MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader in cloud insurance software solutions, today announced the launch of its highly anticipated Fall '24 Release, packed with cutting-edge enhancements across its intelligent core platforms. The release underscores Majesco’s unwavering commitment to driving innovation in the insurance industry with groundbreaking Copilot capabilities and advanced GenAI integrations, and new innovations that set a new standard for unheralded operational transformation and optimization.
The Fall '24 Release brings new intelligent features powered by Majesco Copilot, the industry's first and only GenAI solution for core. This multi-modal GenAI is now embedded throughout the product portfolio. These advancements are designed to transform business processes through advanced GenAI automation, improving productivity, increasing operational efficiency, and reducing costs to unlock new levels of insurer performance.
Leading the Charge with GenAI and Majesco Copilot
Majesco’s latest release cements its leadership in leveraging AI to reshape the future of insurance. The new Majesco Copilot capabilities bring landmark transformative automation and optimization to daily insurance operations. For example, claim bill and invoice processing is redefined with intelligent document ingestion and automation, saving up to 2.5 hours per claim, significantly improving productivity and operational costs while enabling insurers to refocus on high-value tasks.
"With this release, Majesco continues to set the standard for AI-powered innovations in the insurance industry,” said Manish Shah, President, and Chief Product Officer at Majesco. “Our customers can now fully harness the power of GenAI across their operations, driving new efficiencies, lowering unit costs, delivering exceptional customer experiences, and raising the competitive bar in the market."
Karlyn Carnahan, Head of Insurance at Celent, added, “Majesco’s continued investment in AI and GenAI powered Copilot represents a pivotal shift in the insurance landscape. Their focus on automation and leveraging AI to optimize core business processes demonstrates a strong understanding of where the industry is heading. This latest release sets a high bar for insurers seeking to remain competitive and responsive to evolving market demands."
Innovative Capabilities Across the Entire Portfolio
The enhancements introduced with the Fall '24 Release extend across all Majesco’s product offerings, from P&C Intelligent Core, CoreConnect, Loss Control, L&AH Intelligent Core, L&AH Intelligent Sales and Underwriting Workbench, ClaimVantage Enterprise Claims, Absence Management, Digital1st Platform and Portals, and Distribution Management. Each product is now equipped with capabilities designed to help insurers elevate their user and customer experiences, reduce operational costs, and stay ahead in an increasingly competitive market.
P&C Intelligent Core Suite
- Copilot Automation: Game-changing feature automates bill and invoice processing, saving up to 2.5 hours per claim.
- Fast Upgrades: Significantly faster product upgrades while maintaining integrity of configurations.
- Enhanced Performance: All-around performance enhancements including up-to 30% faster APIs for core transactions.
- 360-Degree Portals: Seamless digital experience for agents, customers, and underwriters across all lines of business.
- FNOL360: Out-of-the-box claims intake support for multiple lines, including Personal Auto and CPP.
Loss Control
- Mobile-First Capabilities: Full support for 20,000+ smartphones with intuitive navigation and gesture controls.
- Faster System Integration: Revamped client import APIs improve response times and stability.
- Copilot Automation: Streamlines tasks and improves survey accuracy, boosting Risk Engineer efficiency.
P&C CoreConnect
- Simultaneous Quoting: Compare multiple products across carriers for underwriters, agents, and brokers.
- Sustainability-Focused: Paperless document options reduce operational costs and support environmental goals.
- Copilot: Provides real-time assistance and guidance, streamlining workflows and boosting productivity.
Enterprise Rating
- Enhanced Underwriting Insights: Integration with Majesco’s EcoExchange offers detailed property intelligence.
- Product Studio Copilot: Real-time user interaction for seamless Q&A and enhanced decision-making.
- Parent/Child Array Rating: Efficiently manages complex rating scenarios, such as multiple buildings on a property.
L&AH Intelligent Core Suite
- Copilot-Assisted Document Intake: Automates submissions and review processes, expediting decisions.
- Comprehensive Reporting: 50+ built-in reports and dashboards deliver a 360-degree business view.
- Fast Upgrades: Significantly faster product upgrades while maintaining integrity of configurations.
- Product Studio Copilot and Enhancements: Copilot-assisted configurations, Excel-like formula builder and visualized call chains simplify training and boost efficiency.
ClaimVantage Enterprise Claims, Absence Management & IDAM
- Regulatory Compliance: Supports compliance with key regulatory changes, including Paid Leave Oregon and Massachusetts Paid Leave.
- Automated Claim Processes: Configurable forms, automated eligibility checks, and benefit payments streamline operations and improve compliance.
Intelligent Sales & Underwriting
- Flexible Dental Plans: Tailored benefits for large employer accounts to meet specific needs.
- Seamless Product Integration: Ready-to-use integration with Life and Disability products for efficient workflows.
Digital1st Platform
- P&C Intelligent Core Integration: Synchronizes business processes for compliance with monthly regulatory updates, reducing maintenance overhead.
- Designer Studio Copilot: Introduction of Copilot recommendations for complex configurations.
- Enhanced User Experience: New features like QR Code support and reCAPTCHA improve security and user interaction.
- Advanced Analytics: Real-time data replication for more informed decision-making.
Distribution Management
- Copilot Assistance: Support for natural language inquiries and one-click onboarding simplify producer management.
- Dynamic Dashboards: Configurable dashboards from Business insights and self-service reporting and commission adjustments.
- Automated Commission Adjustments: Simplifies retroactive changes to producer compensation, boosting operational flexibility.
- Simplified Agent & Agency Onboarding: Enhanced onboarding experience for agents and agencies with pre-integrated third-party services for faster appointments and smoother setup.
As Majesco continues to set the pace for digital innovation in the insurance industry, the Fall '24 release marks yet another milestone in its mission to enable insurers to thrive in the future of insurance.
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 MGAs, greenfields and startups to some of the world’s largest insurers and reinsurers, rely on Majesco’s intelligent SaaS platforms solutions, with GenAI powered insurance data analytics, of core, data, analytics, distribution, underwriting, loss control, 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 1000+ successful implementations and 90% of our customers in the cloud 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.
