ANNUITIES

F&G Selects Majesco to Accelerate Digital Transformation

F&G, Majesco | January 13, 2021

Majesco, global leader of cloud insurance software solutions for insurance business change reported that F&G, a main supplier of annuities and life insurance, has chosen Majesco Distribution Management, Majesco Digital1st® Insurance and Majesco CloudInsurer® to empower their distribution activity and development methodology for digital change.

“In today’s competitive landscape, our ability to rapidly onboard numerous independent brokers, new distribution partners and support acquisition of books of business is crucial to our digital transformation strategy,” said Matt Christensen, SVP Insurance Operations at F&G. “We are proud to partner with Majesco to accelerate our digital transformation strategy better positioning F&G to capture opportunities and growth in a multi-channel world.”

F&G will execute Majesco Digital1st® Insurance to give a cutting edge maker commitment experience for onboarding and self-administration and Majesco Distribution Management for maker relationship management and compensation management all on Majesco CloudInsurer®.

“We are thrilled to have F&G join our customer community and help them accelerate their digital transformation and growth strategy with our next generation distribution solutions,” stated Eric Bustos, Vice President of Digital1st® and Distribution Management at Majesco. “As the insurance market rapidly changes, the distribution landscape is where insurance providers can create and sustain a competitive edge and where our solutions provide the next generation capabilities, today. We look forward to a long strategic partnership with F&G.”

Majesco Distribution Management offers a cutting edge answer for deal with the complexities of a changing distribution landscape utilizing innovation that keeps the insurance suppliers on the main edge by lessening an opportunity to execute another distribution plan or merge the current channel landscape onto a typical stage. From dealing with different channels, to handling mind boggling and high-volume changes, and customizing installment plans for channels, to obliging reconciliation with existing center insurance frameworks, Majesco Distribution Management empowers spryness, advancement and speed.

About Majesco
Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business and the future of insurance at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform  a cloud native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

Spotlight

While it might sometimes feel like a very settled market, motor insurance is changing as consumers’ needs change. A combination of the social and economic effects of the Covid-19 pandemic, inflationary forces and increased public concern about the environment are altering the way many U.K. consumers use their cars. One consequence of these changes is growing interest in non-annualised policies (NAPs) for motor insurance.

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CORE INSURANCE, COMPLIANCE

Utmost Group Upgrades Financial Compliance Capabilities with Napier

Napier and Utmost Group | February 01, 2023

On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider. Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner. The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms. Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services." (Source – Business Wire) About Napier London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry. About Utmost Group Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.

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CLAIMS, LIFE INSURANCE

Constellation Partners with SS&C to Bolster Mortgage Operations

Constellation Insurance | March 10, 2023

On March 9, 2023, SS&C Technologies Holdings announced that Constellation Insurance, Inc. has chosen SS&C Precision LMTM to assist in handling its expanding portfolio of commercial mortgages. Precise LM software for loan origination and servicing will help track pipelines, service loans, account for assets, manage regulators, and report on its increasing commercial mortgage portfolio on a single platform. Vice President of Mortgages and Real Estate at Constellation, Timothy Biggs, expressed, "We were impressed by SS&C's expertise, infrastructure, and continued enhancement to its commercial mortgage technology." Timothy Biggs added, "Precision LM is a robust and scalable solution, which will provide increased data and automation and improve efficiency and accuracy. Having Precision LM is especially important as additional regulations continue to be implemented." (Source – Cision PR Newswire) Constellation thinks the new system will make the lending process faster and more accurate, bring in more money, and help the company manage risks better. Additionally, the cloud-based platform that Precision LM offers will help reduce the workload for Constellation's IT division. Bhagesh Malde, General Manager and Global Head of SS&C GlobeOp, remarked, "SS&C is committed to providing innovative software and value-added services to commercial real estate lenders and insurance companies." "This complex industry is evolving with increasingly complex stakeholder expectations. With our deep domain expertise and superior technology, we simplify commercial loan management for clients," he concluded. (Source – Cision PR Newswire) SS&C's Precise LM software also helps more than 130 banks, insurance companies, real estate investment trusts, and debt funds with lending. About Constellation Insurance Constellation Insurance, Inc., a leading insurance holding company, serves consumers and small business owners in the US and Latin America through its insurance subsidiaries - Ohio National Life Insurance Company, Ohio National Life Assurance Corporation, National Security Life and Annuity Company, and other affiliated (re)insurance entities in Latin America and the Cayman Islands. As of September 30, 2022, its insurance firms managed about $34 billion in assets. Furthermore, Constellation's equal partners, CDPQ and Ontario Teachers', oversee a combined net asset of roughly C$660 billion. This includes over C$140 billion in private capital investments.

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CLAIMS, RISK MANAGEMENT

GIA Singapore and Shift Technology Extend Fraud Management Alliance

Shift Technology | March 16, 2023

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