Taking those Snags Out of Your Insurance Experience

Human beings are defined by their relentlessness across numerous different things, but most of all, they are defined by their relentless approach to pursuing growth 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 stated 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 to become a lot more evident in recent times, and assuming one new fintech-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, has officially announced the launch of its latest solution in Majesco Copilot, which is designed to optimize data handling, streamline processes, and elevate the overall user experience. Developed in collaboration with Microsoft, the stated solution is notably powered by the latter’s Azure OpenAI Service. Talk about what this collaboration and the emerging by-product in Majesco Copilot will deliver on a granular level, the discussion must begin from its embedded intelligence. This essentially means the solution will be expected to act as a dynamic digital assistant within all the other Majesco products. There, given the presence of AI, it will be able to facilitate user interactions across P&C and L&AH insurance offerings. As a result, Majesco Copilot will be of huge help when it comes to simplifying something so integral like those intricate policy details. Once it has simplified the relevant details and enhanced their comprehension, the product’s knowhow will further enable it to streamline correspondence, while simultaneously ensuring acceleration of all routine tasks, including member summaries and dynamic dashboard visuals. A similar convenience is going to be available during the billing proceedings, which owing to Majesco Copilot, will now see a much simpler data retrieval mechanism so to make it easier to fulfill payment data requests, and other customer service inquiries across the billing context. Then, we must address the solution’s use case in and around the claims’ aspect. Here, the focus will be on cultivating a significantly enhanced note-taking and correspondence drafting approach. You see, such a move should go a long way in furnishing a more valuable brand of information, and therefore, orchestrate an experience for all parties that is as snag-free as possible. Rounding up the highlights is a prospect of applying Majesco Copilot and its AI capabilities in loss control. This includes handing out to each and every user a set of detailed recommendations specifically tailored to curb the risk already in play, as well the risk which might fully reveal itself at some point down the line. The said recommendations will be based on the system’s LLM capabilities, and in order to put things on more accurate grounds, Majesco Copilot will also study historical loss control data.

“We are delighted to collaborate closely with Majesco in creating Majesco Copilot. This collaboration exemplifies how powerful technologies can come together to create solutions that push boundaries. It further solidifies our relationship with Majesco, a company that continually demonstrates its dedication to innovation and excellence,” said Jim DeMarco, Lead of Insurance Advisory, Americas at Microsoft.

Founded in 1982, Majesco’s rise stems from how it equips insurance companies, irrespective of their size, with an ability to anticipate the future without losing sight of the present. The validation for company’s idology can also be had if you consider the fact that it is currently serving well over 350 insurers, marking a footprint big enough to let the company complete more than 900 successful implementations thus far.

“This isn’t just another product launch; it’s a transformative moment for the insurance industry. Majesco is proud to bring a generative AI copilot to its users. Our collaboration with Microsoft exemplifies our dedication to delivering forward-thinking solutions for the industry,” said Patrick Davis, SVP & GM for Data & Analytics at Majesco.