Majesco | June 09, 2021
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced cloud-native core containerization for Majesco P&C Core Suite and Majesco L&A and Group Core Suite to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud.
Majesco P&C Core Suite and Majesco L&A and Group Core Suite are built as Docker images, orchestrated using Kubernetes, and deployed as Helm charts enabling customers to run on any cloud infrastructure. Majesco will continue to assess the right balance of further decomposition into granular microservices based on customer and market-driven demands with the first decomposition completed. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers.
With cloud-native core Containerization support, Majesco's cloud operations will be more reliable, responsive, and secure. Additional benefits include:
• Consistency – Enable consistency of deployments across all environments through the same app deployment structure and infrastructure configurations.
• Dynamic Scalability – Dynamic adjustments to computing resources by automatically scaling to new nodes based on load for better ROI and operational readiness.
• Superior Availability – Separating functionality across containers and monitoring for problem detection and self-healing to deliver higher availability.
• Enhanced Security - Applications isolation from the host and each other, Kubernetes secrets for provisioning passwords/keys, and automatic app management and deployment provides enhanced security.
• Faster Deployment - Standardized docker images enable faster deployment of Majesco Apps and faster patching for host OS.
• Cloud Platform Agnostic - Abstraction from host OS, an inherent feature of containerization, makes the app run on any cloud platform.
• Cost-Effectiveness - Scaling of lightweight containers, auto-scaling, and a high degree of automation significantly reduce operating costs with horizontal scaling.
Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America, and a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company also received an XCelent award for Depth of Service in Celent's Policy Administration Systems: North America Property Casualty Report and named the Top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, use Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise, and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together, we have a fantastic track record of innovation and real-world results.
State Farm | July 07, 2020
The Louisiana Insurance Commission has approved a 9.6% permanent rate decrease in auto insurance policies for all State Farm Insurance policyholders in the state, commissioner Jim Donelon announced on Monday. This marks the fourth occasion State Farm has reduced rates in recent times. In 2018, the insurer slashed 4.5% off auto insurance rates, followed by a 6.5% cut in 2019 and a 2.3% reduction last March. The company has decreased rates by a total of 23% in the last two years.
Bestow Inc. | December 09, 2021
Life insurance technology company Bestow and Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), today announce a first-of-its-kind enterprise partnership and the launch of a new, entirely digital term life insurance offering called Term-in-10SM.
"As one of the most respected life insurers in the industry, Equitable is the ideal first enterprise carrier partner for us at Bestow, We came together because of our joint commitment to build innovative solutions that expand access to financial protection. We're excited to deliver our unique product expertise and platform to Equitable Advisors, Financial Professionals and customers."
- Melbourne O'Banion, Co-Founder and CEO of Bestow
Powered by Bestow's industry-leading platform, Term-in-10SM was designed for Equitable from the ground up to combine the best of digital distribution paired with the tailored support of a financial professional. It is solely available through Equitable Advisors Financial Professionals who are agents of Equitable Network, LLC — providing a digital solution to existing customers and leveraging technology to reach and serve the next generation of customers.
Existing and prospective Equitable customers work with a financial professional to determine their specific life insurance needs and then apply for a term life insurance policy entirely online. If approved, coverage begins immediately. Bestow's platform transforms the typical several-week term life insurance buying experience into one that is accomplished in about 10 minutes. Designed with simplicity, affordability and value in mind, Term-in-10SM never requires a medical exam and is available in robust coverage amounts up to $1 million and in 10, 15 and 20-year term lengths.
"Insurance is personal. There are substantial advantages to using a financial professional and life insurance agent who understands the specific requirements each client needs to protect their family and provide them with a comprehensive financial strategy, We're excited about the relationship with Bestow as it allows us to provide a better more efficient experience for our current and prospective clients."
- Dave Karr, Chairman of Equitable Advisors.
Bestow's enterprise offering delivers a single source application, underwriting, and policy servicing experience that supports the entire end-to-end sale and administration of term life insurance — with more products to come. Leading carriers like Equitable Financial Life Insurance Company can license Bestow's platform to develop and launch digital solutions that serve new customers, enhance financial professional productivity and reduce substantial cost and time hurdles that come with the administration of term life insurance products. In addition to offering a full-stack solution, Bestow provides the expertise and resources needed to launch digitally optimized life insurance products.
"The insurance space is facing unprecedented change and opportunity given tech-driven disruptions and rising consumer expectations coupled with cost and competitive pressures, We also recognize that the pandemic prompted interest in new protection solutions and the way Americans shop for these products as more folks shifted their attention to focusing on their holistic well-being over the past year. The partnership with Bestow is another important step in our strategy to help financial professionals serve the needs of their clients with innovative and tailored solutions designed with today's consumer in mind."
- Hector Martinez, Head of the Life Insurance Business at Equitable.
Bestow is the leading life insurance technology company. As both a direct-to-consumer destination and an infrastructure provider, Bestow powers instant life insurance solutions for businesses of all sizes, across any channel. In a world full of unknowns, Bestow is on a mission to make life insurance accessible to millions of underserved families by creating the best possible products and experiences that serve future generations.
Equitable* has been one of America's leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.