CLAIMS
Majesco | August 31, 2021
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has been recognized as a Challenger in the August 2021 Gartner Magic Quadrant for Life Insurance Policy Administration Systems, North America.
Per the report, which evaluates 15 vendors, “The pace of policy administration system adoption by life insurers in 2020 continued uninterrupted despite COVID-19. North American life insurance CIOs can use this research to identify vendors that are most relevant to their future.”
“The life insurance industry was upended in 2020 due to the COVID-19 pandemic. But through that upheaval, life insurers in North America continued to move forward with legacy modernization and implementation of new policy administration systems at a pace consistent with 2019,” wrote Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “This signals that CIOs took advantage of this time to eliminate technical debt and prepare for the future. And the pace could accelerate. Life insurers expect to spend more on legacy modernization in 2021 than they did in 2020.”
The report also notes, “As insurers focus on getting ready for the new normal or resetting for new market conditions, they must be adequately prepared with the right foundation for success. As life insurance CIOs execute against their modernization roadmaps, they should be aligning core system characteristics with those needed in what will be a very dynamic and fast-changing market. Examples include:
Low-code product and system configuration to rapidly launch new products and to provide a more adaptable and easy-to-configure user interface.
A service-oriented architecture (SOA) that exposes insurance products, rules, algorithms and processes to wider enterprise systems. In addition, it supports integration and ease of upgrade using technologies common to all life insurance business models — such as APIs and an enterprise service bus (ESB).
SaaS or off-premises deployment options that support seamless introduction of state-of-the-art native technologies offered by technical giants, such as Amazon or Microsoft, and that provide ready-made resilient infrastructure.
Continuous integration/continuous delivery (CI/CD) that provides seamless and frequent upgrades to avoid technical debt accumulation.
Digital accelerators, including business intelligence (BI) capabilities, with an array of dashboards and key performance indicators (KPIs) that assist with decision making and portal capabilities to deliver a multichannel, intuitive user experience configurable for different distribution channels and devices.
Maintaining safeguards around security and compliance.”
“We have seen the acceleration of life insurance companies moving to a robust, cloud-based core insurance platform that will position them to compete with new products, services and customers experiences demanded in our new normal,” stated Adam Elster, CEO of Majesco. “We are honored to be recognized as a Challenger and will continue our investment and commitment to our customers and the industry in providing next generation SaaS solutions that keep them ahead of the competition and market changes. We believe that the report showcases not only our robust capabilities, but our Ability to Execute with the tremendous growth momentum over the last year in terms of new wins and our growing strategic partnerships with systems integrators supporting our implementations. In our opinion, this recognition reaffirms that we are helping our customers seamlessly transition to building the future of insurance with digitally enabled solutions.”
Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing, and claims across a wide array of products, both traditional and new. It brings a host of exciting, innovative capabilities to life, group, and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
“Nearly every insurance company is in the midst of transforming their business, recognizing the significant need to improve, both operationally and innovatively, to enable profitable growth,” said Manish Shah, President and Chief Product Officer of Majesco. “This era of life insurance is different than even just two years ago and Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and benefits insurance market that digitally enable carriers to meet the emerging shift in new customer needs and expectations while helping them maintain their competitive advantage.”
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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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Vertafore | June 10, 2020
Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance.
The new enhancements are built on Vertafore's ground-breaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.
Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly.
To help thousands of independent insurance agencies modernize and grow their business, Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance. The new enhancements are built on Vertafore's groundbreaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.
Vertafore announced the new offerings during its virtual Summer of Accelerate Kickoff as part of its roadmap to enable agency modernizing through four key areas: client digital experience, agency management, market connectivity and data insights. Data from Vertafore's customers shows that agencies that invest in these areas can see nearly three times the profitable revenue growth compared to industry averages.
Read More: Marsh Joined Forces with AXA XL to Launch Marsh DeliveryPRO Insurance Solution
Delivering the Modernizing the Agency vision through rapid product innovation
Vertafore's Modernizing the Agency approach helps independent agencies leverage a comprehensive strategy rather than simply buying and deploying ad hoc software. With a holistic strategy, agencies can trust that the digital tools they choose will not only integrate seamlessly and simplify workflows but also deliver the productivity, customer satisfaction and business gains they need to be more competitive.
