INSURANCE TECHNOLOGY

Majesco Expands Distribution Management Platform Capabilities

Majesco | April 06, 2021

Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today reported the overall accessibility of new key capabilities to Majesco's Distribution Management platform.

“Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers,” said Manish Shah, President and Chief Product Officer at Majesco. “We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary. In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.”

This most recent delivery features Majesco's continued strategic investment in distribution management by expanding innovative, new digital, distribution and data capabilities to speed distribution on-boarding and optimize the distribution operation to drive profitable growth. A portion of the key new capabilities include:

Distributor Performance – Enables carriers to configure rules that automate identification of under performers and flag for termination. The approval workflow includes low performance warning notifications sent to producers prior to review of a potential termination decision. After review, the termination can be cancelled if performance is met or accepted.
Communication Personalization –Enhanced capabilities through configuration of communication and notification preferences for distributors or their parent organization. This capability will enable carrier’s flexibility to better service distribution channels that can influence growth in business from those channels.
Rapid Mass Onboarding –New mass onboarding that speeds and streamlines the onboarding process and enables hundreds or thousands of producers to be onboarded simultaneously through a simple file load rather than a manual process, accelerating business growth.

“Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels,” said Karlyn Carnahan, head of Celent’s North American Property Casualty practice. “If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation. Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.”

The present insurers should unite a scope of distribution, data and digital capabilities as a foundation of a next-generation distribution operation to successfully expand their reach, brand and customer engagement in a multi-channel world. Majesco Distribution Management offers a next generation solution to deal with the intricacies of a changing distribution landscape utilizing innovation that keeps the insurance suppliers on the main edge by diminishing an opportunity to execute a new distribution plan or consolidate the current channel landscape onto a common platform. From dealing with multiple channels, to handling intricate and high-volume changes, and personalizing payment schedules for channels, to obliging integration with existing center insurance systems, Majesco Distribution Management empowers agility, innovation 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® eConnect, 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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