Spotlight

Medical history is handled in many different ways and forms. There are different types of diagnostic tests, patient forms, and check-ups that generate medical data, but none of these is consolidated in a consistent fashion. In the olden days, when patients were handled by family doctors and general practitioners, medical records could be consolidated because a patient would see the same doctor throughout their lifetime. This is a far cry from today’s healthcare system, which is dominated by health maintenance organizations (HMOs) and insurance companies that create a fragmented environment for patient data.

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INSURANCE TECHNOLOGY

Majesco Expands New Partnerships and Apps in Majesco Digital1st® EcoExchange

Majesco | December 17, 2020

Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. Majesco, a worldwide supplier of cloud insurance platform programming, today announced the expansion of new partnerships and applications in the Majesco Digital1st® EcoExchange, a curated live, plug-n-play environment and administration center point of Majesco Digital1st® Insurance platform. These new applications will give new business capacities to quicken the insurance industry advanced transformation. “Majesco Digital1st® EcoExchange is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital,” says Manish Shah, President and Chief Product Officer at Majesco. “We’re continuously working with today’s top industry partners to develop apps for the Digital1st® EcoExchange. We’re proud to hear these new apps are helping insurers digitally transform their business and better service their customers and agents.” Majesco's Digital1st® EcoExchange has an assortment of applications accessible to enable all parts of the insurance esteem chain, ranging from a non-interactive assistance call to a comprehensive solution that can organize numerous supplier administrations. The most recent update includes a new application from industry partner Infinilytics and new partner relationship with Innovative Systems. Infinilytics A software company that provides Cloud based AI insights and analytics from unstructured data to the insurance industry. Its Charlee Insights app, available on Majesco’s Digital1st® EcoExchange, is a state-of-the-art Insights Engine that uses artificial intelligence and machine learning to provide a deep and intuitive understanding of information from all types and sources both internal and external and structured and unstructured. Charlee Insights API can be integrated with any claims management system in real-time or in a botch mode and includes red flags, alerts, recommendations and litigation predicted flags. Its’ Insights are based on structured and unstructured claims data, and internal external (enrichment) data including documents. For more information, please visit the app page. Also check out the podcast around the app. Innovative Systems In addition, Majesco signed an agreement with Innovative Systems, a leading provider of high-accuracy enterprise data management and risk management solutions and consulting services to major organizations. The FinScan AI-powered compliance screening technology will be the first app offered from Innovative Systems on the EcoExchange. FinScan accurately screens against more than 70 international government-provided compliance lists with its advanced data quality and data matching algorithms. FinScan also maintains these lists by continuously monitoring list sources for additions and revisions, promptly updating lists with the latest changes, and parsing, standardizing and reformatting list data before matching. Examples of compliance lists include the Office of Foreign Assets Control (OFAC) SDN, HM Treasury, and EU Consolidated. FinScan also screens against any internal do-not-do business lists and integrates with all third-party high-risk databases. These additions underscore Majesco’s continued investment in the Ecosystem and Platform strategy that enable insurers to create personalized and compelling digital experiences for its customers and agents by leveraging innovative capabilities and data sources offered by a growing diverse community of partners. It emphasizes the growing need for insurers to adopt robust ecosystems and help customers easily innovate and compete in this new digital era. 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.

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INSURANCE TECHNOLOGY

Joyn Insurance, An Insurtech Company, has Secured an Insurance Partnership and Investment from SiriusPoint Ltd.