Vertafore is unveiling a host of new solutions and enhancements in the four key areas shown to most help agencies thrive, including:
Client digital experience: Payment processing for InsurLink™, available later this summer. InsurLink equips independent agents to offer a branded, integrated self-service portal for their end-insured. Just launched in March, InsurLink has already received industry accolades and the new features illustrate Vertafore's ability to deliver products and enhancements faster than ever before. Agencies that leverage a client engagement platform are renewing customers at up to 5% points higher than those that do not.
Agency management: AMS360 Connect™, available now, and Sagitta Connect™, coming later this summer, to integrate Vertafore's management systems with leading CRM solutions; AMS360 Mobile™ to allow agents to use AMS360® on-the-go; Trust Account Management and more than 20 AMS360 enhancements in accounting, administration, ACORD, customer and policy, and workflow, coming later this summer with AMS360 20R1. Improving end-to-end automation and real-time data synchronization saves time, money and effort for both agents and the end-insured; Sagitta™ enhancements in servicing and accounting workflows with the Sagitta 20R1 release; QQCatalyst™ enhancements in performance and servicing workflows.
Market connectivity: Commercial Submissions, the industry's first AMS-integrated, real-time, end-to-end solution to automate commercial line submissions, coming this fall; AIM™ integration with TransactNOW® for MGAs and Sircon for Agencies™ to enable real-time market connectivity.
Data and insights: RiskMatch For Benefits® with benefits benchmarking, providing the industry's first real-time data platform as a service; and coming later this year, RiskMatch® Retention Prediction, using artificial intelligence and machine learning to help agencies spot at-risk renewals.
Read More: IBM And Aegon Join Forces To Enhance The Service For Around 800,000 Customers Digitally
A new approach to InsurTech: Vertafore's Titan technology
These major product updates are just a handful of the 1,000+ new features Vertafore plans to roll out this year, many built upon the company's groundbreaking Titan technology platform. The InsurTech industry's first truly open platform, Titan forms the backbone of the Vertafore solution suite, powering faster innovation, smoother integration and higher quality feature deployment.
Over the past year, we've turned out more value-added features than ever before, and you can expect that rapid innovation to continue, thanks to Titan, We've invested two years in building this open platform that now allows us to offer more capabilities faster, and with a more modern, mobile-first user experience.
- Chad Hawkinson, Vertafore's chief products and data officer.
Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly, but also integrate seamlessly with third-party solutions and other InsurTech tools. Built with bank-level security and data encryption, Titan is designed for real-time data interface and synchronization that empowers independent agencies to finally unlock and leverage their data, reduce redundancies, delight their customers and accelerate agency growth.
About Vertafore
For 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior Insurtech solutions to connect every point of the distribution channel. Vertafore's agency management, ratings, regulation, compliance, data and analytics, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider – including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference.
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AUTOMOBILE INSURANCE
Greater Than | June 22, 2021
Greater Than (GREAT), the AI data analytics provider, is taking engine underwriting into another period. The organization's AI opens future expense for mishaps per driver, in this way giving a period benefit of 12 to year and a half's over conventional risk models. A period advantage that generally changes how engine risk proactively will be moderated, overseen, and evaluated.
Data has consistently been a fundamental aspect of the insurance industry. Adding AI into the condition, an exact understanding and precise valuing of current clients' future risk and claims costs are added. As Greater Than's AI exclusively utilize fair-minded and undeniable data, it gives the furthest and reliable analyses applicable to any market across the world.
"Our AI platform is an extremely sophisticated tool that directly transforms current data into future risk information and potential damage outcome per individual. As our AI understands the future, with incomparable accuracy and granularity, it also gives our customers a huge time advantage", - says Liselott Johansson, CEO of Greater Than
As a component of the transportation development, more individuals start to utilize elective methods for transport services. Car-sharing, ride-hailing and pay-as-you-go services are such. Further developed innovation is expected to serve and straightforwardly cost such services. Generally, cars utilized by a few drivers have consistently been perplexing to endorse. An intricacy that AI risk management can tackle by its ability to cost per client and conduct behind the wheel at the same time shows current and future risk costs.
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