Strengthen Your P&C Core with these 12 Cool Options


It’s formally the vacation season. In all places you go you’ll hear Christmas carols and one everyone knows – whether or not you have a good time the vacation or not – is the 12 Days Christmas. You already know, the one about Two Turtle Doves, Seven Swans-a-Swimming and Eleven Pipers Piping. The 12 Days of Christmas, in reality, is from December twenty fifth by January sixth – on the twelfth night time, usually celebrated on January 5th was a time for feasting and in some cultures (French and Spanish) this was achieved with King’s Cake – a espresso cake with purple, inexperienced, and yellow icing. In Western Cultures King’s Cake now represents and celebrates considered one of my favourite occasions, Mardi Gras, however I digress[1]

The Christmas carol, 12 Days of Christmas, is a vacation favourite.  And to affix in and have a good time essentially the most great time of 12 months we wished to do our personal model of the 12 Days by highlighting the 12 finest issues from our newest launch, Model 12 for Majesco P&C Core Suite.

In the present day’s insurance coverage leaders are changing their legacy or trendy, on-premise core with next-gen SaaS core platforms which might be digital, cloud, API, microservices, and AI/ML-enabled reflecting a serious expertise shift.  It’s all about an clever core.  And it’s to not simply stay aggressive however hold a step forward.

This next-gen SaaS core platform offers broader digital, knowledge, and core capabilities to optimize their enterprise, but in addition speed up innovation of latest enterprise fashions, merchandise, providers, channels, and extra, to fulfill the always altering market and buyer calls for with velocity.  This platform offers entry to a sturdy ecosystem of companions – expertise, knowledge, digital and channels – to additional innovate, simply and seamlessly.  And much more essential are the seamless, automated, and frequent upgrades of content material and software program to maintain corporations up-to-date cost-effectively and at the forefront.

Listed below are the 12 Days – or highlights from this launch:

  1. Slicing Edge Self-Serve Bureau Adoptions – Business Strains and Employees’ Compensation insurers now have a cutting-edge functionality to remain present with the most recent charges, guidelines, and types to stay compliant with regulatory adjustments and ISO, NCCI and different bureau content material. The progressive self-serve functionality permits simplicity, independence, consistency, and effectivity by a wizard-based adoption course of whereas offering an auto adoption choice to replace Majesco Coverage for P&C with the circulars with no guide person intervention.
  2. Subsequent Gen Buyer Expertise – Digital Customer360 for P&C is pre-integrated with Majesco P&C core and gives a holistic, seamless, and compelling expertise throughout coverage, billing, and claims – a shift from the everyday transactional expertise to a real buyer expertise.
  3. Subsequent Gen Underwriting Workbench – Digital Underwriter360 for P&C is pre-integrated with Majesco P&C Core, offering insight-driven underwriting that enhances underwriting effectiveness and profitability, drives underwriter productiveness, and creates better transparency and collaboration with brokers.
  4. Embedded Intelligence – Indicators, a sophisticated analytic functionality of Majesco Enterprise Analytics (MBA), is totally pre-integrated with Majesco P&C Core Suite.  Leveraging sturdy machine studying capabilities, it empowers the flexibility to detect patterns, outliers, pattern adjustments and different enterprise occasions that generates automated alerts and notifications to Underwriters and Declare Adjusters for additional investigation. The embedded analytics enhances finish person effectiveness with perception studying and contextual evaluation utilizing pure language explanations and knowledge visualizations.
  5. Superior Billing Experience for Massive Business & Loss Delicate Insurance policies – Majesco Billing for P&C expands experience for Massive Business and Loss Delicate insurance policies with superior billing capabilities together with seize of estimated and deferred vs. billable premiums, roll over of escrow and deposits, retrospective audits, paid and incurred losses, giant third-party deductibles, dividends and extra.
  6. Enriched Auto Reconciliation and Balancing – A brand new functionality for Majesco Billing for P&C that robotically reconciles the trial stability, together with basic ledger feeds every day, whereas offering automated alerts to particular customers with exact particulars in case discrepancies that present elevated visibility to accounting and finance.
  7. Containerization and Auto Scaling – Majesco P&C Core Suite has been re-architected as Docker pictures, orchestrated utilizing Kubernetes and deployed as Helm charts enabling insurers to run on any Cloud to supply portability, agility, speed-to-market, and ease of setting consistency administration for corporations accelerating their enterprise transformation on the cloud.
  8. Strengthened Knowledge Privateness and Safety – Majesco P&C Core Suite is “Veracode Verified” with the “Veracode Commonplace” certification. The Majesco P&C Core Suite follows standard finest practices corresponding to firewalls, Dynamic Software Safety Testing together with exterior certifications, however now with the “Veracode Commonplace” certification, addresses safety on the software program code stage by Static Software Safety Testing.
  9. Expanded EcoExchange of Companions – Majesco EcoExchange is a next-generation companion ecosystem utilizing third-party providers for a real plug-and-play setting. It offers carriers pre-integrated capabilities with Majesco options to assist digitize, optimize, and innovate insurers’ enterprise, buyer, and channel wants immediately and sooner or later. Majesco continues to deal with constructing partnerships to supply insurers with a sturdy EcoExchange of companions.
  10. Enlargement of Open APIs – New OAS 3.0 APIs and introduction of a “no code API framework” for fast integration to allow and speed up insurer’s digital transformation, a high strategic precedence.
  11. Containerization – Constructed as Docker pictures, orchestrated utilizing Kubernetes and deployed as Helm charts enabling clients to run on any Cloud infrastructure. With parallel run validations, this transition is seamless – with no enterprise interruptions – and requires no further testing or change efforts for carriers.
  12. Seamless, Automated Upgrades – With the seamless, automated, improve functionality already built-in, clients have the simplest and most cost-effective resolution to maintain them at the forefront.

Able to rethink and strengthen your core?  Desire a platform to remodel your online business and innovate?  Want a platform to create new services and products demanded by the market and your clients cost-effectively and with velocity? Then look no additional than Majesco P&C Core Suite!

Wishing you and yours a beautiful vacation season! We’re grateful to our group of consumers and companions and are wanting ahead to working with you in 2022!

 

Co-Authors:

Terrence Clark, SVP & Basic Supervisor, P&C Merchandise at Majesco
Melis Carroll, VP, Product Advertising at Majesco


[1] https://en.wikipedia.org/wiki/Twelve_Days_of_Christmas

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