of solutions and the insurance value chain, Majesco is ushering the insurance industry into the future. Here are some key features of the Fall ’23 Product Release:

Breaking "Speed to Value" Barriers:

• Announcing Product Studio, a new No-Code tool for configuring and maintaining complex insurance products
• Majesco HealthCheck, one-of-a-kind capability which helps check the Quality of Configuration to ensure higher maintainability, security, performance, and usability
• New 3^rd Party Integrations with Plug-n-Play capabilities
• Deeper Domain capabilities for broad range of insurance products and operational needs

Expansion of Product Portfolio

• 8 New Individual L&AH Products
• Unified Billing for P&C and Individual Life for multi-line carriers
• Enhanced Onboarding and Producer Management for effectively managing distribution channels
• Comprehensive risk management with Loss Control

Best-In-Class Turnkey Compliance:

• Bureau Updates for 52 US jurisdictions across major commercial lines with effortless monthly updates
• Comprehensive Paid Family Medical Leave solutions
• Robust Distribution Compliance ensuring adherence to regulations

Technology Advancements:

• Advanced Cloud-Native Services for higher scalability
• Majesco Cloud Control for intuitive insights into cloud operations
• Majesco API Store with Out-of-the-box API Gateway for enterprise API Management

Market Pioneering State-of-the-Art Embedded Analytics:

• Majesco Copilot, GenAI powered embedded assistant for operational effectiveness and actionable insights
• Cutting-edge closed loop advanced analytics for actionable insights
• Innovative Data Lakehouse for comprehensive access to all data

Majesco's products have received recognition from industry experts such as Celent, Gartner, Aite-Novarica, Forrester, Quadrant Solutions, Everest Group, and ISG. In addition, Majesco was ranked #1 in both P&C and L&AH in Quadrants’ Spark Matrix, recently earned a top 100 spot in IDC’s 2023 FinTech Rankings, named to FinTech Globals’ Top 100 InsurTech companies for 2023 and ranked 23^rd in the 2023 Software Top 100 Companies.

To learn more about the new features and capabilities available in Majesco Fall '23 Release, please visit our website at www.majesco.com.

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’s 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 don’t 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.