Joyn Insurance | July 07, 2021

Joyn Insurance, an insurance technology startup, announced a strategic insurance partnership and investment from insurance and reinsurance firm SiriusPoint Ltd. The companies will collaborate to change small and mid-market commercial insurance in the United States through digital technologies, data analytics, and automation. Joyn will begin operations as a Managing General Agency ("MGA"), focusing on the neglected requirements of companies seeking risk transfer solutions in the $100 billion U.S. SME sector. The business will provide a one-of-a-kind commercial insurance experience while also underwriting Excess and Surplus ("E&S") products in six industrial verticals. Joyn, which will begin underwriting on July 1, 2021, collaborates with SiriusPoint, a top 20 global re/insurer that launched earlier this year with more than $3 billion in the capital. SiriusPoint will be a founding investor in the business, providing insurance capacity backed by a solid reinsurance panel. SiriusPoint will also support Joyn in its strategic orientation, assisting in shaping its growth trajectory. About Joyn Joyn Insurance Services Inc. is a recently established Delaware-based licensed producer and general agent operating under the "Joyn" SM and "Joyn Insurance"SM brands. Joyn is an insurtech company that provides business insurance in the small and middle market. Technology, data, and expertise drive joyn to provide brokers and customers with a transparent and trustworthy experience. About SiriusPoint SiriusPoint Ltd. is a top 20 global insurer and reinsurer that serves customers and brokers in over 150 countries. We are listed on the New York Stock Exchange and have offices worldwide (SPNT). We write a global portfolio of Accident and Health, Specialty, Property, and Runoff risks with expertise and discipline, combining data and innovative thinking. SiriusPoint's operational companies have a financial strength rating of A- (Excellent) from AM Best, S&P, and Fitch, with over $3 billion in total capital.

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INSURANCE TECHNOLOGY

Mountain West Farm Bureau Upgrades Majesco Policy for P&C to Majesco CloudInsurer®

Majesco | October 11, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that long-term customer, Mountain West Farm Bureau, upgraded Majesco Policy for P&C to Majesco CloudInsurer®, a move that will improve operational effectiveness and decrease infrastructure costs. This move reflects the consistent move of existing Majesco customers to the Cloud. Like others who have made this shift, Mountain West hopes to leverage this upgrade to optimize their operations while enabling the company to take advantage of automatic monthly upgrades for software, rate, rules, and forms, and more on CloudInsurer®. Founded in 1948, Mountain West Farm Bureau is a regional multi-line property & casualty insurance company, serving the needs of individuals, families, farms and ranches, and businesses throughout Wyoming and Montana. Mountain West employs just over 200 individuals, with more than 120 people operating from their home office in Laramie, Wyoming. They have approximately 50 claims field representatives assisting their clients across Wyoming and Montana, and less than 30 IT professionals working from both the home office, as well as remote locations across Wyoming, Montana, Idaho, New Mexico, and Utah. The organization has more than 100 contracted agents located throughout Wyoming and Montana and is committed to providing financial peace of mind to customers with competitive, quality products and services. We take pride in our work and challenge ourselves to be proactive and continually improve the delivery and quality of our products and services to our customers. Our strategic relationship with Majesco has enabled our business transformation and our move to Majesco CloundInsurer® will continue our transformation by enabling us to focus on our operations, while keeping us at the leading edge to meet the ever-changing market and customer demands. This transition to the cloud has improved efficiencies and helped improve the ROI of our investment with Majesco. We look forward to the future with Majesco. - Tim Hays, Vice President of Information Technology at Mountain West Farm Bureau. As the industry continues to change and adapt to new market demands, insurers recognize they must keep pace to enable growth and remain competitive. Migrating to the cloud is a critical step in truly becoming digital and can help organizations engage with customers, bring products to market faster and capture rapidly unfolding market opportunities. Majesco CloudInsurer® is the industry chosen platform that is built to handle key business applications and services to match the reality of the changing market and increasing demands of customers. Over 65% of Majesco’s customers are on the cloud, making it the dominant deployment option. We’re thrilled with the successful cloud migration for Mountain West Farm Bureau and the opportunities ahead for them as a result of this transition,. Majesco CloudInsurer® has been at the forefront of the transition to cloud since the beginning, providing cutting-edge capabilities that increase flexibility, greater service and a modern insurance experience for our customers like Mountain West Farm Bureau. As a recognized market leader, we’ve built a reputation on helping organizations transform business operations to better meet the needs of today’s digitally-charged customer. - Prateek Kumar, EVP of Sales at Majesco. About Majesco 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 an amazing track record of innovation and real-world results.

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Spotlight

Medical history is handled in many different ways and forms. There are different types of diagnostic tests, patient forms, and check-ups that generate medical data, but none of these is consolidated in a consistent fashion. In the olden days, when patients were handled by family doctors and general practitioners, medical records could be consolidated because a patient would see the same doctor throughout their lifetime. This is a far cry from today’s healthcare system, which is dominated by health maintenance organizations (HMOs) and insurance companies that create a fragmented environment for patient data.