MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader in cloud insurance software solutions for insurance business transformation, is excited to announce the Spring '24 Release of its portfolio of software solutions, spearheaded by the revolutionary enhancements of Majesco Copilot. With this update, Majesco reaffirms its position at the forefront of the insurance technology industry, introducing cutting-edge Generative AI (GenAI) and other business capabilities that redefine how insurance professionals interact with their business solutions.
"The Spring '24 Release marks a significant advancement in empowering insurers to thrive within a complex and evolving landscape," said Manish Shah, President and Chief Product Officer of Majesco. "Artificial Intelligence, particularly Generative AI, is rapidly emerging as a pivotal driver of transformation across all industries, ushering in novel avenues for heightened productivity. As pioneers in Insurance, we are spearheading the integration of GenAI advantages into our offerings through Majesco Copilot within our Intelligent products. We are excited to see Majesco Copilot revolutionize insurers' operations, elevating efficiency, precision, and customer experiences to unprecedented heights. Moreover, it will augment our extensive product portfolio with a myriad of new features. This synergy enables insurers to optimize their operations while fostering innovation to address evolving risks, customer demands, and market dynamics."
Leading the Industry with Generative AI
The Spring ‘24 Release marks another significant milestone in Majesco's commitment to innovation and excellence. Majesco Copilot, already a cornerstone of efficiency, productivity, and support for insurance operations, now boasts enhanced capabilities that leverage the GenAI technology for actions. Users can now effortlessly copy quote, close claims, add notes, send emails, create detailed descriptions and more, all within the intuitive interface available on every screen of Majesco's solutions including P&C Intelligent Core Suite, L&AH Intelligent Core Suite, Loss Control, Digital 360 Solutions, and Distribution Management offerings. This advancement positions Majesco as the first in the industry to integrate GenAI within its entire portfolio of offerings, showcasing a dedication to driving the future of insurance business operations and technology.
"GenAI is the hottest topic in the industry. Key to successful deployment is an investment in a holistic data strategy with access to all data across an insurer’s portfolio of solutions,” said Karlyn Carnahan, Head of North America Insurance at Celent. “An embedded data and analytics strategy with seamless integration into existing systems and workflows across applications broadens the value and impact of the types of analytics a carrier can deploy. The fast and effective implementation of advanced GenAI technology opens new possibilities for improving and optimizing insurance operations.”
The Spring '24 Release 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. Highlights of the release include:
- P&C Intelligent Core Suite: Enhancements include an enhanced, intuitive Copilot feature for seamless task and action completion in Policy, Billing, or Claims, customizable Intelligent Core Landing Pages with intelligent insights, significant performance improvements, and the innovative Glovebox integration for a unified policy and billing overview for agents.
- Loss Control: Enhanced scalability and stability, enhanced Copilot capabilities, and streamlined adjuster onboarding with collaborative tools to reduce back-and-forth communication.
- Premium Audit: Expansion of premium audit capabilities supporting workers compensation and general liability.
- P&C CoreConnect: Introduces a workflow event bus for enhanced external platform integration, interactive self-calculating premium overrides for dynamic pricing adjustments, pre-integration with Digital Agent360, and a deeper comprehensive loss history view by integrating third-party and user-entered data.
- Enterprise Rating: Features include the unified Product Studio, integrated Analyzer for real-time policy analysis, and Lambda function support to replace outdated scripting with more efficient custom functions.
- L&AH Intelligent Core Suite: Upgrades focus on improving operational productivity and the customer journey with enhanced Copilot capabilities, expanded embedded business intelligence capabilities, enhanced holistic disability claims administration, and refined the underwriting process with intelligent solutions.
- Illustrations: Launch of illustrations for group, benefits, and worksite products to ensure consistent and reliable projections for products.
- ClaimVantage Enterprise Claims: Now featuring AI-powered claims guidance using a deep integration with EvolutionIQ, support for proportional loss and residual disability benefits, and a new single event creation for a holistic view of claims.
- Intelligent Sales & Underwriting Workbench: Includes AI for renewal cross-selling, enhanced user maintenance, and simplified commission structures for improved operational efficiency for group, voluntary benefits, and worksite products.
- Digital1st® Platform: Enhanced digital experience, UI improvements for faster interactions, and enhanced app engagement tools.
- Digital360 Portals: Majesco Copilot is now integrated across Digital 360 Portals enriching the Customer360, Agent360, and Group360 platforms with improved features and content.
- Data & Analytics: Expanded use cases for Copilot across all solutions, new data connectors, and integration of expanded datasets into the Data Lakehouse and ready-to-use reports across the solutions.
- Distribution Management: Enhanced compliance with NIPR automation for Florida State Appointments and integration with Document as a Service (DaaS) for superior document management.
“In the rapidly evolving world of insurance technology, Majesco has not just kept pace but is ahead of the pack. The Spring '24 Release with Majesco Copilot embedded in all solutions is an impressive accomplishment and clear indication that they are committed to innovation in the insurance industry,” said Martina Conlon, Head of Insurance Insights at Datos-Insights. “Their holistic data strategy including the data lakehouse, embedded business intelligence, embedded AI/ML models, access to partner AI/ML models and GenAI is a leap forward that others have not yet accomplished. This leadership and foresight in embracing cutting-edge technology positions Majesco to be a strong technology partner to insurers in their transformation journey."
Industry analysts recognize Majesco's leadership and innovation across the portfolio of solutions. Majesco's products have received recognition from industry experts such as Celent, Gartner, Datos Insights, 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 23rd in the 2023 Software Top 100 Companies.
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 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.
