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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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.