Aligning Our Efforts with Insurance Industry’s Progression Story

Majesco, a global leader in cloud insurance software solutions, has officially announced its Spring 24 release. According to certain reports, the development is expected to introduce several new enhancements across the company’s already popular Majesco Copilot. These enhancements include enabling the solution’s user base to effortlessly copy quote, close claims, add notes, send emails, create detailed descriptions, and do a whole lot more. On a more granular, though, this the company will be achieve through new capabilities across all its software product offerings, capabilities that span across Core, Data, Digital, Distribution, Risk and Compliance for P&C, and L&AH Insurance etc. Starting from Majesco’s P&C Intelligent Core Suite, it now has an enhanced intuitive Copilot feature to facilitate seamless task and action completion in policy, billing or claims. The suite is also bestowed with customizable Intelligent Core Landing Pages bearing intelligent insights, significant performance improvements, and the innovative Glovebox integration that ensures unified policy and billing overview for agents. Next up, we must get into its Loss Control functionality where the expansion of premium audit capabilities will more effectively support workers compensation and general liability. Then, there is the update introduced for P&C CoreConnect. This particular update conceives a workflow event bus for enhanced external platform integration, interactive self-calculating premium overrides for dynamic pricing adjustments, alongside a pre-integration with Digital Agent360. On top of that, the stated development also integrates third-party and user-entered data to generate a deeper comprehensive loss history view.

Majesco even took this opportunity to scale up an aspect like Enterprise Rating. The company did so through features like unified Product Studio, integrated analyzer for real-time policy analysis, and Lambda function support to replace outdated scripting with more efficient custom functions. Joining the same would be improvements made across L&AH Intelligent Core Suite. Here, the idea is to leverage enhanced Copilot capabilities, expanded embedded business intelligence capabilities, improved holistic disability claims administration, and a refined underwriting process, all for the purpose of bettering operational productivity and customer journey. Hold on, we still have a few bits left to unpack, considering we haven’t yet discussed how the update in question will aid the case of Majesco’s ClaimVantage Enterprise Claims solution. The answer involves AI-powered claims guidance, which will use a deep integration with EvolutionIQ to support proportional loss and residual disability benefits, and at the same time, manufacture a new single event for one holistic view of claims.

Another area where AI is going brighten up the picture is concerned with Majesco’s Intelligent Sales & Underwriting Workbench. By that, we are basically referring to how AI will deliver renewal cross-selling, enhanced user maintenance, and simplified commission structures for improved operational efficiency, voluntary benefits, and worksite products. We touched on P&C CoreConnect’s pre-integration with Digital Agent360, but what we didn’t mention was that Majesco Copilot, as a whole, is now integrated across Digital 360 Portals so to enhance the Customer360, Agent360, and Group360 platforms. Among other details, Majesco brings to the fore expanded use cases for Copilot across all solutions and new data connectors. It also delivers integration of expanded datasets into the Data Lakehouse and ready-to-use reports for more comprehensive outcomes. Beyond that, there are new illustrations for group, benefits, and worksite products. These illustrations should go a long distance to ensure consistent and reliable projection for the stated products. Rounding up highlights is the promise of optimal distribution management. To achieve the same, Majesco provides enhanced integration with Document as a Service (DaaS). Markedly, it also provides compliance capabilities in regards to NIPR automation for Florida State Appointments.