Human beings have proven themselves to be good at many different things, and yet one thing they are best at is improving on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the right goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech-themed development shakes out just like we envision, it will only make that trend bigger and better moving forward.
Majesco, a global leader in cloud insurance platform software for business transformation, has officially announced the launch of its Fall ’23 product. According to certain reports, the development in question will introduce GenAI powered Majesco Copilot, alongside plenty new capabilities across all Majesco software product offerings. These capabilities, in turn, are expected to conceive integrated intelligence and operational effectiveness spanning across Core, Data, Digital, Distribution, Risk and Compliance for P&C and L&AH insurance. Talk about what Majesco is likely to deliver on a deeper note, we begin from its brand-new product studio, which is essentially a no-code tool for helping you configure and maintain complex insurance products in as seamless of a manner as possible. Next up, we must get into Majesco Healthcheck, a unique capability designed just to empower you in terms of checking the configuration quality, thus ensuring higher maintainability, complete security, optimal performance, and usability, at all times. Majesco also took this opportunity to deliver at our disposal comprehensive domain capabilities. The idea here is to leverage the expansiveness in question and fulfill the consumer’s insurance products-related and operational needs. Moving on, the move further comes decked up with bureau updates for over 52 US jurisdictions across major commercial lines, complimented through effortless monthly updates. Apart from that, the other regulatory benefits we will receive are going to be in the form of robust distribution compliance, and paid family medical leave solutions.
“The Fall ’23 Release showcases Majesco’s commitment to innovation and offers key functionality for insurers to harness data and insights for smarter business decisions,” said Martina Conlon, Head of Insurance Insights Practice at Datos-Insights. “The company’s rapid implementation of cutting-edge technologies, coupled with new functionalities, is impressive and certainly positions them well in the overall industry landscape. The industry will certainly be watching closely as these new offerings are adopted and implemented.”
Hold on, we still have a few lefts to unpack, considering we still haven’t acknowledged Majesco’s bid to offer advanced cloud-native services, something that should let its clientele achieve higher scalability. Having referred to the cloud technology angle, it is further accentuated by Majesco Cloud Control, which will give you an uninterrupted access of intuitive insights into your company’s cloud operations. The discussion must also include the new Majesco API store where an out-of-the-box API gateway is able to facilitate enterprise-level management of the same. Clearly, the company has made a huge effort to enhance operational effectiveness, and guess what; we still haven’t covered the entire picture relating to it. You see, another way Majesco will try and achieve the stated objective runs through the Majesco Copilot, which is a GenAI powered embedded assistant. This assistant will utilize actionable data so to make sure the customer is enjoying high productivity levels across the board. The data set to be used here itself bears some interesting features. By saying so, we point to the availability of closed loop advanced analytics and a full-fledged data lakehouse that hands us a deeper dive into the relevant information.
The announcement from Majesco didn’t just bring new products. Instead, it also marked an upgrade on the company’s existing portfolio. It did so via the introduction of 8 new individual L&AH products, and unified billing for P&C and Individual Life for multi-line carriers. Not just that, the upgrade also comes in and around the company’s onboarding and producer management system, as well as its risk management capabilities so to instigate better loss control.
But why Majesco’s latest launch makes for such a major moment? Well, the answer resides within the fact that it has already been commended by various industry experts such as Celent, Gartner, Aite-Novarica, Forrester, Quadrant Solutions, Everest Group, ISG, and others. Furthermore, the company was ranked no. 1 in both P&C and L&AH across Quadrants’ Spark Matrix. In case that’s not enough, it might be worth your while to know how Majesco also secured a top 100 spot in IDC’s 2023 FinTech Rankings, while simultaneously making into FinTech Globals’ Top 100 InsurTech companies and the list of best software companies in 2023.
“We are thrilled to unveil the Fall ’23 Release, because we’re not just introducing enhancements; we’re igniting a transformative and intelligent era for insurance software. With our revolutionary Intelligent Core Suites for P&C and L&AH, now integrated with Majesco Copilot, we are trailblazing the insurance software market by infusing advanced data and analytics into our solution as the guiding light toward an intelligent future,” said Manish Shah, President & Chief Product Officer at Majesco. “I’m immensely proud of the Majesco Team, their relentless commitment to innovation that has turned this vision into a market-changing reality.”
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