INSURANCE TECHNOLOGY

Majesco Expands New Partnerships and Apps in Majesco Digital1st® EcoExchange

Majesco | December 17, 2020

Majesco Expands New Partnerships and Apps in Majesco Digital1st® EcoExchange
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.

Spotlight

The U.S. property and casualty (P&C) insurance market continues to rank among the most competitive in the world, and the competition is only getting stiffer. In an effort to differentiate themselves from the competition, many insurance carriers have turned to aggressive pricing in the form of lower premiums for policyholders. Still others have tried to pull ahead of the pack with self-service claims models or other specialized insurance products.

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